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1911 Gold Commences 2022 Tailings Reprocessing and Receives $300,000 Grant from Manitoba Mineral Development Fund

Press Release

TORONTO, Ontario, June 23, 2022 – 1911 Gold Corporation (“1911 Gold” or the “Company”) (TSX-V: AUMB; OTCQX: AUMBF) announces the commencement of tailings reprocessing operations at the True North complex at Bissett, Manitoba. The Company expects to process between 170,000 and 190,000 tonnes of historical tailings in 2022 to recover approximately 3,500 to 4,000 ounces of gold.

Early in 2022 the Company completed a sampling program to characterize the grade, thickness, grain-size and moisture content of the tailing in the targeted resource blocks to quantify the expected gold recovery. Based on the results of this work, the Company expects to process approximately 1,200 tonnes per day at an average grade of 0.8 grams per tonne during the period of operations.

The Company has also received approval for a $300,000 grant from the Manitoba Mineral Development Fund (“MMDF”) to support the restart of the 2022 tailings reprocessing operations. The proceeds from this grant will go directly to fund the start up costs associated with the operations, including the payroll costs during the initial ramp up period.

The MMDF was launched by the Manitoba Government in August 2020 with the specific goal of jump-starting mineral and economic development initiatives throughout the province. The MMDF is administered through the Manitoba Chambers of Commerce and aims to support new economic development opportunities that capitalize on existing assets and infrastructure across Manitoba, such as the Company’s True North mine, mill and tailings facilities located at Bissett, Manitoba.

“We are pleased to receive this support from the MMDF as we prepare for another productive year of tailings reprocessing operations. Work completed early in 2022 will increase the efficiency of our operations this year and maximize gold production.” Shaun Heinrichs, President and CEO, stated, “Our exploration and production programs at Rice Lake have historically provided employment and economic development opportunities in the Bissett region and, with the support of the MMDF and the Manitoba Government, 1911 Gold will continue to work towards bringing additional growth and prosperity to surrounding communities.”

Greenbelt Property

The Company is also pleased to announce that is has received the final payment from Alliance Mining for the $500,000 purchase of the Company’s 50% interest in the non-core 410 hectare Greenbelt property, with the remaining 50% interest remaining with Greenbelt Gold Mines Inc.

About 1911 Gold Corporation

1911 Gold is a junior explorer that holds a highly prospective, consolidated land package totalling more than 58,000 hectares within and adjacent to the Archean Rice Lake greenstone belt in Manitoba, and also owns the True North mine and mill complex at Bissett, Manitoba, where it is reprocessing historic tailings on a seasonal basis. 1911 Gold believes its land package is a prime exploration opportunity, with potential to develop a mining district centred on the True North complex. The Company also owns the Apex project near Snow Lake, Manitoba and the Tully and Denton-Keefer projects near Timmins, Ontario, and intends to focus on both organic growth opportunities and accretive acquisition opportunities in North America.

1911 Gold’s True North complex and exploration land package are located within the traditional territory of the Hollow Water First Nation, signatory to Treaty No. 5 (1875-76). 1911 Gold looks forward to maintaining open, co-operative and respectful communication with the Hollow Water First Nation, and all local stakeholders, in order to build mutually beneficial working relationships.

ON BEHALF OF THE BOARD OF DIRECTORS

Shaun Heinrichs
President and CEO
(604) 674-1293
[email protected]

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