Mr. Derek Macpherson reports

GOLD79 ANNOUNCES CLOSING OF PRIVATE PLACEMENT FINANCING

Gold79 Mines Ltd. has closed a second and final tranche of its non-brokered private placement financing, raising gross proceeds of $249,314 through the issuance of 8,310,457 units at three cents per unit. In total, including the first tranche of the placement, 15,310,457 units were issued for gross proceeds of $459,314.

Each unit consists of one common share of the company and one whole common share purchase warrant. A total of 8,310,457 warrants were issued in the second tranche, with each warrant entitling the holder to purchase one common share of the company at a price of five cents per share until July 26, 2025. The warrants are callable after the statutory hold period, at the option of the company, in the event that the 20-day volume-weighted average price of the company's common share meets or exceeds eight cents for 10 consecutive trading days based on trades on the TSX Venture Exchange and alternative trading systems. Subscribers will be notified of the call provision being triggered and will have a 30-day period to exercise the warrants.

In connection with the second tranche of the placement, a cash finder's fee of $210 was paid, and 7,000 finder warrants were issued. The finder warrants are exercisable at five cents per share and expire on July 26, 2025.

This private placement is subject to the final approval of the TSX-V. All securities issued in the first tranche of the placement are subject to a statutory hold period until Oct. 9, 2023, and for the second tranche until Nov. 27, 2023, respectively.

It is anticipated that approximately 50 per cent of the aggregate proceeds raised under the offering will be used for exploration expenditures, land management costs and property payments; approximately 25 percent will be used to pay management fees to company officers; and approximately 25 per cent will be used for working capital and general corporate purposes.

Gold Chain annual property payment

The company intends to issue 2,062,548 common shares of the company in connection with a $48,000 (U.S.) ($63,283) share payment due under the option agreement covering a portion of the company's landholdings for the Gold Chain project in Arizona. The common shares issued will have a statutory hold period of four months and one day from the date of issuance. This shares-for-debt transaction remains subject to TSX-V approval.

About Gold79 Mines Ltd.

Gold79 is a TSX Venture Exchange-listed company focused on building ounces in the southwest United States. Gold79 holds a 100-per-cent earn-in option to purchase agreements on three gold projects: the Jefferson Canyon gold project and the Tip Top gold project both located in Nevada, United States, and the Gold Chain project located in Arizona, United States. In addition, Gold79 holds a 32.3-per-cent interest in the Greyhound project, Nunavut, Canada, under joint venture by Agnico Eagle Mines Ltd.

We seek Safe Harbor.