Mr. Derek Macpherson reports

GOLD79 PROVIDES A DRILL PERMITTING UPDATE ON THE JEFFERSON CANYON PROJECT

Gold79 Mines Ltd. has provided an update on the permitting process at its Jefferson Canyon project, in Nevada.

The original plan of operations for Jefferson Canyon was submitted in July, 2021, and the cultural and biological studies were completed and submitted in Q2 2022. Gold79 received feedback on the proposed areas of disturbance relative to identified cultural sites in March, 2023. After multiple revisions to the plan it was resubmitted on Dec. 12, 2023. The revised application is for 20 drill sites and associated roads to service them.

Derek Macpherson, president and chief executive officer of Gold79, states: "The permitting process at Jefferson Canyon has taken far longer than originally anticipated. While this has been a frustratingly long process for both company shareholders and management, the recent progress provides us a positive view that the permitting process may be completed in time for the 2024 exploration season."

The Jefferson Canyon project in Nye county, Nevada, is located seven kilometres from Kinross's Round Mountain operations. The project has 145 historical drill holes, including 41.2 metres at 6.4 grams per tonne gold and 402 g/t silver (GJ-81). In 2022, Gold79 entered into an exploration and option agreement with Kinross. Kinross has made all the required payments associated with the agreement to date and has been working with Gold79 on completing the permitting process.

Corporate update

The company has granted incentive stock options to a director of the company to purchase up to 300,000 common shares of the company pursuant to the company's stock option plan. The options have a five-year term to expiry and are exercisable at five cents per share.

Qualified person/quality assurance and quality control

Robert Johansing, MSc (economic geology), PGeo, the company's vice-president, exploration, is a qualified person as defined by National Instrument 43-101 and has reviewed and approved the technical content of this press release.

About Gold79 Mines Ltd.

Gold79 Mines is a TSX Venture Exchange-listed company focused on building ounces in the southwest United States. Gold79 holds 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, U.S., and the Gold Chain project located in Arizona, U.S. 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.