Ms. Tara Christie reports

BANYAN COMPLETES INITIAL 51% EARN-IN COMMITMENTS ON THE AURMAC PROPERTY, YUKON

Banyan Gold Corp. has issued shares to Alexco Resource Corp. (400,000 shares) and Victoria Gold Corp. (750,000 shares). With these issuances, the company has now completed the expenditures and share issuance to earn 51 per cent of both the underlying McQuesten and Aurex properties, which form the core of the AurMac property.

"We are pleased to be able to formally announce earning 51 per cent of the underlying properties of the AurMac project," stated Tara Christie, president and chief executive officer. "From the initial 903,945-ounce inferred resources announced in May to the ongoing 10,000-metre drill program, it has been a very productive year at AurMac, which has seen us extend the size of both the Airstrip and Powerline zones and carry out an initial drill program on the Aurex Hill target. I am encouraged that this year's results continue to reinforce the near-surface gold potential of the larger AurMac property."

Banyan has also incurred a further $1.2-million on the McQuesten property and $200,000 on the Aurex property toward the exploration commitments of the 75-per-cent earn-in on the properties, which require $1-million in expenditures on the McQuesten property and $3.5-million on the Aurex property.

Issuance of stock options

The board of directors of the company announces the issuance of 2.01 million stock options to purchase 2.01 million shares at an exercise price of 23 cents per share, expiring five years from the date of the grant.

The stock options are being issued to consultants, directors and officers of the company in connection with the corporation's annual compensation review process. The options were granted under and are subject to the terms and conditions of the company's stock option plan.

Qualified person

Paul D. Gray, PGeo, vice-president of exploration for the company, is a qualified person as defined under National Instrument 43-101 and has reviewed and approved the content of this news release.

COVID-19 update

Banyan has taken pro-active measures to protect the health and safety of its employees and communities from COVID-19 and exploration activities in 2020 have additional safety measures in place, following and exceeding all the recommendations made by the Yukon's chief medical officer.

About Banyan Gold Corp.

Banyan's primary asset, AurMac, is adjacent to Victoria Gold Corp.'s new Eagle gold mine in Canada's Yukon, which announced commercial production on July 1, 2020. The AurMac initial resource of 903,945 ounces Au was announced in May, 2020. Banyan's major strategic shareholders include Osisko Gold Royalties, Sprott Funds, Alexco Resource Corp. and Victoria Gold. Banyan is focused on gold exploration projects that have the geological potential, size of land package and proximity to infrastructure that are advantageous for a mineral project to have potential to become a mine. Its Yukon-based projects both fit this model and its objective is to gain shareholder value by advancing projects in its pipeline.

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