Mr. David Russell reports

GALLEON GOLD ANNOUNCES UP TO 98% GOLD RECOVERIES FROM METALLURGICAL STUDIES AT WEST CACHE PROJECT

Galleon Gold Corp. has released excellent results from recent metallurgical test work (the study) performed on a composite sample representative of the material to be mined from the company's planned 86,500-tonne exploration bulk sample.

The study was undertaken to evaluate gold recoveries from flotation and gravity-flotation methods. In contrast, the company's 2021 metallurgical work investigated cyanidation, gravity-cyanidation and gravity-flotation-cyanidation on three composites of different grade ranges (see press release dated Aug. 11, 2021). Both studies, carried out by SGS Canada's Lakefield, Ont., laboratory, indicate that Zone No. 9 gold is well liberated and amenable to high recoveries by the various methods tested.

Highlights:

• Rougher flotation up to 98.5-per-cent gold recovery;
• Gravity tailings flotation up to 97.1-per-cent recovery;
• Rapid rougher flotation with approximately 95-per-cent gold recovery in approximately 11-per-cent mass pull with a plateau in approximately 15 per cent mass pull;
• 93 per cent of gold floated in the first two minutes for the flotation-only sample and 95 per cent in four minutes for the gravity-flotation sample.

Comment from the chief executive officer

David Russell, CEO and president of Galleon Gold, comments: "We are very pleased with the recent metallurgical study as it confirms and builds upon earlier work included in the West Cache PEA completed in 2022. The ease with which the gold is recoverable by different methods opens up a variety of custom milling options for our bulk sample test."

Composite sample

The composite sample comprised 29 drill core samples from three holes into the Zone No. 9 area and planned bulk sample stopes. The average fire assay head grade was 8.90 grams per tonne Au and the screened metallics grade was slightly higher at 9.26 g/t Au. A reconciled head grade of 9.35 g/t Au was calculated after the test work was complete, which confirms grade composites from infill drilling and resource estimation data in the bulk sample area.

Technical content and qualified persons

The technical content of this news release has been reviewed and approved by West Cache gold chief operating officer, Tim Smith, PEng, and project manager Leah Page, PGeo (APGNS No. 217), both qualified persons as defined in National Instrument 43-101 -- Standards of Disclosure for Mineral Projects.

About the West Cache gold project

The West Cache gold project is an advanced-stage gold exploration project covering approximately 10,370 hectares located 13 kilometres west of Timmins, Ont., on Provincial Highway 101. It is situated in the Western Porcupine gold camp along the Destor-Porcupine fault zone within the Abitibi greenstone belt, approximately seven km northeast of Pan American Silver's Timmins West mine. The mining lease area hosts the current mineral resource estimate near the centre, with additional exploration targets to the north and south. The mineral resource estimate is contained within the Porcupine sedimentary basin, a favourable lithostructural corridor with over five km of strike length on the property. Mineralization is open in all directions and at depth.

About Galleon Gold Corp.

Galleon Gold is an advanced exploration and development company focused on the West Cache gold project in Timmins, Ont. The West Cache gold project is located seven km northeast of Pan American Silver's Timmins West mine and 14 km southwest of Newmont's Hollinger mine. A 2022 preliminary economic assessment (PEA) for the project demonstrates strong economics. The company is in the process of planning and permitting for an 86,500-tonne underground bulk sample.

We seek Safe Harbor.