Ms. Kimberly Ann reports

METALLURGICAL DATA REVIEW SHOWS HIGH HEAP LEACH OXIDE GOLD RECOVERIES AT SANTA FE

Lahontan Gold Corp. has released the results of a review of metallurgical data for its 26.4-square-kilometre flagship Santa Fe mine project. The data review was completed by Kappes, Cassiday and Associates (KCA) of Reno, Nev., a global leader in metallurgical and process consulting. KCA reviewed metallurgical test work on oxide gold and silver mineralization completed by previous operators of the Santa Fe mine as well as production data. Gold and silver recovery estimates were primarily based upon prior metallurgical test work for the Santa Fe mine as described below. When recovery estimates of the individual deposits are applied to the mineral resource estimate (MRE) shown in the Santa Fe mine technical report, it results in weighted project-wide gold recoveries of 74.4 per cent for gold and 29 per cent for silver at a one-half-inch crush size from oxide mineralization.

Recovery estimates were primarily based upon prior metallurgical test work from the project. This review included considerations from the quantity of bottle roll and column leach tests noted herein.

It is typical to apply lab-to-field recovery discounts as a scale-up factor when projecting commercial heap leach performance. This is generally a 2-per-cent-to-5-per-cent deduction on the recovery, depending on the amount of available information. For the estimate, a 3-per-cent gold recovery deduction was applied to Santa Fe and 5-per-cent gold recovery deductions were applied to the other deposits. Five-per-cent silver recovery deductions were applied to all the deposits.

Based on the review and applied discounts, the recovery estimates for oxide mineralization are as noted herein.

When recovery estimates of the individual deposits are applied to the mineral resource estimate (MRE) shown in the Santa Fe project technical report, it results in weighted project-wide gold recoveries from oxide mineralization of 74.4 per cent for gold and 29 per cent for silver at a one-half-inch crush size. Preliminary review of the data indicates little benefit to recovery from crushing finer than this.

The data reviewed included the results of a 1,860-ton crushed and agglomerated test heap of Santa Fe pit oxide mineralization. The heap was agglomerated with 5.5 kilograms/ton cement addition yielding a 73.8-per-cent overall gold recovery, and 80.3-per-cent gold recovery on the flat surfaces for the three-fourths-inch crushed test heap.

Operational data review indicates a total crushed oxide mineralization recovery of 65.5 per cent over the life of the mine from 1988 to 1995. However, crush size seemed to vary throughout the life of the operation, ranging from 1.5 inches down to five-eighth inches toward the later stages of the mining operation. Consistent crushing at one-half-inch should improve precious metal recoveries.

Reagent consumption estimates were primarily based upon bottle roll information and are as noted herein.

KCA believes that there are sufficient data available to establish recovery ranges of oxide gold and silver mineralization for inclusion in a preliminary economic assessment (PEA). This is a result of previous operational data, and the amount of column leach testing available on the component that makes up the bulk of the resource (the Santa Fe pit resource).

In order to reduce risk for the project, KCA recommends that two more agglomerated column tests on each of Slab and Calvada East oxide mineralization at one-half-inch crush size be performed to confirm gold and silver recoveries for these areas where recovery data are sparse. KCA also recommends development of preg-robbing indices for the various types of mineralization in order to better understand metallurgical risks of the project.

Kimberly Ann, Lahontan founder, chief executive officer, president and director, commented: "Lahontan truly appreciates the data review completed by KCA for the Santa Fe mine project. The conclusion by KCA that the existing Santa Fe metallurgical data is sufficient in quantity and detail to use for our planned PEA this year greatly benefits the company and will help streamline the PEA process. The high heap leach oxide gold and silver recoveries estimated by KCA project-wide underscore the economic potential of restarting mining operations at Santa Fe."

About Lahontan Gold Corp.

Lahontan Gold is a fully financed Canadian mine development and mineral exploration company that holds, through its U.S. subsidiaries, four top-tier gold and silver exploration properties in the Walker Lane of mining-friendly Nevada. Lahontan's flagship property, the 26.4-square-kilometre Santa Fe mine, had past production of 345,000 ounces of gold and 711,000 ounces of silver between 1988 and 1995 from open-pit mines utilizing heap-leach processing (Nevada Bureau of Mines and Geology, 1995). The Santa Fe mine has a Canadian National Instrument 43-101 compliant indicated mineral resource of 1,112,000 ounces gold equivalent (grading 1.14 grams per tonne AuEq) and an inferred mineral resource of 544,000 oz AuEq (grading one g/t AuEq), all pit-constrained (AuEq is inclusive of recovery, please see Santa Fe project technical report). The company will continue to aggressively explore Santa Fe during 2024 and begin the process of evaluating development scenarios to bring the Santa Fe mine back into production. Anthony Gesualdo, CPG, consulting geologist to Lahontan Gold, is the qualified person for the company and approved the technical content of this news release.

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