Mr. David D'Onofrio reports

WHITE GOLD CORP. ANNOUNCES CLOSING OF FULLY SUBSCRIBED C$5.1 MILLION PRIVATE PLACEMENT

White Gold Corp. has closed a non-brokered private placement for aggregate gross proceeds of approximately $5.1-million. Agnico Eagle Mines Ltd. participated in the offering in order to maintain its partially-diluted ownership in the company at 19.85 per cent. The offering consisted of the sale of: (i) 3,722,133 common shares in the capital of the company at a price of 30 cents per common share; and (ii) 12,121,212 common shares issued on a flow-through basis at a price of 33 cents per FT share.

"We are very appreciative for the continued support of our strategic shareholders and are now fully funded for an impactful 2024 exploration program following the success of this past season where we continued to demonstrate the expansiveness of gold mineralization in the underexplored White Gold district in a Tier 1 jurisdiction," stated David D'Onofrio, chief executive officer.

Pursuant to an investor rights agreement between the company and Agnico dated Dec. 13, 2016, Agnico maintained its pro rata ownership interest in the company of 19.85 per cent, on a partially diluted basis, following the completion of the offering, by acquiring 3,722,133 common shares under the offering.

The gross proceeds received from the sale of the FT shares will be used to incur Canadian exploration expenses as defined in Subsection 66.1(6) of the Income Tax Act (Canada) on the company's properties in the White gold district of the Yukon Territory and renounced to subscribers in the offering with an effective date no later than Dec. 31, 2023. Such Canadian exploration expenses will also qualify as flow-through mining expenditures as defined in Subsection 127(9) of the tax act. The net proceeds from the sale of the common shares will be used for working capital and other general corporate expenses.

Participation by Agnico in the offering was considered a related party transaction pursuant to Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions. The company was exempt from the requirements to obtain a formal valuation or minority shareholder approval in connection with Agnico's participation in the offering in reliance of sections 5.5(a) and 5.7(1)(a) of MI 61-101. A material change report will be filed in connection with the participation of Agnico in the offering less than 21 days in advance of the closing of the offering, which the company deemed reasonable in the circumstances so as to be able to avail itself of potential financing opportunities and complete the offering in an expeditious manner.

The offered shares issued pursuant to the offering are subject to a statutory four-month-and-one-day hold period under applicable Canadian securities laws expiring on April 14, 2023. The offering is subject to the final acceptance of the TSX Venture Exchange.

About White Gold Corp.

The company owns a portfolio of 17,584 quartz claims across 30 properties covering approximately 350,000 hectares representing over 40 per cent of Yukon's emerging White gold district. The company's flagship White gold project hosts four near-surface gold deposits which collectively contain an estimated 1,152,900 ounces of gold in indicated resources and 942,400 ounces of gold in inferred resources. Regional exploration work has also produced several other new discoveries and prospective targets on the company's claim packages which border sizable gold discoveries including the Coffee project owned by Newmont Corp. with indicated resources of 2.14 million ounces (Moz) at 1.23 grams per tonne (g/t) Au, and inferred resources of 230,000 oz at 1.01 g/t Au, and Western Copper and Gold Corp.'s Casino project which has measured and indicated resources of 7.6 billion pounds Cu and 14.5 Moz Au and inferred resources of 3.3 Blb Cu and 6.6 Moz Au.

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