Mr. Darin Labrenz reports

PURE GOLD MINING INC. ANNOUNCES NON-BROKERED FINANCING OF C$3.45 MILLION

Pure Gold Mining Inc. has agreed to issue 3,307,619 units of the company at a price of $1.05 per unit for gross proceeds of approximately $3,473,000 on a non-brokered basis to Anglogold Ashanti Ltd. Each unit consists of one common share and one-half common share purchase warrant. Each warrant will entitle the holder thereof to purchase one common share at a price of $1.36 for 18 months from the closing of the transaction.

The company intends to use the net proceeds raised from the transaction to fund the continued ramp up of operations at its 100-per-cent-owned Pure Gold mine project located in Red Lake, Ont., underground drilling and development of the high-grade 8 zone, and for general corporate purposes.

It is expected that the closing of the transaction will occur on or about Oct. 15, 2021, and is subject to the satisfaction of certain conditions, including receipt of all applicable regulatory approvals including the approval of the TSX Venture Exchange and SARB approval. The securities to be issued under the transaction will have a hold period of four months and one day from the applicable closing date in accordance with applicable securities laws.

Anglogold is considered a related party of Pure Gold as it currently owns approximately 14.3 per cent of the issued and outstanding common shares of Pure Gold on a non-diluted basis and, accordingly, the transaction constitutes a related party transaction within the meaning of Multilateral Instrument 61-101. The transaction is exempt from the minority approval requirement of Section 5.6 and the formal valuation requirement of Section 5.4 of MI 61-101 as neither the fair market value of the transaction, nor the fair market value of the consideration for the transaction, exceeds 25 per cent of Pure Gold's market capitalization. A material change report in connection with the transaction will be filed less than 21 days before the closing of the transaction. This shorter period is reasonable and necessary in the circumstances as the company wishes to complete the transaction in a timely manner.

About Pure Gold Mining Inc.

Pure Gold is a growth company, located in the very heart of Red Lake, Canada. Its objective is pure and simple: to develop a highly profitable long-life gold mining company, becoming Canada's next iconic gold producer. The company's plan is very disciplined, very methodical and financially sound. To expand organically, and develop Pure Gold's multimillion-ounce high-grade gold asset incrementally, step by step, using a phased mining development plan to deliver maximum return.

We seek Safe Harbor.