Mr. David D'Onofrio of White Gold reports

WHITE GOLD CORP. ANNOUNCES FULLY SUBSCRIBED C$9 MILLION PRIVATE PLACEMENT; STRATEGIC SHAREHOLDER TO INCREASE INTEREST TO 19.9%

White Gold Corp. has arranged a non-brokered private placement of flow-through common shares at a price of 98 cents per share (tranche 1 flow-through share), flow-through common shares at a price of 80 cents per share (tranche 2 flow-through share) and common shares in the capital of the company at a price of 70 cents per common share for total gross proceeds of approximately $9-million.

Pursuant to an investor rights agreement between the company and Agnico Eagle Mines Ltd. dated Dec. 13, 2016, Agnico has indicated that it intends to increase interest in the company to 19.9 per cent on a postoffering basis.

"We are very grateful for the continued support of our exciting and impactful exploration activities in the prolific White gold district. Details on our future activities will provided in due course," stated David D'Onofrio, chief executive officer.

Each tranche 1 flow-through share and tranche 2 flow-through share shall be issued as a flow-through share, as defined in Subsection 66(15) of the Income Tax Act (Canada). The gross proceeds from the sale of the tranche 1 flow-through shares and the tranche 2 flow-through shares will be used by the company to incur Canadian exploration expenses that will qualify as "flow-through mining expenditures," as such terms are defined in the Tax Act, on its properties in the White gold district of the Yukon Territory on or before Dec. 31, 2022. The qualifying expenditures will be renounced to subscribers of tranche 1 flow-through shares and tranche 2 flow-through shares with an effective date no later than Dec. 31, 2021. The net proceeds from the sale of the shares will be used for working capital and other general corporate purposes.

The tranche 1 flow-through shares, the tranche 2 flow-through shares and the shares to be issued under the offering will be offered pursuant to applicable exemptions from the prospectus requirements under applicable securities laws. Closing of the offering is anticipated to occur on or about Dec. 21, 2021. The securities issued pursuant to the offering will be subject to a statutory hold period of four months plus one day from the closing date in accordance with applicable securities legislation.

Participation by Agnico and any other insiders of the company in the offering will be considered a related party transaction pursuant to Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions. The company will be exempt from the requirements to obtain a formal valuation or minority shareholder approval in connection with the insiders' 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 insiders 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.

This proposed offering is subject to receipt of all required regulatory approvals, including the approval of the TSX Venture Exchange.

About White Gold Corp.

The company owns a portfolio of 21,111 quartz claims across 31 properties covering over 420,000 hectares representing over 40 per cent of the Yukon's emerging White Gold district. The company's flagship White Gold property hosts the company's Golden Saddle and Arc deposits which have a combined mineral resource of 1,139,900 ounces indicated at 2.28 g/t Au and 402,100 ounces inferred at 1.39 g/t Au. Mineralization at the Golden Saddle and Arc is also known to extend beyond the limits of the current resource estimate. The company's VG deposit acquired in March, 2019, hosts an inferred resource of 267,600 ounces of gold at 1.62 g/t Au (this news release). 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 measured and indicated resources of 2.14 million ounces at 1.20 g/t Au, and inferred resources of 230,000 oz at 1.07 g/t Au, and Western Copper and Gold Corp.'s Casino project.

(1) See White Gold technical report titled "Technical Report for the White Gold Project, Dawson Range, Yukon Canada," dated July 10, 2020, prepared by Dr. Gilles Arseneau, PGeo, and Andrew Hamilton, PGeo, available on SEDAR.

(2) See White Gold press release dated Nov. 11, 2021, "White Gold Corp. Announces 16% Increase to Inferred Resource at its VG Deposit Located 11 km North of its Flagship Golden Saddle and Arc Deposits, Yukon, Canada," available on SEDAR.

Qualified person

Terry Brace, PGeo, and vice-president of exploration for the company, is a qualified person as defined under National Instrument 43-101 -- Standards of Disclosure of Mineral Projects and has reviewed and approved the content of this news release.

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