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GFG optionee withdraws from Rattlesnake option deal

2020-04-03 14:53 ET - News Release

Mr. Brian Skanderbeg reports

GFG PROVIDES UPDATE ON RATTLESNAKE HILLS GOLD PROJECT OPTION AGREEMENT WITH NEWCREST

GFG Resources Inc. has been advised by Newcrest Resources Inc., a wholly owned subsidiary of Newcrest Mining Ltd., of its decision to withdraw from the option and earn-in agreement for the Rattlesnake Hills gold project in Wyoming, United States. The project remains 100 per cent owned and controlled by GFG.

Since September, 2018, Newcrest has invested approximately $5-million (U.S.) in exploration expenditures on the project, which included: over 4,000 metres of drilling; extensive reprocessing and modelling of regional and local geophysics; hyperspectral scanning of historic core; and the application of machine learning technology to generate a new deposit-scale alteration and targeting model.

"We are grateful to have been able to work with Newcrest's world-class team over the past 18 months," stated Brian Skanderbeg, president and chief executive officer. "Their investment, modelling, target analysis and drilling programs have added significant value and understanding to the project. Over the coming months, we will initiate a strategic review to identify the best path forward to advance the project, with the objective of maximizing shareholder value.

"While we evaluate strategic options for the Rattlesnake Hills gold project, we continue to explore our Pen gold project, located 40 kilometres west of the Timmins gold district. We are in the process of completing our final drill hole from the 2020 phase 1 drill program and will provide a program update, along with initial assay results, shortly."

About the Rattlesnake Hills gold project

The Rattlesnake Hills gold project is a 135-square-kilometre, district-scale gold exploration project located in central Wyoming, approximately 100 kilometres southwest of Casper. The project is centrally located within a roughly 1,500-kilometre-long belt of alkalic intrusive complexes that occur along the eastern side of the Rocky Mountains from Montana to New Mexico.

About GFG Resources Inc.

GFG Resources is a North American precious metal exploration company focused on district-scale gold projects in Tier 1 mining jurisdictions (Ontario and Wyoming).

Qualified person

Brian Skanderbeg, PGeo, MSc, president and chief executive officer, is the qualified person for the information contained in this press release within the meaning of National Instrument 43-101. Mr. Skanderbeg has approved the information contained in this news release.

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