Galleon Gold: Provides Permit Update for Underground Bulk Sampling at West Cache Gold Project

FOR RELEASE August 16, 2022

Galleon Gold Provides Underground Bulk Permit Update

Sample at West Cache Gold Project

TORONTO: August 16, 2022. Galleon Gold Corp. (TSXV: GGO) (the “Company” or “Galeon Gold”) is pleased to report the progress of permitting activities at its wholly owned West Company.Cache Gold Project (“West Cache” or the “Project”) in Timmins, Ontario.

CEO Commentary

R. David Russell, President and CEO of Galleon Gold, said: “We are very pleased which our doubleWest Cache project development strategy continues to progressa timely manner. We have carried out the basic and technical studies necessary to request permits for an underground bulk sample in conjunction with our exploration and infill drilling programs. By focusing on both permitting and increasing mineral resources, wecontinue to move the project forward in a meaningful way.”

Detailed technical design

The proposed West Cache advanced exploration program includes: 1) development of a ramp and gate to access the Zone 9 deposit, 2) collection of a bulk sample (up to 100,000 tonnes) and 3) deep exploration drilling. The Company is pleased to announce that it has awarded the contract for the detailed engineering design to Nordmin Engineering Ltd., and work will commence immediately.

Raise and Gate Design – Ramp and raise design proposed with excavation plan. The gate will be designed to incorporate required services such as ventilation, bore water, compressed air, electricity and communications with a stable face and overhead protection at the entrance as required. This work will provide a basis for tendering mining works and a closure cost estimate/recovery plan in accordance with Ontario Regulation 240/00.

Crown Pillar Assessment – A geomechanical and ground control specialist will write a crown pillar stability report, a ground control support plan for excavation work, and recommendations for excavation approaches for underground construction.

Design of mine service infrastructure – This work will focus on electrical, dewatering, mine air heating and mine ventilation services – all in support of the proposed mining effort. The design will be carried out down to equipment specifications and information, including costs and delivery schedules currently under consideration for the project. Geotechstudies will be conducted on all planned infrastructure areas.

Design of surface and ancillary infrastructure – Design of surface storage areas (ore and waste), haul roads, underground workshop and offices, fuel storage and explosives depots.

Detailed Development Plan and Schedule – The underground workings design proposed by P&E Consultants (Preliminary Economic Assessment released February 23, 2022) will be refined as necessary to develop a detailed layout of the ramp and its headers. The Deswik planning tool will be used to establish the development plan, schedule and work requirements.

Basic studies

The company began baseline studies in 2020 and engaged Story Environmental in conjunction with Blue Heron to manage the programs and data collection required for the advanced exploration permit application. A baseline water sampling program has been initiated and several years of data have now been collected; in addition, groundwater and hydrogeology monitoring sites were established early and data was documented accordingly. Aquatic and terrestrial programs have been completed each season and the archaeological assessment has been completed.

Technical content and qualified person

The technical content of this press release has been reviewed and approved by West Cache Gold’s Chief Operating Officer, Tim Smith, P. Eng. a “qualified person” as defined in National Instrument 43-101 – Disclosure Standards for Mining Projects.

Q3 Investor Summit

The company will present at the Q3 Investor Summit today (August 16, 2022) at 11:45 a.m. ET. To register to listen to the presentation, please click on the following link:

About the West Cache Gold Project

The West Cache Gold Project is located 13 km west of Timmins, Ontario and is serviced by Provincial Highway 101 and secondary access roads. It is located in the Western Porcupine Gold Camp along the Destor-Porcupine Fault Zone (“DPFZ”) in the Abitibi greenstone belt, approximately 7 km northeast of Pan’s Timmins West mine. American Silver and 14 km southwest of Newmont’s Hollinger mine.

West Cache is an advanced stage gold exploration project covering approximately 10,370 ha. The mining lease area hosts the current mineral resource estimate near the center, with additional exploration targets to the north and south. The Mineral Resource estimate is contained within the Porcupine Sedimentary Basin, a favorable litho-structural corridor with over 5 km strike length on the property. Mineralization is open in all directions and at depth.

About Nordmin Engineering Ltd.

Nordmin Engineering Ltd. is part of the Nordmin group of companies which is 100% North American owned and operated and provides comprehensive EPCM solutions worldwide to industrial sectors spanning resource and project definition through site construction and closure .

Nordmin provides services to the mining, pulp and paper, energy, electrical power distribution and industrial sectors. With employees representing all major disciplines including geology, mining, metallurgy, civil/structural engineering, mechanical/piping, electrical/power and environmental systems, Nordmin provides a diverse portfolio of services for a complete and coordinated deliverable.

About Galleon Gold

Galleon Gold is an exploration and development company focused on advancing the West Cache gold project in Timmins, Ontario. The project is located 7 km northeast of Pan American Silver’s Timmins West mine and 14 km southwest of Newmont’s Hollinger mine. The company’s first Preliminary Economic Assessment, released in early 2022, demonstrates strong project economics. Permitting and baseline studies in support of trial mining are currently underway. Eric Sprott owns approximately 21% of the Company’s outstanding common shares.

For more information:

Galleon of gold

R. David Russell

President and CEO

  1. (416) 644-0066[email protected]

Investor Relations

Port access

Graham Farrell

  1. (416) 842-9003[email protected]

Forward-looking statements

This document contains certain forward-looking statements that reflect Galleon Gold’s current beliefs and/or expectations regarding its long-term strategy, proposed work, plans and other reports, including the PEA for its projects. Forward-looking statements are based on then-current expectations, beliefs, assumptions, estimates and forecasts about the business and the markets in which Galleon Gold operates. Some of the statements contained herein may be forward-looking statements that involve known and unknown risks and uncertainties. Without limitation, statements regarding mineralization and potential resources, exploration results, expectations, plans and objectives of Galleon Gold are forward-looking statements that involve various risks. The following are important factors that could cause Galleon Gold’s actual results to differ materially from those expressed or implied by these forward-looking statements: changes in the world price of mineral commodities, general market conditions, risks inherent in mineral exploration, risks associated with development, construction and mining operations, risks related to infectious diseases, including Covid-19 and the uncertainty of exploration activities and flows future cash flows, and the uncertainty of access to additional capital. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events may differ materially from those anticipated in such statements. Galleon Gold undertakes no obligation to update these forward-looking statements if circumstances or management’s estimates or opinions should change. Readers are cautioned not to place undue reliance on these forward-looking statements.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Bonny J. Streater