BULGOLD Announces Filing of Second Quarter Financial Results for Six and Three Months Ended June 30, 2023

TORONTO, Aug. 25, 2023 (GLOBE NEWSWIRE) -- BULGOLD Inc. (TSXV: ZLTO) (the “Company” or “BULGOLD”) is pleased to announce that it has filed its unaudited condensed interim financial statements and MD&A for the second quarter ended June 30, 2023. During the three months ended June 30, 2023, the Company incurred a net loss of $378,913 ($0.04 per share). For the six months ending June 30, 2023, the company incurred a net loss of $1,182,914 ($0.11 per share), including a non-cash expense of $734,269 being the cost of listing (the cost of listing relates to the recently completed acquisition of assets in Bulgaria). Other expenses incurred, primarily related to professional fees for the completion of the acquisition. On June 30, 2023, the company had cash (and cash equivalents) of $2,667,261 (net working capital of $ 2,584,856) which will be used to support exploration activities.

Kutel Gold Project: The Company has now completed three (3) diamond drill holes on the property as part of its maiden exploration drilling programme. All drill core samples have now been delivered to SGS Burgas and results are expected to be received, validated and announced towards the end of September 2023.

About BULGOLD Inc.
BULGOLD is a gold exploration company focused on the exploration and development of mineral exploration projects in Central and Eastern Europe. The Company controls 100% of two quality quartz-adularia epithermal gold projects located in the Bulgarian portion of the Western Tethyan Belt: the Kutel Gold Project and the Kostilkovo Gold Project. Management of the Company believes that its assets show potential for high-grade, good-metallurgy, low-sulfidation epithermal gold mineralisation. The Company also holds an option to acquire a 100% interest in the Lutila exploration licence located in central Slovakia which is prospective for low-sulfidation epithermal gold mineralisation.

On August 24, 2023, BULGOLD had approximately $2.5 million in its treasury and BULGOLD’s issued and outstanding shares were 27,597,928 of which approximately 39.54% were held by Founders, Directors and Management.Additional information about the Company is available on BULGOLD’s website (www.BULGOLD.com) and on SEDAR (www.sedar.com).

Neither 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.

Cautionary Statement Regarding Forward-Looking Information

This press release contains forward‐looking statements and forward‐looking information within the meaning of applicable securities laws. These statements relate to future events or future performance and include statements regarding the exploration plans of the Company and the timing thereof. All statements other than statements of historical fact may be forward‐looking statements or information. The forward‐looking statements and information are based on certain key expectations and assumptions made by management of the Company. Although management of the Company believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward‐looking statements and information since no assurance can be given that they will prove to be correct.