West Red Lake Gold Clarifies and Confirms Madsen Property has Mineral Resources but not Reserves

VANCOUVER, British Columbia, May 10, 2024 (GLOBE NEWSWIRE) -- West Red Lake Gold Mines Ltd. (“West Red Lake Gold” or “WRLG” or the “Company”) (TSXV: WRLG) (OTCQB: WRLGF) announced today that, as a result of a review by the British Columbia Securities Commission, the Company is issuing the following news release to clarify certain information.

In an email circulated on behalf of the Company, certain disclosure was made regarding mineral reserves. The Company retracts such statements and any other disclosure that suggests the Madsen property has mineral reserves. The Company wishes to clarify that the property has only mineral resources (as defined under NI 43-101), as noted in its technical report titled “Independent NI 43-101 Technical Report and Updated Mineral Resource Estimate for the Pure Gold Mine, Canada” dated June 19, 2023, and amended April 24, 2024 (the “Madsen Mine Technical Report”). The Madsen Mine Technical Report is filed under the Company’s profile on SEDAR+ at www.sedarplus.ca.

About West Red Lake Gold Mines

West Red Lake Gold Mines Ltd. is a mineral exploration company that is publicly traded and focused on advancing and developing its flagship Madsen Gold Mine and the associated 47 km2 highly prospective land package in the Red Lake district of Ontario. The highly productive Red Lake Gold District of Northwest Ontario, Canada has yielded over 30 million ounces of gold from high-grade zones and hosts some of the world’s richest gold deposits. WRLG also holds the wholly owned Rowan Property in Red Lake, with an expansive property position covering 31 km2 including three past producing gold mines – Rowan, Mount Jamie, and Red Summit.

On behalf of West Red Lake Gold Mines Ltd.

Shane Williams

President & Chief Executive Officer

FOR FURTHER INFORMATION, PLEASE CONTACT:

Freddie Leigh

Tel: [phone]

Email: [e-mail] 
or visit the Company’s website at https://www.westredlakegold.com

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.

Forward looking information

Certain statements contained in this news release may constitute “forward-looking information” within the meaning of applicable securities laws. Forward-looking information generally can be identified by words such as “anticipate”, “expect”, “estimate”, “forecast”, “planned”, and similar expressions suggesting future outcomes or events. Forward-looking information is based on current expectations of management; however, it is subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from the forward-looking information in this news release and include without limitation, statements relating to the closing of the Offering, the exercise of the over-allotment option and the expected closing date of the Offering. Readers are cautioned not to place undue reliance on forward-looking information.