Prosper Gold Completes Till Survey, Acquires 4,576 Hectares of Additional Mineral Claims at Golden-Sidewalk, and Provides Corporate Update – Red Lake, Ontario - Seite 2

Geology

The Project area is underlain by rocks of the Balmer Assemblage in the southern portion of the property and the Narrow Lake Assemblage in the remaining portion of the property. The boundary between the Balmer and Narrow Lake Assemblages is taken where few pillowed flows and interbedded tuffaceous and sedimentary rocks (Balmer Assemblage) give way to abundant pillowed flows (Narrow Lake Assemblage). In the Narrow Lake area, the unconformity is also marked by the presence of quartz and feldspar xenocrystic, dacitic to rhyolitic crystal tuff, termed the Skinner porphyry.

Figure 1. Prosper Gold’s 2020 Till Sampling 
https://www.globenewswire.com/NewsRoom/AttachmentNg/cf4f849c-4fe3-4e8e ...

Corporate Update

The Company is also pleased to announce that it has completed its previously announced consolidation (the “Consolidation”) of the common shares in the capital of the Company (the “Common Shares”) at a ratio of ten (10) pre-Consolidation Common Shares for one post-Consolidation Common Share (the “Consolidated Shares”). The Consolidated Shares will begin trading on a consolidated basis under the existing trading symbol at market open on September 8, 2020. The Consolidation reduced the number of the Company’s outstanding Common Shares from 80,558,916 Common Shares to 8,055,091 Common Shares. As a result of the Consolidation, the Company’s outstanding warrants will also be adjusted with proportionate adjustments made to the exercise prices of the outstanding warrants.

The Company has also issued 50,000 post-Consolidation Common Shares to Sabina pursuant to its previously announced option agreement on the Project.

Please refer to the Company’s August 10^th, 2020 news release for additional information regarding the Consolidation and the option agreement with Sabina.

Qualified Person

The scientific and technical information in this news release has been reviewed by Dr. Dirk Tempelman-Kluit, PhD, P.Geo., a Qualified Person under National Instrument 43-101.

For a detailed overview of Prosper Gold please visit www.ProsperGoldCorp.com

ON BEHALF OF THE BOARD OF DIRECTORS

Per: “Peter Bernier”                               
Peter Bernier
President & CEO

For further information, please contact:

Peter Bernier
President & CEO
Prosper Gold Corp.