Prosper Gold Mobilizes Field Crews to Site in Preparation for the Phase 1 10,000-meter Diamond Drill Program – Golden Sidewalk, Red Lake, ON

VANCOUVER, British Columbia, May 11, 2021 (GLOBE NEWSWIRE) -- Prosper Gold Corp. ("Prosper Gold" or the "Company") (TSXV:PGX) is pleased to announce that crews are on site in preparation for the 10,000-meter phase 1 diamond drill program at the Golden Sidewalk Project (the “Project”) in the Birch-Uchi region of Red Lake. Camp and drill trail construction is nearing completion, and the drill will be mobilized to site on May 15^th to begin drilling at the newly identified Golden Corridor target area. (for details of the Golden Corridor see the Company’s Dec. 1, 2020 news release). Additional details of the drill program including maps will be released once the drilling has commenced.

“Our crew has worked hard over the past 2 weeks constructing the camp in advance of the first ever drill program at the Golden Corridor,” commented Peter Bernier, CEO. “Additional Prosper personnel including geological staff are heading to site this week to begin drilling next week.”

The Golden Corridor lies immediately north of a regional angular unconformity between the Narrow Lake and Balmer assemblages. Such regional unconformities may localize structural corridors for hydrothermal fluid migration and gold mineralization. At least two linear targets with potential strike lengths of greater than five km have been identified based on the coincidence of induced polarization resistivity-high and linear magnetic-low signatures, and their proximity to the regional unconformity. These targets are now supported by the existence of a significant pristine gold grain-in-till anomaly.

The Company also announces that it has granted an aggregate of 600,000 incentive options (the "Options") to purchase common shares of Prosper Gold to certain directors of the Company. The Options are exercisable at a price of $1.60 per common share until 5 years from the date of grant. The Company also granted 1,513,000 restricted share units (the “RSUs”) to certain officers, employees and consultants of the company. The RSUs are payable in common shares of the Company, or the cash equivalent, on the redemption date, being three years from the date of grant, and vest in three equal instalments over three years. The Options and RSUs were granted pursuant to the Company's stock option plan and restricted share unit plan, respectively.