Falcon Receives Final TSX.V Approval on Viernes Adjacent to Yamana's El-Peñón Gold/Silver Deposit, Antofagasta City, Chile - Seite 2

Since the 1990's this area has produced 30.6 million tons of copper - 57 times the annual Canadian production, 9.2 million Ounces of Gold - 1.5 Times the Canadian production, 129.3 million ounces of Silver - 8.6 times the Canadian annual silver production and has generated multiple discoveries.

The Definitive Agreement

On October 20, 2021, the Company announced it had signed an MOU to acquire the Viernes project, this allowed the Company enough time to complete the necessary due diligence to move forward on the acquisition. The Company has agreed to make share payments over a 4-year period totaling 500,000 shares and issue 500,000 share purchase warrants. Each warrant will entitle the vendor to purchase one Falcon common share for a period of 24 months for a purchase price set on each date of issuance at 125% of the closing with a weighted average -with a minimum 10 cent price. During the 4-year option period Falcon is to make minimum expenditures on the property amounting to US $250,000.

Upon completion of share payments and expenditures Falcon will hold an 80% interest and the vendors will retain 20% ownership in the property. Following which for a period of 30 months, Falcon will have the exclusive right to purchase the Vendors 20% ownership in the property (Falcon's total Ownership of 100% in the property) for a further payment of US. 1.5 million which includes a 1% NSR buy back with the Vendors retaining a 1%.

Qualified Person

Dr. Daniel Rubiolo, P. Geo., who is a Qualified Person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects has reviewed and approved the technical content of this news release.

The QP has not completed sufficient work to verify the historical information on the Viernes property, particularly regarding historical exploration, neighbouring companies, and government geological work. The news indicates the exploration potential of the property but may not be representative of expected results.

About Falcon Gold Corp.

Falcon is a Canadian mineral exploration company focused on generating, acquiring, and exploring opportunities in the Americas. Falcon's flagship project, the Central Canada Gold Mine, is approximately 20 km southeast of Agnico Eagle's Hammond Reef Gold Deposit which has currently estimated 3.32 million ounces of gold (123.5 million tonnes grading 0.84 g/t gold) mineral reserves, and 2.3 million ounces of measured and indicated mineral resources (133.4 million tonnes grading 0.54 g/t gold). The Hammond Reef gold property lies on the Hammond shear zone, which is a northeast-trending splay off the Quetico Fault Zone ("QFZ") and may be the control for the gold deposit. The Central Gold property lies on a similar major northeast-trending splay of the QFZ.

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