PureGold Announces Management Departures

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VANCOUVER, British Columbia, March 17, 2023 (GLOBE NEWSWIRE) -- Pure Gold Mining Inc. (NEX:PGM.H) (“PureGold” or the “Company”) announces today the departures of Mark O’Dea, President & CEO; Phil Smerchanski, VP Exploration & Technical Services; Chris Lee, Chief Geoscientist; and Adrian O’Brien, Director Marketing and Communications, effective immediately. The Company also announces the departures of Chris Haubrich, VP Business Development & CFO and Ashley Kates, VP Finance & Corporate Secretary, effective March 31, 2023.

The above noted departures are taking place in consultation with the Company’s senior lender, a fund managed by Sprott Resource Lending Corp. (“Sprott”) and the court appointed Monitor in the ongoing Companies’ Creditors Arrangement Act (“CCAA”) proceedings, KSV Restructuring Inc. (“KSV”). The departures are being made in connection with an application scheduled to be heard on March 30, 2023 in the ongoing CCAA proceedings in which the Company will be seeking to appoint a Chief Administrative Officer (“CAO”). Mr. Haubrich, Ms. Kates, and Mr. Smerchanski have agreed to continue to provide support beyond their termination dates to the Company in a consulting capacity, as needed. The members of the Board of Directors have each indicated an intention to resign after the court appointment of the CAO.

The Company’s PureGold Mine near Red Lake, Ontario remains in a state of care and maintenance and is expected to remain in such state for the foreseeable future as part of the ongoing CCAA proceedings. On March 7, 2023, the CCAA stay of proceedings was extended to May 12, 2023 and an additional US$5 million in authorized borrowings was approved. The Mine remains staffed with a full-time workforce of approximately 40 employees who are focused on care and maintenance activities and preserving the value of the asset. PureGold continues to engage in discussions with Sprott and interested third parties concerning a possible transaction.

The Company would like to thank Mark, Phil, Chris, Adrian, Chris, and Ashley for their leadership, dedication, and commitment and wishes them all the very best in their future endeavours.

About Pure Gold Mining Inc.
The Company is a Canadian gold mining company, located in Red Lake, Ontario, Canada. The Company owns the PureGold Mine, which began gold production in 2021 after the successful construction of an 800 tpd underground mine and processing facility. The Company’s Mine is centered on a forty-seven square kilometre property with significant discovery potential.