Lincoln Gold Announces Private Placement to Advance the Acquisition and Development Initiatives at the Bell Mountain Project, Nevada

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VANCOUVER, BC / ACCESSWIRE / March 21, 2024 / Lincoln Gold Mining Inc. (TSXV:LMG) (the "Company" or "Lincoln") is pleased to announce a non-brokered private placement financing for gross proceeds of up to $750,000 through the issuance of 3,000,000 units of the Company (each, a "Unit") at a price of $0.25 per Unit (the "Private Placement"). Each Unit will consist of one common share in the capital of the Company (a "Common Share") and one-half of one Common Share purchase warrant (each whole warrant, a "Warrant"). Each Warrant will entitle the holder to purchase one additional Common Share (a "Warrant Share") at a price of $0.50 per Warrant Share for a period of 12 months from the closing of the Private Placement.

The proceeds from the Private Placement will be allocated towards costs related to the acquisition of the Bell Mountain gold project located in Nevada. The Bell Mountain project is fully permitted with a thorough mining plan for a cost-effective open-pit, heap leach operation. Lincoln plans to commence an updated Preliminary Economic Assessment that is required by the TSX Venture (the "TSXV") and begin the detail design of the plant upon closing this private placement.

The Private Placement represents an important step for Lincoln in advancing the Company's goal towards near-term gold production. The funds raised are expected to accelerate the Company's acquisition of Bell Mountain. For additional details regarding the acquisition, please refer to the Company's news releases dated August 10, 2023, October 27, 2023, November 6, 2023, January 5, 2024, and March 15, 2024. The proposed addition of Bell Mountain to Lincoln's portfolio demonstrates the Company's commitment to its strategic expansion and value creation for the Company's stakeholders. The Company believes that the acquisition of Bell Mountain will contribute to the further advancement and development of Lincoln's larger Pine Grove gold property given the proximity of the projects.

Commenting on the Private Placement, CEO and President of Lincoln Gold Mining Inc., Mr. Paul Saxton stated, "We are excited to announce this Private Placement offering as it marks a crucial step forward in our journey towards becoming a mid-tier gold producer. The proceeds will enable us to expedite the commencement of work on Lincoln's projects, driving us closer to our strategic objectives."

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