Paving the Way for Bell Mountain Gold and Silver Project Advancements, Lincoln Gold Successfully Closes First Tranche of Private Placement

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VANCOUVER, BC / ACCESSWIRE / May 14, 2024 / Lincoln Gold Mining Inc. (TSXV:LMG) (the "Company" or "Lincoln Gold") is pleased to announce that it has closed the first tranche (the "First Tranche") of its previously announced non-brokered private placement (the "Private Placement"), whereby the Company has completed the issuance of 824,000 units (each, a "Unit") at a price of $0.25 per Unit for gross proceeds of $206,000. With this, the Company is well positioned to fund the essential update of Bell Mountain's Preliminary Economic Assessment (the "PEA") and address general working capital needs. Additionally, the Company is pleased to announce an extension until June 13, 2024, to close the balance of the Private Placement.

Each Unit consists of one common share in the capital of the Company (a "Common Share") and one-half of one non-transferable Common Share purchase warrant (each whole warrant, a "Warrant"). Each Warrant is exercisable by the holder to acquire one additional Common Share for a period of 12 months from the date of issuance at a price of C$0.50 per Common Share.

A significant portion of the proceeds will be allocated towards the preparation of an updated PEA on the Bell Mountain gold project located in Nevada, United States (the "Project"), as required by the TSX Venture Exchange (the "TSXV") in connection with the Company's proposed acquisition of the Project. For this crucial step of the conditionally approved acquisition, Lincoln Gold has engaged Welsh Hagen Associates, an established engineering and consulting firm specializing in mining projects based in Reno, Nevada, to spearhead the PEA update. Recognized for their expertise and familiarity with the Bell Mountain project, Welsh Hagen Associates bring a wealth of experience to the table, providing a comprehensive re-evaluation of Bell Mountain's economic potential.

Commenting on the Private Placement, CEO and President of Lincoln Gold Mining Inc., Mr. Paul Saxton stated, "The successful closure of the First Tranche and our collaboration with Welsh Hagen Associates represent significant strides forward for Lincoln. With the support of our investors and partners, we are looking forward to fully satisfying the TSX Venture's conditions towards receiving a full approval for the Bell Mountain acquisition."

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