Golden Independence Announces Results of Ongoing Exploration at the Independence Project, Nevada

VancouverGolden Independence Mining Corp. (CSE: IGLD) (OTCQB: GIDMF) (FSE: 6NN) (the “Company”) is pleased to provide an update on ongoing exploration activities at the Company’s Independence Oxide Heap Leach Project which adjoins Nevada Gold Mines’ The Phoenix-Fortitude mining operations in the battle mountain– Trendy Cortez from Nevada.

Since filing a PEA for a near-surface heap leach operation at the project, the company has focused on improving project metrics that yielded an after-tax NPV of 5% of 45 million US dollars and IRR of 22%. Specifically, exploration has focused on delineating additional near-surface oxide resources to expand the open pit and reclassify the waste with mineralized material. Both of the above would have the potential to increase the production profile, extend mine life, and improve project economics from a cost and evaluation perspective (i.e. d. NPV and IRR).

Jeremy PoirierCEO and Director of Golden Independence, said, “We continue to look for opportunities to improve the December 2021 Preliminary economic assessment. The objective of the current exploration program is to identify locations for possible follow-up drilling to expand near surface oxide resources. We are encouraged by the initial results of sampling at the proposed open pit, as not only does it have the potential to increase oxide ounces, but those ounces would already be largely accounted for in the economy as they are currently classified as waste, notwithstanding the potential for additional ‘high quality’ food.

The exploration program consists of surface sampling both within the current open pit and east and west of the pit boundary, in addition to sampling from previously unsampled drill holes conducted by previous operators.

On Golden Independence Mining Corp.

Golden Independence Mining Corp. is a development company currently focusing on the late-stage independence project located next to Nevada gold mine Phoenix-Fortitude Mine in the Battle Mountain-Cortez Trend of Nevada. The Independence project contains an M&I resource of 334,300 ounces of gold and an inferred resource of 847,000 ounces of gold with a significant silver credit. A 2021 Preliminary Economic Assessment (PEA) described a near-surface resource-focused low-cost heap leach operation with total production of 195,443 ounces of gold at an all-in sustaining cost of $1,078 per ounce of gold.


Jeremy Poirier

Phone. : 1.604.722.9842


Cautions Regarding Forward-Looking Information

This press release contains certain “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of the laws of Canada and United States securities law, including the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, included herein, without limitation, statements relating to operating performance or future financial statements of the Company, are forward-looking statements.

Forward-looking statements are frequently, but not always, identified by words such as “expects”, “anticipates”, “believes”, “intends”, “estimates”, “potential”, “possible” and similar expressions or statements. that events, conditions or results “will”, “may”, “could” or “should” occur or be achieved. Forward-looking statements in this press release relate to, among other things, the timing of project clearance, the completion and timing of submission of a technical study to the BLM, the development potential of the project and the potential attractiveness of the Project to a strategic partner. Statements regarding mineral resource estimates may also be considered forward-looking information to the extent that they involve estimates of the mineralization that will be encountered if the Independence Project is developed. Actual future results may differ materially. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements reflect beliefs, opinions and projections as of the date they are made and are based on a number of assumptions and estimates which, although considered reasonable by the Company, are inherently subject to important business, economic, competitive, political and social uncertainties and factors. Many factors, known and unknown, could cause actual results, performance or achievements to differ materially from the results, performance or achievements that are or may be expressed or implied by these forward-looking statements and the parties have made assumptions and estimates based on or related to many of these factors. These factors include, but are not limited to: the occurrence of unexpected financial obligations, fluctuations in the price of gold or certain other commodities; fluctuations in foreign exchange markets; changes in national and local government, legislation, taxation, controls, regulations and political or economic developments; risks and hazards associated with exploration, development and mining activity (including environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins and floods); the presence of laws and regulations that may impose restrictions on mining and employee relations. Readers should not place undue reliance on the forward-looking statements and information contained in this press release regarding such periods. Except as required by law, the Company undertakes no obligation to update forward-looking statements of beliefs, opinions, projections or other factors, should they change, except as required by law.

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