Viva Gold Announces PEA Study Results for its Tonopah Gold Project, Nevada

(TheNewswire)

VANCOUVER, BC – TheNewswire – July 7, 2025– Viva Gold Corp (TSXV: VAU; OTCQB: VAUCF) (the“Company” or“Viva”) is pleased toannounce the results of its updated Mineral Resource Estimate(“MRE”) and Preliminary Economic Assessment (“PEA”) for its100%-owned Tonopah Gold Project (“Tonopah or Project”). Tonopah islocated about 20 minutes’ drive from the town of Tonopah, Nevada.The study was prepared by WSP Canada Inc. (“WSP”) of Calgary, Alberta and Kappes,Cassiday Associates (“KCA”) of Reno,Nevada. All amounts shown in this news release are in United StatesDollars and metric units of measurement unless otherwisestated.

Tonopah Project PEA & MRE Highlights

• The updated MRE reports measuredand indicated (“M”) MineralResource containing 504,000 ounces gold(“Au”) at 0.59 gramsper tonne (“g/t” Au, 1.8 million ouncessilver (“Ag”) 2.05 g/tAg, and an inferred Mineral Resource of 83,000 ounces Au at 0.37 g/t Au, 402,000 ounces Ag,at 1.81 g/t Ag, all constrained within a pitshell above a 0.15 g/t Au cut-off (see Table 1).  

• Life of mine “LOM”)PEA production of 23.5 million tonnes ofMineral Resource;consisting of 4.5 million tonnes at an average grade of 1.75 g/t Auand 3.35 g/t Ag as mill circuit feed; and 19.0 million tonnes at 0.37g/t Au and 1.69 g/t Ag to the heap leach; at a strip ratio of 3.9tonnes of waste per tonne of mineralized material.  

• Average mill circuit goldrecoveries of 93% Au, 37% Ag, and heap leachAu recoveries of75% Au, 14% Ag, toproduce a total of 404,000 ounces of payable Auand 354,000 ounces of Ag over a seven-year mine life with anadditional year of residual Au/Ag recovery from the heap leach. 

• After-tax net presentvalue (“NPV”) at a 5% discount rate(“NPV5%”) of $111.6 million at a goldprice of USD$2,400 per ounce($27.70 Ag increasing to $363.6 million at a gold price of $3,200 per ounce ($36.93 Ag).     

• After-tax Internal rate of return (“IRR”) of 17.6%at a gold price of $2,400 per ounce increasing to an IRR of 43.4% at agold price of $3,200. 

• After-tax payback period of 3.6 years from commencementof production at $2,400 per ounce Au,decreasing to 1.8 years atan Au price of$3,200 ($36.93Ag). 

• Average production cash costs of $1,164 perounce of Au and All-InSustaining Cost (“AISC”) of $1,269 per ounce Au.   

• Pre-production capital expenditure of $219.9million, $22.2 million in workingcapital, and additional LOM sustaining capitalof $70.4 million including purchase of mine fleet under capitalizedlease/purchase terms. New equipment pricing is assumed at this phaseof work.  

“This detailed PEA of the Tonopah Gold Projectdemonstrates significant leverage to the price of gold and displaysaccretive potential value when compared to Viva’s current marketcapitalization”, states James Hesketh, President & CEO. “TheTonopah gold project represents a unique opportunity to develop a goldproject in one of the best mining jurisdictions in the world withexcellent existing infrastructure and proximity to surroundingproducers and metallurgical facilities. This location reducesinfrastructure capital and can help to accelerate the permittingprocess. Opportunity may exist to defer or reduce initial capitalexpense through toll processing/milling, purchased of used equipment,or through contract mining with competitive bidding versus ownermining operations. We also believe that a unique permittingenvironment exists in the US and Nevada and Viva intends to acceleratefeasibility study on Tonopah which will allow Viva to initiate thepermitting process to take advantage of that window. In addition,while Viva’s focus is on advancing its core gold resource throughfeasibility and permitting, we remain convinced that substantialexploration potential remains in and around our project area, which wecan demonstrate from existing drill results”.        

Project Description

Viva’s 100% owned Tonopah gold project sits in themiddle of gold mining country about a half hourdrive south of the RoundMountain mine owned by Kinross Gold and controls a major land position on the prolific WalkerLane Trend in Western Nevada. Viva has developed a high confidencelevel gold Mineral Resource and can demonstrate thepotential for an economically viable open pit, heap leach/mill goldproject through rigorous PEA study. The Project enjoys paved highwayaccess, and proximity toNevada grid power, commercial water supply, and a vast local vendornetwork for sourcing required mining project consumables andequipment.

Tonopah is a near surface, well oxidized, epithermalgold/silver deposit with gold mineralization occurring in higher-gradeveins and brecchias, allwithin a blanket of low-grade disseminated gold mineralization. Drillresults demonstrate the potential for additional explorationpotential, while the core MineralResource has been drilled to a high confidencelevel with approximately 87% of total contained gold ounces in theM&I resource category. The Project is located on 508 unpatentedfederal lode claims.

The PEA study was developed using conventional open pit hard rock miningmethods at a nominal rate of approximately 45,000 tonnes per day (“TPD”) of material minedover a seven-year period. Pit slope angles are based on geotechnicalstudy completed for Viva in 2020. Mined gold mineralization istransported by truck to either a high-grade (> 1.0 g/t) or low-grade stockpile.Barren waste rock would goto a waste rock storage facility.

Process design was developed based on preliminaryindicative metallurgical testwork. The process considers crushing 10,000 TPD of mineralized run-of-mine materialincluding 8,000 TPD oflow-grade and 2,000 TPD ofhigh-grade material. Mineralized material will be crushed to 100%passing 12.5 mm using a three-stage closed crushing circuit.High-grade and low-grade material will be campaigned through thecrushing circuit and stockpiled separately using a radial stackingconveyor. Low-gradematerial will be agglomerated with cement, before beingconveyor-stacked in 10m lifts onto a permanent geomembrane-lined heapleach pad and leached with a dilute cyanide solution. Pregnant leachsolutions will be pumped to a carbon adsorption circuit. Gold will becollected onto activated carbon and then periodically transportedoff-site to be toll-processed where the loaded carbon will be strippedand regenerated before being returned to the Project for re-use. 

High-grademill feed ground to 80% passing 150 Mesh (106 micron) in a singlestage ball mill circuit. Ball mill discharge will be diverted to aCarbon-in-Leach (“CIL”) circuit where the thickened slurry will be mixed withactivated carbon with a portion of the flow being diverted to agravity concentrator for the recovery of coarse metal. Loaded carbonfrom the CIL will be toll-processed along with carbon from the heapleach circuit. Leached slurry will be discharged and filtered using afilter press, and dry-stacked using trucks onto a dedicated portion ofthe heap leach pad.  

The Tonopah open pit will extend below the existingwater table. As a result, a pit de-watering system is required tode-water ahead of mining advance. A conceptual dewatering systemdesign for the Project wasdeveloped by Piteau Associates of Reno, Nevada, Viva’s longterm hydrologic consultant, dated June 20, 2025.

Existing project infrastructure includes paved Statehighway access, nearby 15 KV grid powerline upgradable to 25 KV, newlyconstructed cell and data communications tower, and nearby publicutility water supply. The project has a total of 26 existinggroundwater monitoring wells. Additional infrastructure will includefencing and gates, weigh scale, office buildings, repair shops, assaylaboratory, fencing and gates, water supply system, power substationand overhead distribution lines.

Mineral Resource

The 2025 MRE incorporates data from 59 new drill holescompleted since 2022, as well as a new structural model based ondrilling and Controlled Source Audio-frequency Magnetotellurics(CSAMT) data. The updated resource model hasresulted in an increase in the indicated resource, demonstratingenhanced confidence in the geologic interpretation.

Table 1: Summary of Estimated Mineral Resources –Effective Date: June 13, 2025

Notes:

• The MRE for the potentially surface mineable resourcewere constrained by conceptual pit shells for the purpose ofestablishing reasonable prospects of eventual economic extractionbased on potential mining, metallurgical and processing gradeparameters identified by studies performed to date on the Project. 

• Key constraint inputs included reasonable assumptionsfor operating costs, geotechnical slope parameters, forecast Auprices, and a minimum Cut-off Grade of 0.15 g/t Au. 

• The Cut-off Grade assumes a gold price of US$2,200 anda revenue factor of 1.2 (equivalent to US$2,640 gold price), andincludes all material that can be economically processed 

• Heap leach recovery of 75% was assumed. 

• Tonnage and contained metal estimates are rounded tothe nearest 1,000. 

• kt = kilotonnes; g/t = grams per tonne; oz/t = troyounces per tonne. 

• Mineral Resource categorization of Measured, Indicatedand Inferred Mineral Resources presented in the summary table is inaccordance with the CIM definition standards (CIMDS, 2014).  

• No mining recovery, dilution or other similar miningparameters have been applied.  

• Although the Mineral Resources presented in this pressrelease are believed to have a reasonable expectation of beingextracted economically, they are not Mineral Reserves. Estimation ofMineral Reserves requires the application of modifying factors and aminimum of a PFS.  

• The reported Inferred Mineral Resources are consideredtoo speculative geologically to have the economic considerationsapplied to them that would enable them to be categorized as MineralReserves.  

• There is no certainty that all or any part of thisMineral Resource will be converted into Mineral Reserve. 

• Mineral Resource estimates are not precisecalculations, being dependent on the interpretation of limitedinformation on the location, shape and continuity of the occurrenceand on the available sampling results. All figures are rounded toreflect the relative accuracy of the estimates.  

The Mineral Resource categorization applied by theQualified Person (“QP”) has included the consideration of datareliability, spatial distribution and abundance of data and continuityof geology and grade parameters. The QP performed a statistical andgeostatistical analysis for evaluating the confidence of continuity ofthe geological units and grade parameters. The results of thisanalysis were applied to developing the Mineral Resourcecategorization criteria.

The updated MRE reports 504,000 ounces of measured andindicated gold resources at 0.59 g/t Au, constrained within a pitshell above a 0.15 g/t Au cut-off (see Table 1). Compared to the 2022PEA, this is an increase of 109,000 ounces of measured and indicatedMineral Resources, and areduction of 123,000 ounces of inferred MineralResources. Additional drilling reduced drillhole spacing and revealed new high-grade zones as well asnon-mineralized areas. The introduction of a structural interpretationserved to constrain the estimate to additional hard-boundary domains.For the first time, 2,164,000 ounces of silver at 2.0 g/t arereported.

Au and Ag were estimated into a 3D block modelusing ordinary kriging interpolation. The block size in the area ofthe reported resources is 6 m x 6 m x 6 m. Estimation was constrainedby hard boundary domains based on rock type and fault boundaries.

Primary differences between the 2022 resource blockmodel and the 2025 resource block model include a reduction in blocksize from 20 m to 6 m, a change in the Au top-cut grade parameters(increased from 10 g/t to 100 g/t and using a high-grade searchrestriction), and a change to the resource classificationmethodology.

At present, only Mineral Resources have been estimatedand there are no Mineral Reserves for the Project.

The Mineral Resource estimates for the potentiallysurface mineable resources at Tonopah were constrained by conceptualresource pit shells for the purpose of establishing reasonableprospects of eventual economic extraction based on potential mining,metallurgical recovery and processing parameters identified by mining,metallurgical, and processing studies performed to date on theProject.

Key constraint inputs included reasonable assumptionsfor operating costs, geotechnical slope parameters, Au forecastprices, as summarized in Table 2, resulting in a minimum Cut-off Grade(“COG”) of 0.15 g/t Au.The COG assumes a gold price of US$2,200 and a revenue factor(“RF”) of 1.2 (equivalent to US$2,640 goldprice) and includes all material that can be economicallyprocessed.

Table 2: Break-Even Cut-off Grade for MineralResources

GEOVIA Whittle™ (“Whittle”) Pit Optimizer software was used todevelop the resource pit shell. Whittle was used with the inputparameters presented in Table 3 to provide guidance for establishingreasonable prospects of eventual economic extraction.

Table 3: Resource Pit Shell Input Parameters

Notes:

• The mineral and waste mining cost were based onescalated mining cost from similar projects in Nevada and nearbystates escalated to Q2 2025 US$ value. The overburden mining cost isthe cost of free digging the overburden, without drilling andblasting. 

• Mining sustaining capital cost of 0.24 $/t wascalculated based on the escalated April 2020 PEA cost estimate to Q22025 US$ value and was included in the pit optimization to the miningcost. 

• The block model described included dilution or miningrecovery. Viva recommended to use 100% mining recovery and 0%dilution, and it is the QP’s opinion that this logic is reasonablefor a PEA-level study. 

• Mill processing sustaining capital cost of 0.11 $/t wasobtained from the April 2020 PEA cost estimate and escalated to Q22025 US$ value. 

• Heap leach processing sustaining capital cost of 0.62$/t was obtained from industry benchmarking, and both were included inthe pit optimization to the processing cost for allscenarios. 

PEA Mine Plan and Production Details

Tonopah will have a seven-year mine life with eightyears of gold recovery. Closure and reclamation activities areexpected to commence at the cessation of mining and last for a periodof three years utilizing exiting mine equipment and personnel.Please note that a Preliminary EconomicAssessment is preliminary in nature and includes inferred mineralresources that are considered too speculative geologically to have theeconomic consideration applied to them that would enable them to becategorized as mineral reserves, and that there is no certainty thatthe preliminary economic assessment will be realized.

Table 4: Annual Detail of Tonopah PEA ProductionSchedule

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PEA Study Economic Analysis

The PEA economic analysis is based on the estimatedproduction schedule, capital costs, and operating costs, and cash flowmodel prepared by WSP. All information used in this economicevaluation was derived from work completed by WSP and KCA, withsupport from Viva Gold.

Project economics were evaluated using a discountedcash flow method that measures the before-tax and after-tax NPV offuture cash flow streams. The PEA economic model was based on thefollowing key assumptions:

• A gold price of $2,400 per ounce. 

• Mine production schedule developed by WSP with anominal average mining rate of 45,000 TPD with higher levels in the first twoyears and a mill and heap leach process rate totaling 10,000TPD of mineralizedmaterial.  

• A period of analysis of eleven years that includes oneyear of investment,  years of production, andthree years to complete reclamation and closure commencing aftercessation of mining activities.  

• Capital costs as summarized in Table 9 and operating costs as summarized inTable 7 and described in the following sections.  

Project economics are based on criteria from the cashflow model that aresummarized in Table 5.

Table 5: Economic Analysis Summary

Economic Sensitivity Analysis

At a current market price level of approximately $3,200per ounce Au, a 33.3% increase over the base price of $2,400, Tonopahreturns a post-tax NPV 5% of $363.6 million and an IRR of 43.4%,demonstrating strong leverage to gold price.

Project sensitivity to Au/Ag price, operating andcapital costs are shown in the following Figure 1:

Figure 1: Project Sensitivity to Changes in Price,Capital and Operating Cost

Table 6: Project Sensitivity to Gold Price

Operating Costs

Table 7: Unit Operating Cost Breakdown

Mine operating costs are based on self-mining,non-contractor rates. Mine operating costs and equipment productivityrates were estimated from first principals by WSP using equipmentproductivity handbooks, reference guides and databasedinformation. The mine is anticipated to operate365 days per year utilizing two twelve-hour shift per day, with atotal of four operating crews working on a four-day rotationalschedule.

Process costing is based on the processing designcriteria shown in Table 8.  

Table 8: Processing Design Criteria Summary

Plant and general and administrative (“G&A”)operating costs were estimated by KCA using first principals based onthe second quarter 2025 US dollars and are presented with no addedcontingency based upon the design and operating criteria present inthis release and
are considered to have an accuracy of +/-35%.
Sales tax was not included in the operating cost estimate. G&A
costs include annual premiums for reclamation surety bonds. Water
system costs were estimated by Piteau Associates of Reno Nevada and
are estimated to have an accuracy of +50%/-25%.

Capital Costs

Table 9: Capital Cost Estimate

Process and infrastructure capital can be divided into
two components: preproduction capital for crushing, leaching systems,
and infrastructure with a total preproduction capital cost of
approximately $119.5 million including all contingencies and EPCM; and
mill circuit costs of $52.5 million all inclusive

All process and infrastructure equipment and material
requirements are based on the design information as determined by KCA.
Capital cost estimates were developed based on budgetary project
specific quotes or recent quotes from similar projects in KCA’s
files for all major and most minor equipment. Where recent quotes were
not available, reasonable cost estimates or allowances were made based
on cost guide data. All capital cost estimates
were based on the purchase of equipment quoted new from the
manufacturer or to be fabricated new. Capital cost estimates were
based on the second quarter of 2025 US dollars and are considered to
have an accuracy of +/‑35%.  

Mine equipment cost is based primarily on a Financing
Proposal received from Caterpillar Financial Services Corporation data
June 18, 2025. The fleet consists of eleven-100 tonne
CAT 777 haul trucks with
three CAT 992 loaders, three CAT MD6250 drills
and associated auxiliary equipment. Terms include a 20% down payment
and the equipment is leased over a three-year period in equal payments
of principal and interest. Equipment is purchased with a $1.00
purchase option at the end of the lease. Mine infrastructure, indirect
and contingency costs were based on similar projects in WSP’s files
and reasonable cost estimates or allowances were made based on cost
guide data.  

Dewatering capital was estimated to account for the
drilling of interceptor wells in surface gravel’s and basement rock, and the
construction of HDPE pipeline to convey water directly to valley floor
re-infiltration basins where clean water is discharged directly back
into valley floor gravels. Royalty cost reflects the cost required to
exercise the option to acquire 1% of the Tonopah 2% net smelter return
royalty.  

Project Closure and Environmental Closure
Bonding

Federal and State agencies require a reclamation bond
to ensure completion of reclamation and closure of Tonopah, estimated
at $23.7 MM, if performed by the State. Actual closure costs if
performed using existing mining equipment and personnel are estimated
at $12.0 million. Viva anticipates using a Surety policy to cover bond
costs which would include providing 20% cash collateral into an
interest-bearing restricted cash account and paying an annual surety
premium estimated to be $380,000, which is included in G&A costs.

Mine Permitting

Permits required for the proposed surface mining
operation will include, but not be limited to, Bureau of Land
Management Mine Plan of Operation/National Environmental Policy Act
analysis, Environmental Impact Statement, Amended Nevada Mining
Reclamation Permit, Nevada Water Pollution Control Permits, Air
Quality Operating Permit, Liquified Propane Gas license, Nevada water
rights, and Nevada Industrial Artificial Pond permit.

Recommended Forward Studies

WSP makes the following recommendations:

• A diamond drill core program to capture additional data
  such as specific gravity measurements, core recovery, rock quality
  designation RQD), and the location and angles of major
  faults to further refine tonnage estimates for the project and
  existing structural interpretations.  
  

  
  

• Developing an alteration model could improve
  understanding of its impact on gold mineralization and potentially
  identify new drill targets. 
  

  
  

• A more detailed tradeoff study between leasing
  production equipment vs. purchasing should be undertaken (perhaps even
  a hybrid of the two options) to assess if up-front capital can be
  reduced and evaluate the effects on operating costs. 
  

  
  

• More detailed phasing of the open pit at a PFS level
  should be undertaken given the nature of the grade and strip ratio of
  the deposit to help focus on bringing more high-grade material up
  front to help offset the initial capital cost payback. 
  

  
  

KCA has made recommendations for additional
metallurgical studies including:

• High-grade mill and gravity variability
  testing 
  

  
  

• Variability column testing at various crush sizes
  (9.5mm, 12.5 mm, 25 mm and 38mm) for a 120 to 180-day
  period.  
  

  
  

• Perform additional
  characterization work.  
  

  
  

Samples for KCA’s metallurgical
program may be captured in the diamond core program recommended by
WSP. The cost of a 1,000 meters PQ drill program including assay,
teleview/oriented core
study is approximately $500,000 not including additional cost for
specific gravity testing. Quotations for metallurgical testwork and updated geotechnical study
are in process.  

Environmental study recommended by Lewis Consulting LLC, Viva’s long
term environmental consultant, includes:

• Ongoing baseline study work for environmental monitoring, cultural
  resources surveys, biological studies, and hydrogeologic studies.  
  

  
  

• Construction of one upgradient and two downgradient groundwater
  monitoring wells.  
  

  
  

• Thirty-day aquifer tests from the existing site bedrock and alluvial
  production/monitoring wells, should be conducted to support the
  numerical groundwater model required for Federal and State permitting.
   
  

  
  

• A program to test the capacity of alluvial soils to allow infiltration
  of excess mine dewatering water.  
  

  
  

• A Class III cultural resources survey should be completed for those
  areas within the projected Project boundary that have not been
  surveyed in more than ten years.  
  

  
  

• Two years of Golden Eagle and Raptor aerial surveys should be
  completed to develop plans and permits if necessary to ensure
  compliance with the Bald and Golden Eagle Protection Act.  
  

  
  

It is anticipated that these recommended environmental study
activities will cost approximately $900,000.

Qualified Person

Brian Thomas, P.Geo. of WSP, is the qualified person,
as defined by NI 43-101, responsible for the preparation of the MRE.
Jason Baker, P.Eng. of WSP, is the qualified person, as defined by NI
43-101, responsible for the mining method. Rick McBride, P.Eng. of
WSP, is the qualified person, as defined by NI 43-101, responsible for
integration of the costs into the cashflow model.  Caleb Cook, PE is
qualified person for metallurgy and processing. James Hesketh, MMSA-QP, has approved the scientific and
technical disclosure contained in this press release. Mr. Hesketh is
not independent of the Company; he is an Officer and Director.

About Viva Gold Corp:

Viva Gold is led by CEO James Hesketh, a 40-year
veteran in the mining space who has led the development and
construction of eight other mines around the world throughout his
career. James has surrounded himself with equally experienced mining
professionals both on the management team and the board.

Viva Gold trades on the TSX Venture exchange “VAU”,
on the OTCQB "VAUCF" and on the Frankfurt exchange
"7PB". Viva currently has ~145.2 million shares outstanding
and boasts a best-in-class management team and board with decades of
gold exploration and production experience. The Company is advancing
its high-grade Tonopah Gold Project in mining friendly Nevada with the
support of several institutional shareholders. More information can be
found on https://www.Sedar.Com and please visit our website: www.vivagoldcorp.com.

Viva is committed to developing the Tonopah GoldProject in an environmentally and socially responsible fashion. Thesevalues are aligned with management’s core values and permeatethroughout our decision-making process.

For further information please contact:

James Hesketh, President & CEO

(720) 291-1775

jhesketh@vivagoldcorp.com

Graham Farrell, Investor Relations

(416) 842-9003

graham.farrell@vivagoldcorp.com

Forward-Looking Information:

This news release contains certain information that may
constitute forward-looking information or forward-looking statements
under applicable Canadian securities legislation (collectively,
“forward-looking information”), including but not limited to
forward-looking information related to Mineral Resource estimates for
the Project. The material factors that could cause actual results to
differ materially from the conclusions, estimates, designs, forecasts
or projections in the forward-looking information include any
significant differences from one or more of the material factors or
assumptions that were set forth in this press release including
geological and grade interpretations and controls and assumptions and
forecasts associated with establishing the prospects for economic
extraction of gold mineral resource and preliminary economic analysis
at the Tonopah Gold Project. This forward-looking information entails
various risks and uncertainties that are based
on current expectations, and actual results may differ materially from
those contained in such information. These uncertainties and risks
include, but are not limited to, the strength of the global economy,
inflationary pressures, pandemics,  and issues and delays related to
permitting activities; the price of gold; operational, funding and
liquidity risks; the potential for achieving targeted drill results,
the degree to which mineral resource estimates are reflective of
actual mineral resources; the degree to which factors which would make
a mineral deposit commercially viable are present; the accuracy of
capital and operating cost estimates; the variability of actual from
estimated gold recovery; potential for geotechnical issues; the risks
and hazards associated with drilling and mining operations; and the
ability of Viva to fund its capital requirements. Risks and
uncertainties about the Company’s business are more fully discussed
in the Company’s disclosure materials filed with the securities
regulatory authorities in Canada available at www.sedar.com. Readers are urged toread these materials. Viva assumes no obligation to update anyforward-looking information or to update the reasons why actualresults could differ from such information unless required bylaw.

Cautionary Note to Investors ---Investors are cautioned not to assume that any "measured mineralresources", "indicated mineral resources", or"inferred mineral resources" that the Company reports inthis news release are or will be economically or legally mineable.United States investors are cautioned that while the SEC nowrecognizes "measured mineral resources", "indicatedmineral resources" and "inferred mineral resources",investors should not assume that any part or all of the mineraldeposits in these categories will ever be converted into a highercategory of mineral resources or into mineral reserves.  These termshave a great amount of uncertainty as to their economic and legalfeasibility.  Under Canadian regulations, estimates of inferredmineral resources may not form the basis of feasibility orpre-feasibility studies, except in limited circumstances.  Further,"inferred mineral resources" have a great amount ofuncertainty as to their existence and as to their economic and legalfeasibility.  It cannot be assumed that any part or all of aninferred mineral resource will ever be upgraded to a higher category.The mineral reserve and mineral resource data set out in this newsrelease are estimates, and no assurance can be given that theanticipated tonnages and grades will be achieved or that the indicatedlevel of recovery will be realized.

Neither TSX Venture Exchange nor its RegulationServices Provider (as that term is defined in the policies of the TSXVenture Exchange) accepts responsibility for the adequacy or accuracyof this release.

Definitions

“All-in sustaining costs” is a non-IFRS or US GAAPfinancial measure calculated based on guidance published by the WorldGold Council (“WGC”). The WGC is a market development organizationfor the gold industry and is an association whose membership comprisesleading gold mining companies. Although the WGC is not a miningindustry regulatory organization, it worked closely with its membercompanies to develop these metrics. Adoption of the all-in sustainingcost metric is voluntary and not necessarily standard, and therefore,this measure presented by the Company may not be comparable to similarmeasures presented by other issuers. The Company believes that theall-in sustaining cost measure complements existing measures andratios reported by the Company. All-in sustaining cost includes bothoperating and capital costs required to sustain gold production on anongoing basis. Sustaining operating costs represent expendituresexpected to be incurred at the Project that are considered necessaryto maintain production. Sustaining capital represents expected capitalexpenditures comprising mine development costs, including capitalizedwaste, and ongoing replacement of mine equipment and other capitalfacilities, and does not include expected capital expenditures formajor growth projects or enhancement capital for significantinfrastructure improvements.

“Cash cost per gold ounce” is a common financialperformance measure in the gold mining industry but has no standardmeaning under IFRS or US GAAP. The Company believes that, in additionto conventional measures prepared in accordance with IFRS or US GAAP,certain investors use this information to evaluate the Company’sperformance and ability to generate cash flow. Cash cost figures arecalculated in accordance with a standard developed by The GoldInstitute. The Gold Institute ceased operations in 2002, but thestandard is considered the accepted standard of reporting cash cost ofproduction in North America. Adoption of thestandard is voluntary, and the cost measures presented may not becomparable to other similarly titled measures of othercompanies.

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