Execution Of Agreement For Sale Of Properties From Battle Mountain Portfolio

VANCOUVER - Element 79 Gold Corp. has entered into an Asset Purchase Agreement for the sale of two properties from its Battle Mountain Portfolio located in the gold mining district of northeastern Nevada, US to a subsidiary of Centra Mining Ltd..

Under the terms of the Agreement, Centra has agreed to purchase all of Element79 Gold's interests and obligations in relation to the Long Peak Project and the Stargo Project. The transaction is expected to close before the end of this month, and is subject to regulatory approval.

"The sale of Long Peak and Stargo to Centra marks another milestone in Element79's journey for the strategic development of its high-grade gold assets," said James Tworek, CEO. "Centra realizes that these projects have great exploration potential along with the rest of their portfolio and it will be exciting to see what their near-term development plans are.  We are excited to maintain our exposure to the very promising development potential of these properties through our equity participation in Centra. We have been working at the sale of the non-core assets in the Battle Mountain for over a year now, and it feels great to confirm that we have one package of properties now signed up and pending their closing date. This achievement further helps to highlight the currently-unrealized value of the individual properties in the Battle Mountain portfolio, helping to re-envision a benchmark for corporate valuation and enabling us to unlock additional value from our extensive portfolio of prospective properties while increasing Element79 Gold’s focus, energy and capital flows on developing its flagship Maverick Springs and both defining a resource at and bringing production online at Lucero in 2024.”