EnGold's Exploration Program Restarting September 7, 2021 and Financing Update

Vancouver, British Columbia--(Newsfile Corp. - September 2, 2021) - David H. Brett, President & CEO, EnGold Mines Ltd., (TSXV: EGM) ("EnGold" or the "Company") is pleased to announce that it will be restarting its exploration program on September 7, 2021.

"With the challenges of BC's extremely active 2021 wildfire season now behind us, EnGold will be relaunching its exploration program at Lac La Hache next week," said EnGold VP of Exploration, Rob Shives, P.Geo. "We are particularly excited about the deep, alkalic porphry drilling at Ann North that will soon be underway. Following up on the high grade gold results at Road Gold is also on the near-term horizon."

In addition, the Company announces that it will not be proceeding to close the second and final tranche of the Company's previously announced $8,000,000 non-brokered flow-through financing. Under the first tranche closing which was announced on August 11, 2021, the Company received proceeds of $4,000,000 from the issuance of 8,000,000 flow-through units at a price of $0.50 per unit. Each unit consisted of one flow-through common share and one half of one warrant, whereby each whole warrant entitles the holder to purchase one non-flow-through common share at a price of $0.75 per share for a period of two years from the date of issuance.

"EnGold is well funded for a robust, long-term program of exploration at its 100% owned Lac La Hache copper gold property," said EnGold President and CEO David Brett. "The board of directors is in unanimous agreement that the Company is well positioned to secure any required additional funding for the project in the future at terms that are favourable for EnGold shareholders."

Rob Shives P.Geo., VP Exploration and a Qualified Person as defined under National Instrument 43-101, has reviewed and approved the technical content of this release.

About EnGold

EnGold is a Vancouver-based copper, gold, silver, magnetite exploration company focused solely on its 100% owned Lac La Hache property in the Cariboo region of BC which hosts the Spout Copper Deposit, the Aurizon Gold Deposit and the G1 Copper Deposit and other targets within a large porphyry mineralizing system. With world class infrastructure at its doorstep, Lac La Hache is a great location to be exploring.

EnGold Mines Ltd.

David Brett

President & CEO

For further info contact David Brett, 604-682-2421 or david@engold.ca

This news release contains "forward‐looking statements" within the meaning of Canadian securities legislation. Forward‐looking statements include, but are not limited to, the expected use of proceeds of the financing. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which EnGold will operate in the future. Certain important factors that could cause actual results, performances or achievements to differ materially from those in the forward‐looking statements include, amongst others, the global economic climate, dilution, share price volatility and competition. Although EnGold has attempted to identify important factors that could cause actual results to differ materially from those contained in forward‐looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward‐looking statements. EnGold does not undertake to update any forward‐looking statements, except in accordance with applicable securities laws.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/95282