Gold79 Announces Management Changes and Stock Option Grant

Ottawa, Ontario--(Newsfile Corp. - August 31, 2020) - Gold79 Mines Ltd. (TSXV: AUU) ("Gold79" or the "Company") is pleased to announce executive management changes. Mr. Gary Thompson has been appointed to the position of Chief Executive Officer in addition to his role as Executive Chairman of the Company's Board of Directors. Mr. Robert Johansing has been appointed Vice-President, Exploration of the Company stepping down from his prior position as Chief Executive Officer. Mr. Johansing remains a director of the Company. Mr. John McNeice continues in his roles as Chief Financial Officer and Corporate Secretary.

Mr. Gary Thompson stated, "I am excited to take on the additional role of CEO for Gold79 just as we have begun to execute our high-priority exploration plans at each of our southwestern USA gold projects and to evaluate additional growth opportunities for Gold79. This transition in management roles allows Rob Johansing to fully focus his extensive geological experience on our aggressive exploration plans."

Additionally, the Company announces that its Board of Directors has approved a grant of stock options to officers, directors and consultants of the Company pursuant to the Company's 2020 Stock Option Plan. A total of 6,050,000 stock options have been granted to acquire common shares in the capital of the Company at an exercise price of $0.08 per share which expire on August 29, 2030. These stock options vest immediately. This stock option grant is subject to acceptance by the TSX Venture Exchange.

About Gold79 Mines Ltd.

Gold79 Mines Ltd. (formerly Aura Resources Inc.) is a TSX Venture listed company engaged in the acquisition, exploration and development of precious metal prospects in the Southwest USA. Gold79 holds 100% earn-in option and / or purchase agreements on three gold projects. The two priority projects are located in Nevada, USA, the Jefferson Canyon Gold Project and the Tip Top Gold Project. The third is located in Arizona, USA and is called the Gold Chain Project. Gold79 holds two projects with minority interest being a 37.1% interest in the Greyhound Project, Nunavut, Canada under JV by Agnico Eagle Mines Limited and a 20% interest in the Taviche Project in Oaxaca, Mexico which is operated by Minaurum Gold Inc.

For further information regarding this press release contact: Gary Thompson, Executive Chairman and Chief Executive Officer at (403) 870-1166 or by email at GT@gold79mines.com
Gold79's website is located at www.gold79mines.com.

FORWARD-LOOKING STATEMENTS:

This press release may contain forward looking statements that are made as of the date hereof and are based on current expectations, forecasts and assumptions which involve risks and uncertainties associated with our business including the, the shares for debt transactions, the uncertainty as to whether further exploration will result in the target(s) being delineated as a mineral resource, capital expenditures, operating costs, mineral resources, recovery

rates, grades and prices, estimated goals, expansion and growth of the business and operations, plans and references to the Company's future successes with its business and the economic environment in which the business operates. All such statements are made pursuant to the 'safe harbour' provisions of, and are intended to be forward-looking statements under, applicable Canadian securities legislation. Any statements contained herein that are statements of historical facts may be deemed to be forward-looking statements. By their nature, forward-looking statements require us to make assumptions and are subject to inherent risks and uncertainties. We caution readers of this news release not to place undue reliance on our forward-looking statements as a number of factors could cause actual results or conditions to differ materially from current expectations. Please refer to the risks set forth in the Company's most recent annual MD&A and the Company's continuous disclosure documents that can be found on SEDAR at www.sedar.com. Gold79 does not intend, and disclaims any obligation, except as required by law, to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.

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

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