Spanish Mountain Gold Receives Official Acceptance for Initial Project Description from Provincial and Federal Agencies

Vancouver, British Columbia--(Newsfile Corp. - March 28, 2022) - Spanish Mountain Gold Ltd. (TSXV: SPA) (the "Company") is pleased to report receipt of official acceptance for the Initial Project Description (IPD) and Early Engagement Plan from the B.C. Environmental Assessment Office (BCEAO) and the Impact Assessment Agency of Canada (IAAC) in relation to the environmental assessment for the Spanish Mountain Gold Project (the "Project") located in British Columbia, Canada.

The submission of the IPD and Early Engagement Plan was announced in a news release dated March 8, 2022. The environmental assessment now moves into the Early Engagement phase of the provincial process and the Planning phase of the federal process. Early Engagement is a 90-day process of engagement with Indigenous nations, the public, and municipalities, including a 30-day public comment period, resulting in a Summary of Engagement that will inform the development of the Detailed Project Description. The BCEAO has submitted a request to substitute its provincial environmental assessment process under B.C.'s Environmental Assessment Act (2018) in place of the federal impact assessment, should one be required. The IAAC will seek views on this request as part of the public comment period. Substitution, if accepted, means that the BCEAO will conduct a single assessment that the federal and provincial governments will rely upon to make respective decisions.

The Company's project team will continue their engagement with First Nations and the public throughout, as part of the ambitious action plan for the Project's EA and subsequent Permitting.

Larry Yau, Chief Executive Officer, commented: "I believe this timely approval of the documents (without requesting amendments) by the EA agencies is attributable to our extensive technical preparedness and broad engagement approach over the years. Again, we are hopeful that this substantive groundwork will help us avoid many potential pitfalls and delays in the intricate process."

About Spanish Mountain Gold

Spanish Mountain Gold Ltd. is focused on de-risking and optimizing its 100%-owned Spanish Mountain gold project in southern central British Columbia. The Company is actively advancing the Project through the environmental assessment/ permitting process and simultaneously adding value through targeted studies and resource expansion. The Pre-Feasibility Study (2021) has delineated the Project's multi-million ounce Mineral Reserve and demonstrated its potential to be a mining operation with a robust production profile (>150,000 oz per year) and profitability (AISC $801 per oz) over a mine life of 14 years. Details on the Project and the Company are available on www.sedar.com and on the Company's website: www.spanishmountaingold.com.

On Behalf of the Board,
SPANISH MOUNTAIN GOLD LTD.

Larry Yau
Chief Executive Officer

Inquiries:

Spanish Mountain Gold Ltd.
Phone: (604) 601-3651
E-mail: info@spanishmountaingold.com
Website: www.spanishmountaingold.com
Corporate Presentation: https://spanishmountaingold.com/investors/presentations/

FORWARD-LOOKING STATEMENTS: Certain of the statements and information in this press release constitute "forward-looking statements" or "forward-looking information". Any statements or information that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects", "anticipates", "believes", "plans", "estimates", "intends", "targets", "goals", "forecasts", "objectives", "potential" or variations thereof or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking statements or information.

The Company's forward-looking statements and information are based on the assumptions, beliefs, expectations and opinions of management as of the date of this press release, and other than as required by applicable securities laws, the Company does not assume any obligation to update forward-looking statements and information if circumstances or management's assumptions, beliefs, expectations or opinions should change, or changes in any other events affecting such statements or information. For the reasons set forth above, investors should not place undue reliance on forward-looking statements and information.

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

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/118248