Toronto, Ontario, January 27, 2023 – Galleon Gold Corp. (the "Company") (TSX-V: GGO)
is pleased to outline its plans for 2023 as the Company develops its flagship West Cache
Gold Project in the prolific Timmins Gold Belt in Timmins, Ontario.
Comment from CEO
David Russell, President and CEO of Galleon Gold commented, “We enter 2023 with an
ambitious agenda; our permit application work is in full swing and we are well into the
detailed engineering of the portal and decline for the underground bulk sample. This
progression to the test mining stage is an important step for West Cache as we continue
to de-risk the project. Not only should the gold produced from the bulk sample cover the
development costs; but the data collected from the stope development, milling and gold
recoveries will support pre-feasibility work.”
Looking Into 2023
The Company anticipates 2023 to be a watershed year as it transitions from exploration
and resource development to test mining and pre-development.
• The geotechnical overburden drill program is close to completion and information
from this program, along with third-party detailed engineering work, will be
included in the permit application.
• The updated mine plan for the bulk sample details Single Panel Transverse
Longhole Open Stoping based on a two-production level and a four-stope plan.
The bulk sample is estimated at 86,500 tonnes of sulphide mineralization
grading 8.13 g/t gold and containing an estimated 22,600 ounces of gold. Figure
1 provides a broad overview of the bulk sample location in relation to currently
recognized mineral envelopes at West Cache.
• Public consultation meetings will be announced in the next few months and
pending approval of the permit(s) the Company plans to start construction.
Detailed progress reports will be provided as work advances, including power line
drop and connections, infrastructure builds, and the progress of the portal and
decline.
• From an exploration perspective, there is still much work to do as the project is
less than 10% drill tested and mineralization is open in all directions and at depth.
In addition to infill drilling the resource, new targets to the north and south of the
known mineralization are starting to emerge with new interpretation of soil
sampling programs.
2022 Laid the Groundwork (Milestones & Highlights)
• Published the first Preliminary Economic Assessment (“PEA”) for the West Cache
project, prepared in accordance with National Instrument 43-101 by P&E Mining
Consultants of Brampton, Ontario, Canada, with an effective date of January 10,
2022. The PEA highlighted strong project economics with a pre-tax NPV at a 5%
discount rate (“NPV5%”) of $378 million and IRR of 33.7%. Cash costs of US$814
per ounce and all-in sustaining costs of US$987 per ounce for 940,200 ounces of
gold mined over Life of Mine (“LOM”) of 11 years with average annual production
of 85,500 ounces. Recovered gold is estimated at 893,200 ounces over the LOM.
See press release dated February 23, 2022.
• Provided an updated Mineral Resource Estimate significantly increasing the grade
and total ounces in the Indicated and Inferred Mineral Resource classification.
• Acquired additional mining claims adjacent to the West Cache project, expanding
the total claim package to 10,370 hectares.
• Commenced an exploration drilling program and announced one of the best Zone
#9 intercepts to date (determined by grade x thickness) of 15.6 g/t Au over 7.6 m
within broader zone of 7.41 g/t Au over 18.1 meters. Also discovered additional
ounces of gold in the South Area with intercepts of 13.29 g/t Au over 4.5 m (incl.
79.2 g/t Au over 0.7 m) and 5.23 g/t Au over 5.7 m.
• Received a new 21- year mining lease – an important milestone for the West
Cache project. Lease status is required before mining activities such as
infrastructure development and ore extraction can be conducted on the property.
• Progressed the underground bulk sample permitting and baselines studies;
initiated geomechanical and geotechnical drill programs in support of the
detailed design of the 1) box cut and portal design, 2) ground support
recommendations, 3) stope size and dilution estimates.

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