Increase To Measured And Indicated Resources At Moss Mine

VANCOUVER - Elevation Gold Mining Corporation reported a updated Mineral Reserve, Mineral Resource estimate and Technical Report for its Moss Mine, located in Mohave County Arizona. Elevation Gold's new leadership believes the Moss Mine and surrounding 168 square kilometer land package possesses unrealized gold exploration potential. Consequently, the Company began an aggressive near mine and regional exploration drilling program in March of this year to deliver new resource ounces while beginning to demonstrate the potential of the property.

The updated Mineral Reserve and Resource Estimates disclosed will be included in a technical report (the "Technical Report"), to be filed. The Technical Report represents an interim update, which only incorporates the results of the drilling to a May 24, 2021, cut-off.

Since this cut-off date, Elevation has completed approximately 100 drill holes and continues to encounter significant mineralization, which are not included in the Mineral Resource and

Technical Report Highlights: 1) Proven and Probable Mineral Reserves of 12,744 ktonnes with grades of 0.45 g/t gold and 5.4 g/t silver containing 184,500 ounces of gold and 2.2 million ounces of silver. 2) Measured and Indicated Mineral Resources of 38,857 ktonnes with grades of 0.39 g/t gold and 4.6 g/t silver, containing 490,200 ounces of gold and 5.75 million ounces of silver with Inferred Mineral Resources of 6,562 ktonnes with grades of 0.35 g/t gold and 4.5 g/t silver, containing 73,800 oz gold and 940,000 oz silver. 3) Life of Mine plan only based on the Proven and Probable Mineral Reserve estimate extends the Moss Mine Life to 2025, mining ore at 11,000 tons per day, with an average strip ratio of 0.88:1. 4) Pre-tax NPV(5%) $50.8 million, after-tax NPV(5%) $45.3 million at $1,700/oz gold and $18.50/oz silver.

Chairman, Douglas J. Hurst, said, "The Moss Mine has been historically constrained by tenure and permitting that limited the mine's footprint and production capacity. It has also hindered the Company's ability to expand the resources and reserves. These constraints have now largely been removed, and the potential of the property is just beginning to be realized."

The current reserves are larger than the total ounces produced by the mine to date, demonstrating our ability to replace ounces through exploration. The Proven and Probable Reserve estimate was constrained by the existing infrastructure of the mine. In the future, infrastructure may be relocated to allow the Moss Mine to realize the full economic benefits of the additional near mine mineralization being defined by the ongoing exploration drilling program.