Results From Ongoing Exploration At The Independence Project

VANCOUVER - Golden Independence Mining Corp. reported on the ongoing exploration activities at the Independence Oxide Heap Leach project in the Battle Mountain-Cortez trend of Nevada. Since tabling a PEA for near-surface heap-leach operation at the Project, the Company has been focused on improving the metrics of the project which yielded an after-tax NPV5% of US$45M and IRR of 22%. Specifically, exploration has been focused on delineating additional near-surface oxide resources to expand the open pit and reclassify waste with mineralized material. Both of the aforementioned would have the possibility to increase the production profile, extend the mine life, and improve project economics from a cost and valuation perspective.

Jeremy Poirier, CEO and Director, said, "We continue to explore for opportunities to improve upon the December 2021 Preliminary Economic Assessment. The objective of the ongoing exploration program is to identify locations for potential follow-up drilling to expand the near-surface oxide resource. We are encouraged by the initial results from sampling within the proposed open-pit as it not only has the potential to increase the number of oxide ounces but these ounces would already be largely costed into the economics as they are currently classified as waste material, notwithstanding the potential for additional 'high-grade' feed."