M&I Resource of 506,052 Gold Ounces And Inferred Resource Of 905,146 Gold Ounces At Independence Project

VANCOUVER - Golden Independence Mining Corp. reported an updated National Instrument 43-101 (NI 43-101) compliant Mineral Resource Estimate (MRE) for the Independence project located adjacent to Nevada Gold Mines' Phoenix-Fortitude mining operations in the Battle Mountain-Cortez trend of Nevada. The MRE incorporates over 132,000 feet of RC and core drilling in 246 holes, outlining both a near surface and an underground resource and now incorporates a lower cut-off grade for oxide material and higher cut-off grades for transitional and sulphide material based on recent metallurgical and economic analysis for the near surface resource. The resource represents the total modeled mineralization as interpolated by the exploration drilling to date. No constraining economics have been applied to the resource.

The Company is actively advancing the near surface portion of the MRE towards a Preliminary Economic Assessment anticipated by year-end 2021. Highlights of the MRE include: Near Surface Resource: Measured & Indicated Total Resource of 506,052 ounces of gold and 7.8 million ounces of silver plus an Inferred Total Resource of 108,946 ounces of gold and 1 million ounces of silver; and Underground Resource: Inferred Resource of 796,200 ounces of gold.

"This updated resource incorporates ongoing work associated with the PEA and an additional 12 RC holes drilled after the May 2021 initial resource was released," said. Christos Doulis, CEO. "The near surface component of this updated MRE provides the foundation for a Preliminary Economic Assessment anticipated imminently. With the recent formation of a formal Joint Venture with our partner AGEI we look forward to continuing to advance the Independence project towards a production decision," he concluded.