Favorable Final Environmental Impact Report For Idaho-Maryland Mine Project

GRASS VALLEY, CA - Rise Gold Corp. reported that Nevada County has released the Final Environmental Impact Report (FEIR) for the Idaho-Maryland Mine Project (IMM Project). The report's release represents a major milestone toward approving the Company's Use Permit application to reopen the historic past-producing Idaho-Maryland Gold Mine. The independently prepared FEIR is the culmination of three years of intensive study by the Nevada County government with the support of its consultant, Raney Planning & Management Inc., an experienced firm located in Sacramento[1], and contributions from many qualified technical experts and scientists. The FEIR concludes that there are no significant impacts to air quality, biological resources, water quality, groundwater, vibration or noise from operations from the proposed re-opening of the Idaho-Maryland Mine. The FEIR builds upon the Draft EIR issued on January 4, 2022) by responding to comments from the public and government agencies. Through this open, transparent and public process, the Project has been further improved by strengthening several mitigation measures, as well as minor clarifications and corrections.

The FEIR confirms only three significant unavoidable impacts from the project: 1) Temporary construction noise from the installation of a water pipeline. 2) Addition of traffic to an intersection already operating at an unacceptable level of service. 3) Aesthetics due to noticeable changes to the existing visual character of the project sites.

The County's recently released Independent Economic Study confirms the Project will have substantial economic and community benefits. The Company believes these benefits significantly outweigh the three unavoidable impacts identified in the FEIR. Preparation of the FEIR as per the California Environmental Quality Act (CEQA), is an important approval process milestone. A general outline of the remaining milestones in the Use Permit process are as follows: 1) The Nevada County Planning Commission holds a public hearing to consider the FEIR and makes a recommendation on project approval to the Nevada County Board of Supervisors. 2) The Board of Supervisors holds a public hearing to consider and make a final decision on the IMM Project. A majority vote of the five supervisors is required to approve the Project.

The timeline to complete the Use Permit process depends primarily on the Nevada County government. However, the Company believes that the Use Permit process for the IMM Project could be completed over the next several months, likely during the first quarter of 2023. The Nevada County Board of Supervisors has approved three mining projects in recent years. The Boca Quarry Expansion, a surface aggregate mine with production of up to 1 million tons per year, was approved in 2019. The Greenhorn Creek Mining Expansion, a surface aggregate mine with production of up to 600,000 tons per year, was approved in 2017 and the Blue Lead Gold Mine, a surface placer gold mine with production of up to 400,000 tons per year, was approved in 2015.