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West Red Lake Gold Mines Signs Definitive Agreement for Madsen Gold Project

VANCOUVER, British Columbia, May 18, 2023 (GLOBE NEWSWIRE) — West Red Lake Gold Mines Ltd. (“West Red Lake” or “WRLG”) (TSXV: WRLG(OTCQB: WRLGF) is pleased to announce that further to its news release dated April 17, 2023 it has entered into the Definitive Share Purchase Agreement with Pure Gold Mining Inc. (“Pure Gold”), and a fund managed by Sprott Resource Lending Corp. in respect of the acquisition of the Madsen Gold Project through the acquisition of all of the issued and outstanding shares of Pure Gold (the “Acquisition”). Details of the Acquisition and the Madsen Gold Project can be found in the Company’s April 17, 2023 news release, which is available on SEDAR.

Closing of the Acquisition is subject to various conditions precedent including receipt of all required regulatory approvals, including the approval of the TSX Venture Exchange, and receipt of the reverse vesting order from the Supreme Court of British Columbia in Pure Gold’s ongoing proceedings pursuant to the Companies Creditors Arrangement Act. The court hearing for approval for the sale of Pure Gold is set for May 29, 2023.

ABOUT WEST RED LAKE GOLD MINES LTD.

West Red Lake Gold Mines Ltd. is a mineral exploration company that is publicly traded and dedicated to creating value for its shareholders by discovering new gold mines in the highly productive Red Lake Gold District of Northwest Ontario, Canada. This district has yielded 30 million ounces of gold from high-grade zones and hosts some of the world’s richest gold deposits. WRLG holds an expansive property position spanning 3,100 ha in Red Lake, the Rowan Project, including three former gold mines – Rowan, Mount Jamie, and Red Summit. The Rowan Project covers a 12-km strike length along the Pipestone Bay St. Paul Deformation Zone and WRLG plans to continue exploring this property along strike and to depth aggressively in 2023.

ON BEHALF OF WEST RED LAKE GOLD MINES LTD.

“Tom Meredith”

Tom Meredith        
Chief Executive Officer

For further information, please contact:
Jasvir Kaloti
CFO & Corporate Secretary                                
Tel: (604) 609-6110

Amandip Singh, VP Corporate Development
Tel: 416-203-9181
Email: asingh@wrlgold.com
or visit the Company’s website at https://www.westredlakegold.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

The TSX Venture Exchange has neither approved nor disapproved the contents of this news release. Certain statements contained in this news release constitute “forward-looking statements”. When used in this document, the words “anticipated”, “expect”, “estimated”, “forecast”, “planned”, and similar expressions are intended to identify forward-looking statements or information. These statements are based on current expectations of management, however, they are subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from the forward-looking statements in this news release. Readers are cautioned not to place undue reliance on these statements. West Red Lake Gold Mines Ltd. does not undertake any obligation to revise or update any forward- looking statements as a result of new information, future events or otherwise after the date hereof, except as required by securities laws.

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