Mr. Gary Thompson reports

GOLD79 ANNOUNCES PRIVATE PLACEMENT FINANCING OF UP TO $2,000,000

Gold79 Mines Ltd. has initiated a non-brokered private placement to raise gross proceeds of up to a maximum of $2-million, comprising 20 million units, at 10 cents per unit. Each unit consists of one common share of the company and one-half common share purchase warrant. Each whole warrant entitles the holder to purchase one common share of the company at a price of 15 cents per share for a period of 24 months following the date of issuance. Any securities issued under the offering would be subject to a statutory hold period of four months and one day from the date of issuance. This offering is subject to approval of the TSX Venture Exchange. The anticipated closing date of the offering is Nov. 10, 2020.

The offering will be conducted by the company utilizing the existing security holder prospectus exemption under OSC Rule 45-501 Ontario Prospectus and Registration Exemptions and other equivalent provisions of applicable securities laws in other jurisdictions in Canada as well as the accredited investor exemption under National Instrument 45-106 Prospectus and Registration Exemptions and also other exemptions available to the company.

The company will make the offering available to all shareholders of the company as of Oct. 15, 2020, who are eligible to participate under the existing security holder exemptions and who have notified the company by no later than Nov. 6, 2020, at 5 p.m. Eastern Time of their intention to participate in the offering. The existing security holder exemptions limit a shareholder to a maximum investment of $15,000 unless the shareholder certifies in the subscription agreement that he or she has obtained advice regarding the suitability of the investment from a registered investment dealer or otherwise qualifies to rely on another private placement exemption.

In the subscription agreement, shareholders will be required to certify the number of common shares of the company held as of the record date and the total number of units they wish to subscribe for at the specified price of 10 cents per unit. Each existing shareholder on the record date will be entitled to purchase that number of units equal to at least their pro rata share based on the common shares owned on the record date, subject to a $2,500 minimum subscription. Any additional available units will be allocated by the company based on subscriptions received and units available. Orders will be processed by the company on a first-come, first-served basis such that it is possible that a subscription received from a shareholder may not be accepted by the company if the offering is oversubscribed. Any person who becomes a shareholder of the company after the record date shall not be entitled to participate in the offering under the existing security holders exemptions.

The aggregate proceeds raised under the offering will be used for exploration expenditures related to the Gold Chain, Arizona, project; the Jefferson Canyon, Nevada, project; the Tip Top Gold, Nevada, project; and for working capital and general corporate purposes.

It is anticipated that officers and directors of the company will participate in the offering. Gold79 may pay commissions to qualified finders in Canada in connection with the offering comprising a 6-per-cent cash commission and 6 per cent in broker warrants exercisable at 15 cents per share for a period of 24 months following the date of issuance. Any finder fees paid would be in accordance with TSX-V policies.

About Gold79 Mines Ltd.

Gold79 Mines (formerly Aura Resources Inc.) is a TSX Venture Exchange listed company engaged in the acquisition, exploration and development of precious metal prospects in the southwestern United States. Gold79 holds 100-per-cent earn-in option and/or purchase agreements on three gold projects. The two priority projects are located in Nevada, United States, the Jefferson Canyon gold project and the Tip Top gold project. The third is located in Arizona and is called the Gold Chain project. Gold79 holds two projects with minority interest being a 37.1-per-cent interest in the Greyhound project, Nunavut, Canada, under JV by Agnico Eagle Mines Ltd. and a 20-per-cent interest in the Taviche project in Oaxaca, Mexico, which is operated by Minaurum Gold Inc.

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