Fremont Announces Amendment to Cobb Creek Option Agreement

Vancouver, October 9, 2020 - Fremont Gold Ltd. (TSXV: FRE) (OTCQB: FRERF) (FSE: FR2) ("Fremont" or the "Company") is pleased to announce that it has amended the terms of its option agreement relating to the Cobb Creek gold project ("Cobb Creek"), an advanced-stage gold project located in Elko county, Nevada.

In September 2019, the Company entered into an option agreement (the "Option Agreement") with Clover Nevada II, LLC ("Clover"), a wholly owned subsidiary of Contact Gold Corp. (TSXV: C), to acquire a 100% interest in Cobb Creek (see news release dated September 30, 2019).

The terms of the Option Agreement included a requirement for the Company to pay US$30,000 to Clover on September 27, 2020 (the "First Anniversary Payment"). Clover have agreed to amend the terms of the option agreement as follows:

• extend the date of payment of the First Anniversary Payment to December 31, 2020; and
• reduce the amount due under the First Anniversary Payment from US$30,000 to US$15,000.

As consideration for this change in the terms of the Option Agreement, Fremont will issue 500,000 common shares to Clover immediately following the Company's receipt of approval from the TSX Venture Exchange (the "Exchange") to do so.

All other terms of the Option Agreement remain unchanged.

The amendment to the Option Agreement, including the issuance of 500,000 Fremont common shares, is subject to approval by the Exchange. The 500,000 Fremont common shares will be subject to a statutory hold period.

Cobb Creek highlights

• Historical mineral resource estimate: The McCall deposit, one target area within Cobb Creek, contains a historical mineral resource estimate (not NI 43-101 compliant) which is set out in the table below.

The historical mineral resource estimate ("Historical Estimate") was performed by and reported in a technical report prepared by Michael R. Pawlowski for Stacatto Gold Resources Ltd. and dated October 30, 2004¹. The Historical Estimate is based on a total of 72 drill holes with continuous zones of gold assays above 0.01 opt gold that could be reasonably interpreted to be continuous in three dimensions based on the construction of nine cross sections, 200 feet apart. The methodology employed in the Historical Estimate is detailed in the 2004 technical report by Pawlowski¹. A qualified person has not done sufficient work to classify the Historical Estimate as a current mineral resource or mineral reserve and Fremont is not treating the Historical Estimate as a current mineral resource or mineral reserve. In order to consider the Historical Estimate as current mineral resources or mineral reserves, Fremont needs to retain a qualified person to verify historical drilling and assaying methods and validate historical results, add any drilling and assaying or other pertinent geological information generated since the last estimation, and complete an updated resource estimate and a new technical report.

• Historical exploration: Cobb Creek has not been drilled since 1992 and most of the historical drilling (over 140 drill holes) was very shallow. Some of the better drill results include drill hole COBRC-3, which returned 15.3 metres of 2.86 g/t gold (from 13.7 metres to 29.0 metres), and COBRC-84, which returned 33.5 metres of 1.92 g/t gold (from 18.3 metres to 51.8 metres), including 12.2 metres of 4.09 g/t gold.

• Exploration potential: Cobb Creek is underexplored. Fremont believes that there is good potential to expand the Historical Estimate at McCall and for the discovery of a Carlin-type target. Additionally, a number of exploration targets (Beaver, Silica Ridge, O, and Van Duzer Ridge) have not been drilled or were not followed up despite returning very anomalous gold values (see Figure 1).

• Location: Cobb Creek is comprised of 167 unpatented mining claims and is located at the northern end of the Independence Trend, close to Highway 225 (see Figure 2). Western Exploration's new gold discovery, Gravel Creek, is located approximately 6 kilometres to the southeast. It has been reported that Gravel Creek "contains an in-place unclassified mineral inventory of 1.4 million ounces of gold and 21 million ounces of silver…". (Muntean, Davis, and Ayling, 2017, p. 22)².

Figure 1: Cobb Creek exploration targets

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/3169/65672_e3997871643e7a48_002full.jpg

Figure 2: Cobb Creek location

To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/3169/65672_e3997871643e7a48_003full.jpg

Qualified person
The content of this news release was reviewed by Maury C. Newton, III, Fremont's V.P. Exploration, a qualified person as defined by National Instrument 43-101.

About Fremont
Fremont's mine-finding management team has assembled a portfolio of high-quality Nevada gold projects with the goal of making a new discovery. The Company's flagship project is the past-producing Griffon gold project, located at the southern end of the Cortez Trend. Fremont's other projects include Cobb Creek, North Carlin, and Hurricane.

¹ Pawlowski, M.R., 2004, Technical report on the Cobb Creek Property, McCall Area, Elko County, Nevada.
² Muntean, J.L., Davis, D.A., and Ayling, B., 2017, The Nevada Mineral Industry 2015, Special Publication MI-2015, Nevada Bureau of Mines and Geology.

On behalf of the Board of Directors,

"Blaine Monaghan"

Blaine Monaghan
CEO
Fremont Gold Ltd.

For further information, contact:

Corporate Information
Fremont Gold Ltd.
Blaine Monaghan, CEO
Telephone: +1 604-676-5664
www.fremontgold.net
https://twitter.com/GoldFremont
https://www.linkedin.com/company/fremont-gold/

Investor Inquiries
G2 Consultants Corp.
Telephone: +1 778-678-9050
Email: ir@fremontgold.net

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.

Forward looking statements

Certain statements and information contained in this press release constitute "forward-looking statements" within the meaning of applicable U.S. securities laws and "forward-looking information" within the meaning of applicable Canadian securities laws, which are referred to collectively as "forward-looking statements". The United States Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for certain forward-looking statements. Forward-looking statements are statements and information regarding possible events, conditions or results of operations that are based upon assumptions about future economic conditions and courses of action. All statements and information other than statements of historical fact may be forward-looking statements. In some cases, forward-looking statements can be identified by the use of words such as "seek", "expect", "anticipate", "budget", "plan", "estimate", "continue", "forecast", "intend", "believe", "predict", "potential", "target", "may", "could", "would", "might", "will", "hope", "will be", "expected" and similar words or phrases (including negative variations) suggesting future outcomes or statements regarding an outlook. Forward-looking statements in this and other press releases include but are not limited to statements and information regarding a new Cobb Creek technical report, the potential to expand the historical mineral resource estimate at McCall, promising exploration targets at Cobb Creek, the potential for the discovery of a Carlin-type target at Cobb Creek, and Exchange approval of the amended Option Agreement and the issuance of Fremont Shares. Such forward-looking statements are based on a number of material factors and assumptions and involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements, or industry results, to differ materially from those anticipated in such forward-looking information. You are cautioned not to place undue reliance on forward-looking statements contained in this press release. Actual results and future events could differ materially from those anticipated in such statements. Fremont undertakes no obligation to update or revise any forward-looking statements included in this press release if these beliefs, estimates and opinions or other circumstances should change, except as otherwise required by applicable law.

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