Signal Gold Accepts Crown Land Lease and Licence Offer for the Goldboro Project

TORONTO, September 19, 2024 - Signal Gold Inc. ("Signal Gold" or the "Company") (TSX:SGNL)(OTCQB:SGNLF) is pleased to announce that it has accepted the Crown Land Lease and Licence Letter of Offer ("Letter of Offer") for the Goldboro Project ("Goldboro" or the "Project"), issued by the Nova Scotia Department of Natural Resources and Renewables. The Lease comprises approximately 779 hectares (1,925 acres) and the Licence comprises approximately 97 hectares (240 acres) of Crown lands. It is anticipated that the Lease and Licence will receive formal Cabinet approval in the first half of 2025, upon completion of a land survey, among other standard terms and conditions. The Crown Land Lease and Licence is an integral authorization which will allow for infrastructure development.

"We are very pleased to accept the Letter of Offer from the Nova Scotia Department of Natural Resources and Renewables. This is a significant project milestone that demonstrates our continuing progress on all material permits related to the Goldboro Project through diligent attention to feedback from the regulators and constructive dialogue with the permitting agencies of both the Government of Nova Scotia and the Government of Canada. As we advance permitting of the Goldboro Project, we remain committed to ongoing engagement with stakeholder and Rightsholder groups in an open, inclusive and constructive manner."

~Kevin Bullock, President and CEO, Signal Gold Inc.

ABOUT SIGNAL GOLD
Signal Gold is advancing the Goldboro Gold Project in Nova Scotia, a significant growth project subject to a positive Feasibility Study which demonstrates an approximately 11-year open pit life of mine with average gold production of 100,000 ounces per annum and an average diluted grade of 2.26 grams per tonne gold. (Please see the 'NI 43-101 Technical Report and Feasibility Study for the Goldboro Gold Project, Eastern Goldfields District, Nova Scotia' on January 11, 2022, for further details). On August 3, 2022, the Goldboro Project received its environmental assessment approval from the Nova Scotia Minister of Environment and Climate Change, a significant regulatory milestone, and the Company has now submitted all key permits including the Industrial Approval, Fisheries Act Authorization and Schedule 2 Amendment, and the Mining and Crown Land Leases. The Goldboro Project has significant potential for further Mineral Resource expansion, particularly towards the west along strike and at depth, and the Company has consolidated 28,525 hectares (~285 km²) of prospective exploration land in the Goldboro Gold District.

This news release has been reviewed and approved by Kevin Bullock, P. Eng., President and CEO with Signal Gold Inc., a "Qualified Person", under National Instrument 43-101 Standard for Disclosure for Mineral Projects.

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SOURCE: Signal Gold Inc.