Anticipated Gold Values Found in Stockpile Bulk Sampling Analysis

Providence Gold Mines “the Company” is pleased to report success on its bulk sampling and processing test work of the first of several stockpiles. The first stockpile remains open in size and is just one of several historical, (pre-1916), stockpiles within the Providence property which is located near the city of Sonora in California.

As previously reported in the News Release dated February 24th, 2021, the Company commissioned FLSmidth to conduct standardized extended gravity recovery gold (EGRG) processing test work. This included two stages of progressive comminution and three stages of progressive gravity concentration using Knelson concentrators. Two composite batches utilizing 22 kg of material were produced using coarse assay rejects (-2 mm crush) from the 2019 sampling program.

The higher grade composite yielded a calculated head grade of 13.7 g/t Au. After simple crushing to -2 mm (P80 of 836 um), 49.7% of the gold was liberated and recoverable, and after second stage grinding to a P80 of 88 um 77.4% of the gold was liberated and recoverable.

The medium grade composite yielded a calculated head grade of 1.47 g/t Au. After simple crushing to -2 mm (P80 of 917 um), 35.9% of the gold was liberated and recoverable, and after second stage grinding to a P80 of 90 um 61.6% of the gold was liberated and recoverable.

Gold grain size classification determined that the recovered gold particles in the historical stockpile still classify as coarse to very coarse.

The Company has now commissioned sourcing of equipment to Big Rock Consulting Inc. head office located in Kelowna, British Columbia. Big Rock specializes in the mining industry, with decades of experience in design, crushing, grinding and all aspects of milling.

Lee Groat Ph.D. P. Geo and Q.P. states, “the bulk sampling results demonstrate that the gold within the stockpile material is easily recoverable. Although the stockpile is non-compliant as a NI 43-101 resource, progress to move forward with independent process plant design work and optimization for re-milling and re-processing of this historical stockpile of material is warranted and underway.”

Qualified Person:

Dr. Lee Groat Ph.D., P.Geo. is the Company’s qualified person (as defined under NI 43-101 and has read and approved the technical information contained in this news release}.

 

ON BEHALF OF THE BOARD

“Ronald Coombes”

Ronald A. Coombes, President & CEO

Office: (604) 688-8200

Email: info@providencegold.com

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www.ProvidenceGold.com

All statements, trend analysis and other information contained in this press release relative to markets about anticipated future events or results constitute forward-looking statements. All statements, other than statements of historical fact, included herein, including, without limitation, statements relating to the permitting process, future production of Providence Gold Mines, budget and timing estimates, the Company’s working capital and financing opportunities and statements regarding the exploration and mineralization potential of the Company’s properties, are forward-looking statements. Forward- looking statements are subject to business and economic risks and uncertainties and other factors that could cause actual results of operations to differ materially from those contained in the forward- looking statements. Important factors that could cause actual results to differ materially from Providence Gold Mines expectations include fluctuations in commodity prices and currency exchange rates; uncertainties relating to interpretation of drill results and the geology, continuity and grade of mineral deposits; the need for cooperation of government agencies and native groups in the exploration and development of properties and the issuance of required permits; the need to obtain additional financing to develop properties and uncertainty as to the availability and terms of future financing; the possibility of delay in exploration or development programs and uncertainty of meeting anticipated program milestones; and uncertainty as to timely availability of permits and other governmental approvals. Forward-looking statements are based on estimates and opinions of management at the date the statements are made. Providence Gold Mines does not undertake any obligation to update forward-looking statements except as required by applicable securities laws. Investors should not place undue reliance on forward- looking statements.

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

Published by Providence Gold Mines Inc.

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