Providence Gold Mines Inc. Announces Closing of Financing

VANCOUVER – July 1, 2022, Providence Gold Mines Inc. (“Providence” or the “Company”) announces that it has closed the previously announced financing, issuing 1,737,500 shares at a price of $0.07 per unit for gross proceeds in the amount of $121,625. Each unit consists of one common share and one warrant exercisable at a price of $0.15 for a period of one year. Insiders participated for 830,000 shares. There were no finders’ fee associated with the private placement.

The Company is presently in negotiation with a funding source for a convertible equity financing in the amount of $1,300,000 USD.

Company progress:

The Providence Group of Gold Mines are located on a group of privately owned patented mining claims located in the rich gold Motherlode district, near the Town of Sonora California.

To date, the Company’s exploration program results have been successful in verifying the potential for a discovery of high-grade multi million-ounce target.

The Providence Group of historical past producing high grade gold mines have remained untouched for over a hundred years and our exciting plans for this initial core drill program of 4,000 meters, designed to intersect mineralization near surface, between and beneath the numerous past producing mines. The property is easily accessed by 4×4 truck from existing logging, farm, and mine access roads.

 

ON BEHALF OF THE BOARD

“Ronald Coombes”

Ronald A. Coombes, President & CEO
Phone: (604) 724-2369
Email: rcoombes@providencegold.com

STAY TUNED! VISIT OUR WEBSITE FOR MORE DETAILS
http://www.ProvidenceGold.com

LIKE & FOLLOW @providencegoldmines
Facebook | Instagram | Twitter | TikTok | Youtube | LinkedIn

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION Neither the OTCQB and or 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. 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.

Download News Release

Providence Gold Mines Inc. Announces Extension from the TSX-V

VANCOUVER – May 27, 2022, Providence Gold Mines Inc. (“Providence” or the “Company”) announces that it has received an extension from the TSX Venture Exchange (“TSX-V”) with respect to the duration of its previously announced private placement (the “Private Placement”) (please see the Company’s press releases dated December 22, 2021). The outside date upon which final acceptance of the Private Placement will be granted by the TSX-V has been extended until June 10, 2022.

ON BEHALF OF THE BOARD

“Ronald Coombes”

Ronald A. Coombes, President & CEO
Phone: (604) 724-2369
Email: rcoombes@providencegold.com

 

STAY TUNED! VISIT OUR WEBSITE FOR MORE DETAILS
http://www.ProvidenceGold.com

LIKE & FOLLOW @providencegoldmines
Facebook | Instagram | Twitter | TikTok | Youtube | LinkedIn

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION

Neither the OTCQB and or 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.

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.

Download News Release

Providence Gold Mines Inc. Announces Extension from the TSX-V

VANCOUVER – May 18, 2022, Providence Gold Mines Inc. (“Providence” or the “Company”) announces that it has received an extension from the TSX Venture Exchange (“TSX-V”) with respect to the duration of its previously announced private placement (the “Private Placement”) (please see the Company’s press releases dated December 22, 2021). The outside date upon which final acceptance of the Private Placement will be granted by the TSX-V has been extended until May 27, 2022.

ON BEHALF OF THE BOARD

“Ronald Coombes”

Ronald A. Coombes, President & CEO
Phone: (604) 724-2369
Email: rcoombes@providencegold.com

 

STAY TUNED! VISIT OUR WEBSITE FOR MORE DETAILS
http://www.ProvidenceGold.com

LIKE & FOLLOW @providencegoldmines
Facebook | Instagram | Twitter | TikTok | Youtube | LinkedIn

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION

Neither the OTCQB and or 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.

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.

Download News Release

Providence Gold Discloses Discovery of Significant Archived Report

Archived photo of the Providence Mine Mill, circa 1907.

Providence Gold Mines “the Company” is extremely pleased to report that an archived report has been discovered in the files of a lawyer’s office in Sonora, CA. The Company believes the historical reported technical information is to the standard of the day and is of significance as it further verifies the potential of the Providence Group of Gold Mines. Excerpts from this historical report are as follows:

Composite Report June 16, 1933

Author unknown but described as “…a composite report made up from the reports of William Bluett, William Chapman, Chas. R. Thompson, W. E. Dean, and others which reports are available for inspection of interested persons.”

“These properties have been developed to a depth of 1470 feet on the dip of the vein, with many thousands of feet of underground workings, drifts, and crosscuts. They have produced mineralization credited with having yielded $1,500,000 worth of gold bullion and have at the present time many thousands of tons of low-grade mineralization available, which, with modern machinery and equipment, can be worked at a profit. In the past only the high-grade mineralization was extracted, leaving the lower grade mineralization in place, although in many places fine ore has been developed and is now available.

The properties are in condition where, with reasonable development and the installation of modern equipment they can supply for many years to come a 100 ton per day mill with sufficient mineralization to keep it running at its full capacity. The properties under one management constitute a well-developed mine, ready for immediate operation once it has been reopened and repaired. Of course, as additional development work is done more ore will be exposed and blocked out. Un-questionably, additional oreshoots and lenses of mineralization running over $2,500.00 to the ton in gold content. The larger bodies of good milling material and low-grade mineralization can be depended upon to pay a profit in operations so that the occasional bunches or bodies of bonanza mineralization will make possible much greater profits for the operating company.

It will be observed that, with the expenditures of $30,000.00 as herein set out, additional mineralized bodies will be opened and added to the mineralization now ready for milling, ensuring continuous operation for a modern mill of 100 tons daily capacity for several years, and this available material can be constantly added to by the constant development of the mineralized bodies known to exist on the properties. In fact the shaft should be sunk to the 3,000 foot level on the dip of the vein as soon as practicable, the drifts should be extended to cut the mineralized bodies known to exist in the Consuela claim and the Bonita Mine, while a cross-cut tunnel will make the mine accessible for operations down to the 660 foot level, dewater it down to that level and provide an easy means to tramming the mineralization to a good mill site some 80 feet above the river.

Once this additional development work is done so that a large quantity of material is blocked out, I believe it will be possible for the operating company to secure the erection of a mill to treat such mineralization on a basis which will permit the cost of the milling out material is a better method of expending the operating company funds than the erection of a mill before enough mineralization has been blocked out to keep the mill operating at least two years on a good average mineralization of what the mine contains.”

A copy of the original report will be posted on our web site: providencegold.com

Cautionary statement, this historical report is not NI 43 101 compliant and therefore should not be relied upon to today’s standards. The Company believes the information was to the professional standards of the day.

Since acquiring the Providence Group of Gold Mines the Company has verified that the property contains high grade mineralization. The Company is now ready to drill the modeled targets of this promising past-producing property.

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).

About Providence Gold Mines Inc.:

Providence Gold Mining Inc. is an advanced-stage exploration and development Company holding an option to purchase 100% interest in the Providence Group of Gold mines near the City of Sonora California.

For more information, please contact Ronald Coombes, President, and CEO of the Company.

 

ON BEHALF OF THE BOARD

“Ronald Coombes”

Ronald A. Coombes, President & CEO
P: (604) 724-2369
E: rcoombes@providencegold.com
ProvidenceGold.com

Download Article in PDF

Follow Up Interview with Metals News

Ron Coombes, President and CEO, Providence Gold Mines Inc. (TSXV: PHD, US-OTCQB: PRRVF, FRANKFURT: 7RH1-F) Discusses Exploring, on the Eastern Belt of the “Mother Lode” District, Near a Resource-Friendly Community of Sonora, California

By Dr. Allen Alper, PhD Economic Geology and Petrology, Columbia University, NYC, USA on 4/26/2022

We spoke with Ron Coombes, who is President and CEO of Providence Gold Mines Inc. (TSXV: PHD, US-OTCQB: PRRVF, FRANKFURT: 7RH1-F), a Canadian mining exploration company, who has acquired the famous historic Providence Group of Gold Mines, located nearby a resource-friendly community of Sonora, California, on the eastern belt of the “Mother Lode” District. The highly accurate 3D terrestrial laser scanning technology revealed that there are potential high-grade drill targets, between and beneath historical stopes. Near-term plans include a 4000-meter drill program, to identify and verify the near-surface targets, followed by deeper holes. In addition, gold within the stockpile could generate significant cashflow.

Dr. Allen Alper: This is Dr. Allen Alper, Editor-in-Chief of Metals News, talking with Ron Coombes, who is President and CEO of Providence Gold Mines. Ron, could you tell our readers/investors about your Company?

Ron Coombes: Providence Gold Mines is solely located in the California Mother Lode Belt, on one of the great gold properties, from the historical past. Probably in terms of today’s mining, it would definitely be in among some of the highest grading deposits known. Such as the Kirkland Lake’s Gold Fosterville mine, which has a head grade of 21 grams of gold per ton, I think of a couple of others here, Klondike mines, which yields 44 grams per ton and one of the highest-grade gold mines in Canada.

Our property was historically mined, up to 1916, we’d be able to have a similar type of gold values. In the Mother Lode Belt, deposits that could be seen as being potentially similar, would be the Empire, The Idaho Maryland Mine, in the area of Grass Valley. The only difference being that our project is just far enough away from the population, in Sonora, to not be seen as an issue for our neighbors. The neighbors of the Sonora District have been very grateful, to date, and extremely helpful in our exploration efforts.

Some of the businessmen, that live in the immediate vicinity, have been very helpful in assisting us to find contractors that are local to do work for us. So, we feel very fortunate to be where we are. You know, I spent a lot of time in Canada, and I’ve spent some time in other countries, on the development of exploration targets. So far, I’ve found this particular area of California to be one of the best districts for exploration, in my 25 years.

The project we acquired in late 2017. Since then, we embarked on the development of the numerous targets that lie, within the past producing group of mines, on the property. We’ve had so far, verification and lots of success in our quest to develop the exploration targets, so they’re well-developed now. We think that the property has significant potential, with 1 to 4 million ounces. Of course, you never know until you drill them.

We’re planning to drill a 4,000-meter drill program. That’s enough drilling to basically identify and verify the Near-Surface targets. After that, we would have to go back and drill some deeper holes. But we’re extremely delighted that the project, so far to date, has met with nothing but success.

Dr. Allen Alper: That sounds great. Could you tell our readers/investors about any data you have to date?

Ron Coombes: We had recently put out a press release. Aero Geoquest did the underground 3D lidar and then we did an airborne lidar, which has given us precision on the targets, both at surface and from the 600 level, which was developed in 1931. Having that data and then combining it and layering it, with all of our soil geochem, our surface mapping, our underground mapping, and then all of the known stopes, and new discoveries, has given us an opportunity to pinpoint, from surface, the exact orientation, and the length to the targets. Once we drill, that will substantiate what I’m saying and hopefully become one of the great ones again, in the state of California.

Geological Drill Model – Providence Gold from Proactive Investors on Vimeo

Dr. Allen Alper: That sounds excellent! Could you tell our readers/investors, a little bit about yourself and your Team?

Ron Coombes: I’ve been pretty much exclusively working in Canada, for my first 20 years. I worked in British Columbia exclusively for about 15 years, and then we ventured out and looked at a couple of projects in Ontario, we were involved in the Ring of Fire. In 2012, I went to Ottawa and gave a speech on what I saw going wrong in the Ring of Fire. Then I started looking abroad, for other projects and looked to Mexico, I looked at South America, I had a geologist that was working with us at that time.

Then we started to venture into looking at some projects in Arizona and Nevada and I was introduced to the Providence Group of gold mines, through an old colleague of mine. Initially, I thought it was too good to be true, so we embarked on a trip to take a look at it. We basically took some samples in the underground, verified the existence of high grade, within the stopes that had already been mined at the 600 level. Then we acquired the property.

We didn’t have much data on it because, of course, in 1916 they weren’t core drilling, they were basically mining. Everything was done, with hand steel and donkeys and Clydesdales. All we had was a 3D longitudinal cross-section and that data set now is turned into a pretty comprehensive amount of data, which has given us the opportunity to model everything properly. We’re ready to drill and the drilling could make this an opportunity of actually discovering that we have our hands on one of the great ones in the state of California and move forward towards the development of a serious resource.

Dr. Allen Alper: That sounds very good! Could you tell our readers/investors a little bit about the capital structure?

Ron Coombes: Right now, we currently have issued outstanding 57 million shares, approximately. The Company itself, about a third of it, is controlled by me and three or four others. A couple of the insiders, myself and Rodger Young and Scott Davis, who’s our CFO, we control about 8 million shares in total among us. I have three or four other colleagues that boost that number up to about 25%. The structure of the Company is solid. We’re grossly undervalued currently, I believe. I think the stock really has no business trading at where it is. I believe it’s definitely a golden opportunity, at the current trading price that it’s trading at right now.

Currently, we’re just finishing off a financing. We need about $1.3 million to do this 4,000-meter drill program and ensure its success. There’s no point in trying to do a small drill program. The targets themselves are 2 to 4 meters thick and actually can appreciate three-dimensional space. We have to do the drilling and we need to do enough drilling to verify and substantiate. Then after that, we’ll go to a Phase 2 drilling program, to move the numbers up where we believe they should be. We believe that it has a very good chance of a million ounces plus.

Dr. Allen Alper: That sounds very good. Could you tell our readers/investors why they should invest in Providence Gold Mines?

Ron Coombes: We actually trade on the OTCQB, currently in the U.S., we trade on the Frankfurt Exchange, we trade in Canada. We, the Board of Directors, feel quite strongly that eventually we’d like to become an exclusive issuer in the United States, as our primary domicile, because that’s where we’re working, that’s where we’re drilling. It’s a U.S. property, so we might as well eventually move our operations down to the United States. We will still be trading in Canada, of course, but we believe becoming a primary issuer in the U.S. is an important step moving forward.

Dr. Allen Alper: Well, that sounds very good! Is there anything else you’d like to add, Ron?

Ron Coombes: We have a great Team! The Team that we’ve assembled includes some of the best in the business. We have Mark Payne, who’s a registered geologist, in the state of California. Mark has over 45 years’ experience. He intimately knows almost every project there is, along the Mother Lode Belt. Our qualified person presently is Lee Groat. I’ve worked with Lee and the University of B.C. over the years.

We’re very proud to work with them and have them, whenever they’re available, to assist us with some of the grants that they have. I think that overall, we have a very senior Team, looking after the geology in California. We feel quite proud of that fact. We definitely have the manpower to move this forward, so 2022 should be a great year for us.

Dr. Allen Alper: It sounds like it’ll be an exciting time for your shareholders and stakeholders once you get into the drilling and learn more to substantiate what you have.

Ron Coombes: Yeah. We still have a small stockpile at the main development, where the Providence Gold Mine was mined down to the 1,100 to 1,200 foot level. There is a stockpile there. We were hoping that it was going to be a lot larger than it is, because from the Providence, they are said to have mined 225,000 ounces. Unfortunately, it appears as though they, like many projects back then, used a lot of the material for road construction. The pile that’s sitting there right now, definitely contains some really decent gold values.

We believe that the drilling here will assist us in adding to that volume of rock that’s sitting there right now, to allow us to have a small operating mine, in the near future. We have two things happening here. We’re hoping to be able to develop some more resources, right near surface, that we could then add to the stockpile, blend it together and become a producer in the short term, that’s our goal. Develop a small resource right near surface, add it with the stockpile that’s currently there, which we’ve trenched and sampled. We did a report with FLSmidth. The Metallurgy on the project is just great, which I didn’t talk about, but I should quickly here. All of our work, so far to date, looks like a pure gold play. There’s nothing in the way, not arsenic or antimony or any other of those deleterious metals, which makes this project pretty unique.

But it’s not unique to the Mother Lode Belt, because the Mother Lode Belt does have other similar deposits, within the belt itself that are very similar, with regards to not containing any deleterious metals. It gives us an advantage, in a couple of ways, to move the project forward as quickly as possible. We still have to go through the rigorous permitting that’s required. But so far to date, it looks like it would be an easy situation, with regards to there not being any metals that are nasty on the product.

Dr. Allen Alper: Do you think that it will be possible to get permits in California?

Ron Coombes: We met with some of the permitting departments, prior to picking the project up, because a lot of people have this misconception that California is just this place that’s unfriendly to the mining community, which is simply not true. It’s actually a great jurisdiction. I think that in my career I haven’t worked in a better area. So, it really depends on where you park yourself. I mean, obviously, if you’re going to park yourself, let’s say, in the greater Los Angeles area or Sacramento, or right within San Francisco, San Jose, you’re probably going to have a problem.

This is in a very remote area and it’s very mining friendly. I’ve met up with many of the people that live in the community, and they’re very pro resources and they have an understanding that that’s what built that area in the first place, the resource sector. And the resource sector still plays a major role in that area, with regards to wealth. I think the answer to the question is, I’m not seeing any difficulties, with any of the regulatory bodies, within the state of California. I think that it’s a great jurisdiction that follows the same policy guidelines that you have to follow in Nevada or Arizona. But California is open for business.

Dr. Allen Alper: Sounds good. Is there anything else you’d like to add?

Ron Coombes: Just like to thank you for the opportunity to discuss our project. You are very well known in the business, for a really long time. It’s a real pleasure having an opportunity to speak with you. And certainly, if you have any further questions or your readers may have any further questions, we’d be more than happy to answer those questions.

Dr. Allen Alper: That sounds excellent. We’ll publish your press releases as they come out so our readers/investors can follow your progress.

https://providencegold.com/

Ronald A. Coombes, President & CEO
Phone: (604) 724-2369
Email: rcoombes@providencegold.com

DISCLAIMER: This is not a paid interview by Metal News for Providence Gold Mines Inc. Although, Allen Alper is an Advisor to the Company, this is done entirely through his position at Metal News.

NOTE: This is a copy of original interview by Metals News

 

Providence Gold Mines Inc. Announces Private Placement Extension

Vancouver, BC – March 29, 2022, Providence Gold Mines Inc. (“Providence” or the “Company”) (TSXV: PHD, US-OTCQB: PRRVF, FRANKFURT: 7RH1-F) – announces that it has received an extension from the TSX Venture Exchange (“TSX-V”) with respect to the duration of its previously announced private placement (the “Private Placement”) (please see the Company’s press release dated December 22, 2021). The outside date upon which final acceptance of the Private Placement will be granted by the TSX-V has been extended by 30 days.

ON BEHALF OF THE BOARD

“Ronald Coombes”
Ronald A. Coombes, President & CEO
Phone: (604) 724-2369
Email: rcoombes@providencegold.com

STAY TUNED! VISIT OUR WEBSITE FOR MORE DETAILS
http://www.ProvidenceGold.com

LIKE & FOLLOW @providencegoldmines
Facebook | Instagram | Twitter | TikTok | Youtube | LinkedIn

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION

Neither the OTCQB and or 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.

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.

NR-Extension-From-the-TSXV-FINAL

Enhanced Modelling for Drill Targeting

Vancouver, BC – February 22, 2022, Providence Gold Mines Inc. (“Providence” or the “Company”) (TSXV: PHD, US-OTCQB: PRRVF, FRANKFURT: 7RH1-F) – Providence Gold Mines Inc. is pleased to announce that Aero Geometrics Ltd. of Vancouver, BC has produced an enhanced model of the target data for the numerous significant past-producing high-grade gold targets on the Providence Group of Gold Mines property. The model will be used to ensure drill holes intersect the numerous underground past-producing gold targets.

The Company continues to secure Private Placement financing for its planned 4000 m drill program.

TO RECAP: In 2017, the Company commissioned Aero Geometrics Ltd. to undertake an aerial photogrammetry survey over the entire Providence Gold Mines property. In 2019 the Company commissioned Aero Geometrics Ltd. to produce a three-dimensional laser (LIDAR) survey of the underground 600’ level of the historic Providence Mine.

Both tasks were completed successfully and now Aero Geometrics Ltd. has combined the surface terrain and underground LIDAR data to produce a three-dimensional targeting model. An example can be viewed here.

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). Mark Payne P.Geo is registered in the State of California is working under the direct supervision of Lee Groat, P.Geo, Q.P.

The Providence Group of Gold Mines is located near Sonora, California, in the prolific gold-bearing Mother Lode gold belt. For more information, contact Ronald Coombes, President & CEO of the Company.

ON BEHALF OF THE BOARD

“Ronald Coombes”

Ronald A. Coombes, President & CEO
Phone: (604) 724-2369
Email: rcoombes@providencegold.com

Interview with Al Korelin of Korelin Economics Report

Al Korelin of Korelin Economics Report interviews Providence Gold Mines Inc. CEO Ronald Coombes and Richard Ellers LLP.

Transcription

[Al Korelin] Hey, Big Al is going off in a little bit of a different direction, right now. I have found a business that I have somewhat interested in at this moment in time.

The business is called the Providence Gold Mine Inc., is found in Tuolumne County, in California.

The mine itself is currently owned by Richard (“Dick”) Ellers and the Ellers Family Trust. Dick is an attorney. And basically, these mines has been in serious production in the past. Tuolumne County, it’s called the Providence Mines.

The Providence Group of Mines was not taken over, but it has an interest from an old friend of mine. His name is Ron Coombes, and Ron is the President of a company, known as the Providence Gold Mines Inc.. It’s on the TSX Venture Exchange, under the symbol PHD.

As you guys probably don’t know at this point, but up until I retired about 10 years ago, I was incredibly interested in very, very initial start-up companies. This one seems to fit the bill, in the sense that the mine was in serious production and today through, which is Ron Coombes’ Company. They’ve done a bit of a drill program, they’ve done soil sampling, and they have done 3D laser work at the 600 level of the mine. Ron, I’d like you to tell me very quickly, if you would, exactly what the program has come up with so far.

[Ron Coombes] Well, the program started out with an option agreement with Richard late 2017, and we basically started the program with a longitudinal cross-section from 1931. We had little data on the project. We’ve moved the project forward, by basically sampling the underground, doing a 3D-LIDAR survey in the underground, which have created precision modelling. We’ve completed an airborne 3D-LIDAR survey from an aircraft above the surface. We’ve mapped all the veins; We’ve completes surface soil geo chem; Identified all the pre-existing historical mines on the property; sampled and verified each one of them. These mines reported in the ounces when they were in historical production. So this is a high-grade type deposit.

[Al Korelin] Yeah.

[Ron Coombes] Modelling identified potential for one-to-four million ounces.

[Al Korelin] Yeah. OK. On Mr Ellis, going over to you. I want to talk a little bit about the history of the mine. I know when the real serious history was before your time, but you were involved with your dad, you were just kid. And as you are also now controlling pretty much the purse strings for the family trust. Tell me a little bit about historical production of the Providence mines.

[Richard Ellers] Well, I’d like to start with the fact that my father Chief Engineer for AMCO, Fred Ellers, not Ellis, but Ellers, gold mining was his hobby and he pickup these mines up in 1960 and studied them, extensively. And so, I always picked up a lot of information as we went along. But the history of the mines is there were two Mexican mines there, the Consuela and the Bonita. and I actually found the arista where the donkey should go around the circle, you know, to crush the ore. And these two guys found an out cropping as they hiked, they followed it out 50 ft out the ground. And low and behold discovered a stope with 22,000 ounces, about the size of your house.

[Al Korelin] Right.

[Richard Ellers] So this, I’ve seen it. I haven’t seen the size of your house, of course. The 22,000 ounces funded a major mining operation, they ran a double compartment. A shaft down 14150 feet, they developed 12 levels. They found about five or six other stopes, in similar sizes. And then of course, there was a problem, because the mines were owned the Boston mining company and as they thought the owner was high-grading. So, there was a lawsuit filed, for the mining to stop. This would be 1914-15, and finally that was settled. And as they tried to get back in operation but a fire, like the present fires we had here in California, not that long ago, burnt down the entire town Tuolumne City across canyon, left across the canyon and burnt down everything. So the owner, the operator at that time, as a matter of caution, blew up the portal. I mean, they really blew it up, really good. To fill it with rock for the first 50 ft. So it hasn’t been mined since 1916. But it wasn’t because they ran out of ore.

[Al Korelin] Yeah, but that’s about it. Okay now, but Mr. Ellis (Ellers). Basically, the mine right now, Providence Mines, there’s six of them and they are totally controlled by the Ellis (Ellers) Family trust.

[Richard Ellers] Yes, correct.

[Al Korelin] And you guys are locks, stalk, and barrel. Now Ron, if I’m not mistaken, I’ve known you since my previous life, which was basically working in the Mining industry as a consultant to the Securities and Exchange Commission, which is when I met Ron.

Ron is a pretty good guys, very interesting guy and basically the business plan here would be to do as much prove up work which includes soil sampling, drilling, etc, etc. And then take the project and sell it to a major mining company, correct?

[Ron Coombes] That’s correct, Al.

[Al Korelin] OK. And the mining company would, the opportunity available to the shareholders is obviously the price that came to Providence Mines from a potential buyer would all be turned over, would all eventually end up in the hands of the current shareholders.

An interesting opportunity. Very typical opportunity in the mining industry. The appeal that I have in this thing is I really, really, enjoy working with grassroots plays. Now I want to say, I am not currently working at all with Providence Gold Mines Inc. or the Providence Mines. I am doing this as basically out of personal interest. I have a lot of interest in a mining company that’s at this particular stage, because the odds are not necessarily 100% that something will happen here, but the odds are really fun, fun to watch, and if you have a little bit of a stake and something like this, then obviously becomes a little more fun, so to speak.

I continue to be very optimistic on the price of gold. We’re at around 1800 bucks right now. And if the price of gold happens to take off, which is, you know, Cory and Doc are pretty optimistic about that. No guarantees. But if they happens to take off, I think they will, but if they do, Providence Mines, the Providence Mines and Providence mining could be a real winner here. The responsibility of Providence Mining, which trades on the TSX Venture Exchange, is purely and simply to prove up an asset here.

Ron, if you have anything, in summary to say about that, please do it now.

[Ron Coombes] Well, we, in summary, we did do have a full filing in the US, so we actually trade in the OTCQB.

[Al Korelin] OK.

[Ron Coombes] As well, so that actually makes it a lot easier for US investors.

[Al Korelin] OK.

[Ron Coombes] To purchase, to be a part of our deal. So, I’ve been at this along time and, you know, I see a lot of projects, but I have yet to ever have my hands on something that’s been previously developed, that is under-developed, this definitely could be a significant reward to our shareholders. So that’s really how I would summarize it.

[Al Korelin] That’s a good summary. What I want to say at this moment in time, ladies and gentlemen, is there are no guarantees on my part. I am in no way financially associated with this company at this moment in time. I just have an interest because of my history.

If you want any hard documentation on this company, just let me know through the blog, or the on the, on the, website. Things like this can be an awful lot of fun to watch, as I watched literally hundreds of them in the past.

Well Richard Ellis, LLB and Ron Coombes. Thank you so much for your time.

Our Latest Precision 3-D Modelling

An image of the AeroGeo equipment setup in one of the mines from Providence Gold Mines. AeroGeo conducts aerial and ground surveys, LiDAR (airborne and terrestrial), digital mapping, orthophoto production, hyperspectral imagery, underground mapping, volumetric calculations, and other related services. For more information, visit aerogeo.com

Providence Gold Mines Inc. will be sharing
some exciting news early next week!

As you know, the Company has designed a 4000 meter drill program, to core-drill the Providence Group of Gold Mines, located near Sonora, California, in the prolific gold bearing mother-lode gold belt.

AeroGeo will be sharing with us their latest state-of-the-art precision modelling of our historical Providence Group of Gold Mines. With the latest data compilation, AeroGeo has compiled all of our field work data into an impressive precise 3-D modelling presentation that we are absolutely delighted to share with you early next week. The accuracy of this presentation, provides us extreme confidence for our upcoming core-drill program. Stay tuned!

For more information, contact Ronald Coombes, President & CEO of the Company.

ON BEHALF OF THE BOARD,

“Ron Coombes”

Ronald A. Coombes, President & CEO
P: (604) 724-2369
E: rcoombes@providencegold.com