Mount Files NI 43-101 Technical Report for the Koné Gold Project

VANCOUVER, BC, March 18, 2022 /CNW/ – Gold Corp assembly. (“Montage” or the “Company”) (TSXV: MAU) (OTCPK: MAUTF) is pleased to announce that the technical report for the NI 43-101 Definitive Feasibility Study on the Koné gold project in Côte d ‘Ivoire (the “Technical Report”) has been filed on SEDAR. The Technical Report, dated March 14, 2022has an effective date of February 14, 2022 and is titled “Koné Gold Project, Ivory Coast Definitive Feasibility Study National Instrument 43-101 Technical Report”. The results of the Definitive Feasibility Study were previously disclosed in summary form in the Company’s press release dated February 14, 2022“Montage Announces Koné Gold Project DFS with After-Tax NPV of $746 million and 35% IRR.”

The technical report has been prepared in accordance with National Instrument 43-101 of the Canadian Securities Administrators. Disclosure standards for mining projects (“NI 43-101”) and is available for review under the Company’s profile on SEDAR at and on the Company’s website at There are no material differences between the mineral reserves and the mineral resource estimates reported in the February 14, 2022 press release from those contained in the Report.

Montage is a Canadian-based precious metals exploration and development company focused on opportunities in Côte d’Ivoire. The Company’s flagship property is the Koné gold project, located in northwestern Côte d’Ivoire, which currently hosts a probable mineral reserve of 161.1 Mt at a grade of 0.66 g/t for 3.42M ounces of gold. The Company released the results of a Definitive Feasibility Study (the “DFS”) on the Koné Gold Project on February 14, 2022describing a 15-year gold project expected to produce 3.06M ounces of gold to AISC (non-GAAP) of $933 per ounce over the life of mine, with an average annual production of 207 koz and a peak production of 320 koz. Montage has a management team and a board of directors with significant experience in the discovery and development of gold deposits in Africa.

The estimate of the Project’s mineral reserves was carried out by Ms. Joeline McGrath of Carci Mining Consultants Ltd. which is considered independent of Montage. Ms. McGrath is a member in good standing of the Australian Institute of Mining and Metallurgy and has sufficient experience relevant to the work she undertakes to qualify as a Qualified Person under National Instrument 43-101. DFS was prepared by Lycopodium Minerals Pty Ltd. and integrates the work of Lycopodium and specialized consultants, under the supervision of sand hunterMAusIMM(CP), of Lycopodium, a Qualified Person under NI 43-101 who is independent of Montage.

For further details on the data verification undertaken, the exploration undertaken and associated QA/QC programs, and their interpretation, as well as the assumptions, parameters and methods used to develop the mineral reserve estimate for the project, please consult the NI 43-101 technical report entitled “Koné Gold Project, Côte d’Ivoire Definitive Feasibility Study National Instrument 43-101 Technical Report” and filed on SEDAR at Readers are encouraged to read the technical report in its entirety, including all qualifications, assumptions and disclaimers related to the details summarized in this press release. The Technical Report is intended to be read as a whole, and sections should not be read or relied upon out of context.

The technical information contained in this press release has been approved by Hugh Stuart, B.Sc., MSc, a Qualified Person under NI 43-101. Mr. Stuart is the Company’s Chief Executive Officer, a Chartered Geologist and a Fellow of the Geological Society of London. Mr. Stuart is not independent of Montage as he is an officer, director and shareholder of Montage.

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.

This press release contains certain forward-looking information and forward-looking statements within the meaning of Canadian securities laws (collectively, “forward-looking statements”). All statements, other than statements of historical fact, constitute forward-looking statements. Words such as “will”, “intends”, “proposed” and “expects” or similar expressions are intended to identify forward-looking statements. Forward-looking statements in this press release include statements that imply that the Company will obtain sufficient or any project funding to enable the project to be developed as planned, and also include those related to estimates of mineral reserves and resources. of the society ; the timing and amount of future production from the Koné Gold Project; expectations regarding the IRR, NPV, return on investment and costs of the Koné Gold Project; anticipated mining and processing methods at the Koné Gold Project; the expected mine life of the Koné Gold Project; expected recoveries and grades from the Koné gold project; schedule for the DFS; and timing of permits and concessions. Forward-looking statements involve various risks and uncertainties and are based on certain factors and assumptions. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s expectations include the uncertainties inherent in the preparation of mineral reserve and resource estimates and definitive feasibility studies such as mineral reserve and resource estimates. and EFD, including, but not limited to, assumptions underlying unrealized production estimates, incorrect cost assumptions, unexpected variations in the amount of mineralized material, grade or rates of recovery, unexpected changes in geotechnical or hydrogeological considerations, unexpected plant, equipment or process failures, unexpected changes in energy availability or energy interest rates, failure to maintain permits and licenses, higher than expected interest or tax rates, adverse changes in project parameters , unforeseen delays and costs of consulting and accommodating local community rights, environmental risks inherent in Côte d’Ivoire, title risks, including failure to renew concessions, unforeseen fluctuations in commodity prices and rates of currency, risks related to COVID-19, delays or failure to receive access agreements or amended permits, the impact and progression of the COVID-19 pandemic and other risk factors set forth in the Company’s annual information form under the heading “Risk Factors”. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. New factors appear from time to time, and it is not possible for Montage to predict all of them, or to assess the impact of each of these factors or the extent to which any one factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement. All forward-looking statements contained in this press release are expressly qualified in their entirety by this cautionary statement.

This press release includes certain terms or performance measures commonly used in the mining industry that are not defined by International Financial Reporting Standards (“IFRS“), including “all-in sustaining costs” or AISC. Non-GAAP measures do not have any standardized meaning prescribed by IFRS and, therefore, may not be comparable to similar measures used by other companies in maintaining costs”, as it understands that certain investors use this information to determine the Company’s ability to generate profits and cash flows for use in investing and other activities. The Company believes that conventional performance measures prepared in accordance with IFRS do not fully illustrate the ability of mines to generate cash flow. The measures, as determined under IFRS, are not necessarily indicative of operating profit or cash flow. cash from operating activities AISC is considered a key indicator of a project’s ability to generate an operating profit and cash flow. -GAAP financial measures should not be considered in isolation as a substitute for performance measures prepared in accordance with IFRS and are not necessarily indicative of operating expenses, results of operations or cash flows reported under IFRS . Readers should also refer to our MD&A, available under our corporate profile at for a more detailed discussion of how we calculate these metrics.

SOURCE Mount Gold Corp

For further information: CONTACT INFORMATION: Hugh Stuart, Chief Executive Officer, [email protected]; Adam Spencer, Executive Vice President, Corporate Development, [email protected]mobile: +1 (416) 804-9032

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