West Red Lake Gold Strengthens Management Team

On behalf of West Red Lake Gold Mines Ltd

VANCOUVER, British Columbia, June 25, 2024 – West Red Lake Gold Mines Ltd. (“West Red Lake Gold” or “WRLG” or the “Company”) (TSXV:WRLG) (OTCQB:WRLGF) is pleased to announce the appointment of Jason Billan as Vice President Corporate Development effective June 24, 2024.

Mr. Billan has spent 15 years in the mining sector, with an emphasis on corporate development, strategy, financing, and executive leadership. Following an MBA at the University of Western Ontario in 2009, he spent three years in precious metals equity research at Salman Partners and RBC Capital Markets, with a coverage universe ranging from small exploration companies to large producers. In 2012, he joined Nevsun Resources as a corporate development analyst. In 2016 Nevsun acquired the Timok copper-gold project in Serbia for over US$500M before being acquired by Zijin Mining for C$1.9B in 2018 after a comprehensive sales process. Most recently, Mr. Billan spent time at Wheaton Precious Metals International before being appointed CEO of Gatling Exploration in 2020, which rapidly advanced its Larder project in Ontario before being sold to mid-tier silver miner MAG Silver in 2022.

“As West Red Lake Gold moves towards restarting the Madsen mine, Jason’s experience in mine financing and valuation makes him an ideal person to assist in securing capital needed to complete the project,” said Shane Williams, President and CEO. “Once Madsen is operational, we will look for the next growth asset for West Red Lake Gold and I am delighted to welcome Jason to the team as we pursue that vision.”

The Company granted 250,000 stock options to Mr. Billan, vesting over a three year period with 25% vesting in 3 months from the grant date and 25% vesting on the first, second and third anniversary of the grant date at an exercise price of $0.56 and will be exercisable for a 5 year period expiring June 24, 2029.

ABOUT WEST RED LAKE GOLD MINES

West Red Lake Gold Mines Ltd. is a mineral exploration company that is publicly traded and focused on advancing and developing its flagship Madsen Gold Mine and the associated 47 km2 highly prospective land package in the Red Lake district of Ontario. The highly productive Red Lake Gold District of Northwest Ontario, Canada has yielded over 30 million ounces of gold from high-grade zones and hosts some of the world’s richest gold deposits. WRLG also holds the wholly owned Rowan Property in Red Lake, with an expansive property position covering 31 km2 including three past producing gold mines – Rowan, Mount Jamie, and Red Summit.

screenshot finance.yahoo .com 2024.06.25 06 25 04 West Red Lake Gold Strengthens Management Team

ON BEHALF OF WEST RED LAKE GOLD MINES LTD.

“Shane Williams”

Shane Williams
President & Chief Executive Officer

FOR FURTHER INFORMATION, PLEASE CONTACT:

Freddie Leigh
Investor Relations

Tel: (604) 609-6132

Email: [email protected] or visit the Company’s website at https://www.westredlakegold.com

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 INFORMATION

Certain statements contained in this news release may constitute “forward-looking information” within the meaning of applicable securities laws. Forward-looking information generally can be identified by words such as “anticipate”, “expect”, “estimate”, “forecast”, “planned”, and similar expressions suggesting future outcomes or events. Forward-looking information is based on current expectations of management; however, it is subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from the forward-looking information in this news release and include without limitation, statements relating to plans for the potential restart of mining operations at the Madsen Mine, the potential of the Madsen Mine and Rowan; any untapped growth potential in the Madsen deposit or the Rowan deposit; at the Madsen Mine; the Company’s intention to establish additional; and the Company’s future objectives and plans. Readers are cautioned not to place undue reliance on forward-looking information.

Forward-looking information involve numerous risks and uncertainties and actual results might differ materially from results suggested in any forward-looking information. These risks and uncertainties include, among other things, market volatility; the state of the financial markets for the Company’s securities; fluctuations in commodity prices; timing and results of the cleanup and recovery at the Madsen Mine; and changes in the Company’s business plans. Forward-looking information is based on a number of key expectations and assumptions, including without limitation, that the Company will continue with its stated business objectives and its ability to raise additional capital to proceed. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such forward-looking information. Accordingly, readers should not place undue reliance on forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. Additional information about risks and uncertainties is contained in the Company’s management’s discussion and analysis for the year ended November 30, 2023, and the Company’s annual information form for the year ended November 30, 2023, copies of which are available on SEDAR+ at www.sedarplus.ca.

The forward-looking information contained herein is expressly qualified in its entirety by this cautionary statement. Forward-looking information reflects management’s current beliefs and is based on information currently available to the Company. The forward-looking information is made as of the date of this news release and the Company assumes no obligation to update or revise such information to reflect new events or circumstances, except as may be required by applicable law.

For more information on the Company, investors should review the Company’s continuous disclosure filings that are available on SEDAR+ at www.sedarplus.ca.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/5fb3424b-e5db-4a78-b1b0-cea3b75f2550

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6) This document contains forward-looking information and forward-looking statements, within the meaning of applicable Canadian securities legislation, (collectively, “forward-looking statements”), which reflect management's expectations regarding West Red Lake Gold Mines Ltd.’s future growth, future business plans and opportunities, expected activities, and other statements about future events, results or performance. Wherever possible, words such as “predicts”, “projects”, “targets”, “plans”, “expects”, “does not expect”, “budget”, “scheduled”, “estimates”, “forecasts”, “anticipate” or “does not anticipate”, “believe”, “intend” and similar expressions or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the negative or grammatical variation thereof or other variations thereof, or comparable terminology have been used to identify forward-looking statements. These forward-looking statements include, among other things, statements relating to: (a) revenue generating potential with respect to West Red Lake Gold Mines Ltd.’s industry; (b) market opportunity; (c) West Red Lake Gold Mines Ltd.’s business plans and strategies; (d) services that West Red Lake Gold Mines Ltd. intends to offer; (e) West Red Lake Gold Mines Ltd.’s milestone projections and targets; (f) West Red Lake Gold Mines Ltd.’s expectations regarding receipt of approval for regulatory applications; (g) West Red Lake Gold Mines Ltd.’s intentions to expand into other jurisdictions including the timeline expectations relating to those expansion plans; and (h) West Red Lake Gold Mines Ltd.’s expectations with regarding its ability to deliver shareholder value. Forward-looking statements are not a guarantee of future performance and are based upon a number of estimates and assumptions of management in light of management’s experience and perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances, as of the date of this document including, without limitation, assumptions about: (a) the ability to raise any necessary additional capital on reasonable terms to execute West Red Lake Gold Mines Ltd.’s business plan; (b) that general business and economic conditions will not change in a material adverse manner; (c) West Red Lake Gold Mines Ltd.’s ability to procure equipment and operating supplies in sufficient quantities and on a timely basis; (d) West Red Lake Gold Mines Ltd.’s ability to enter into contractual arrangements with additional parties; (e) the accuracy of budgeted costs and expenditures; (f) West Red Lake Gold Mines Ltd.’s ability to attract and retain skilled personnel; (g) political and regulatory stability; (h) the receipt of governmental, regulatory and third-party approvals, licenses and permits on favorable terms; (i) changes in applicable legislation; (j) stability in financial and capital markets; and (k) expectations regarding the level of disruption to as a result of CV-19. Such forward-looking information involves a variety of known and unknown risks, uncertainties and other factors which may cause the actual plans, intentions, activities, results, performance or achievements of West Red Lake Gold Mines Ltd. to be materially different from any future plans, intentions, activities, results, performance or achievements expressed or implied by such forward-looking statements. Such risks include, without limitation: (a) West Red Lake Gold Mines Ltd.’s operations could be adversely affected by possible future government legislation, policies and controls or by changes in applicable laws and regulations; (b) public health crises such as CV-19 may adversely impact West Red Lake Gold Mines Ltd.’s business; (c) the volatility of global capital markets; (d) political instability and changes to the regulations governing West Red Lake Gold Mines Ltd.’s business operations (e) West Red Lake Gold Mines Ltd. may be unable to implement its growth strategy; and (f) increased competition.

Except as required by law, West Red Lake Gold Mines Ltd. undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future event or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. Neither does West Red Lake Gold Mines Ltd. nor any of its representatives make any representation or warranty, express or implied, as to the accuracy, sufficiency or completeness of the information in this document. Neither West Red Lake Gold Mines Ltd. nor any of its representatives shall have any liability whatsoever, under contract, tort, trust or otherwise, to you or any person resulting from the use of the information in this document by you or any of your representatives or for omissions from the information in this document.

7) Any graphs, tables or other information demonstrating the historical performance or current or historical attributes of West Red Lake Gold Mines Ltd. or any other entity contained in this document are intended only to illustrate historical performance or current or historical attributes of West Red Lake Gold Mines Ltd. or such entities and are not necessarily indicative of future performance of West Red Lake Gold Mines Ltd. or such entities.

8) The technical information contained in articles and videos produced for this campaign has been reviewed and approved by Mr. Will Robinson, P.Geo., Vice President of Exploration and Mr. Maurice Mostert, Vice President of Technical Services at West Red Lake Gold Mines Ltd. as the Qualified Persons for the Company as defined in National Instrument 43-101.

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