West Red Lake Gold Announces Non-Brokered Private Placement Offering of Flow-Through Common Shares to Raise Up to $6,000,000

VANCOUVER, British Columbia, July 06, 2023 (GLOBE NEWSWIRE) -- West Red Lake Gold Mines Ltd. ("West Red Lake Gold" or "WRLG" or the "Company") (TSXV:WRLG) (OTCQB: WRLGF) is pleased to announce a non-brokered private placement offering of common shares to be issued on a "flow through" basis pursuant to the Income Tax Act (Canada) (the "Tax Act") (the "Flow-Through Shares"). The Company intends to issue up to 8,571,428 Flow-Through Shares at an issue price of $0.70 per Flow-Through Share, for gross proceeds of up to $6,000,000 (the "Offering").

The Company intends to use the proceeds from the Offering for the exploration and advancement of the Company's properties in Red Lake, Ontario.

Proceeds from the sale of Flow-Through Shares will be used to incur "Canadian exploration expenses" as defined in subsection 66.1(6) of the Income Tax Act and "flow through mining expenditures" as defined in subsection 127(9) of the Income Tax Act. Such proceeds will be renounced to the subscribers with an effective date not later than December 31, 2023 and incurred no later than December 31, 2024, in the aggregate amount of not less than the total amount of gross proceeds raised from the issue of FT Shares.

A finder's fee on the gross proceeds of the Offering may be paid.

The securities issued in connection with the Offering are subject to TSX Venture Exchange approval and all securities will be subject to a four month statutory hold period after closing.

Further to news release of June 19, 2023, upon determination by the British Columbia Supreme Court, the Company issued 8,164,503 common shares to a fund managed by Sprott Resource Lending Corp.

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.

ON BEHALF OF WEST RED LAKE GOLD MINES LTD.

"Shane Williams"

Shane Williams        
President & Chief Executive Officer

FOR FURTHER INFORMATION, PLEASE CONTACT:

Amandip Singh, VP Corporate Development
Tel: 416-203-9181
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.

Certain statements contained in this news release constitute "forward-looking statements". When used in this document, the words "anticipated", "expect", "estimated", "forecast", "planned", and similar expressions are intended to identify forward-looking statements or information. These statements are based on current expectations of management, however, they are subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from the forward-looking statements in this news release. Readers are cautioned not to place undue reliance on these statements. West Red Lake Gold Mines Ltd. does not undertake any obligation to revise or update any forward- looking statements as a result of new information, future events or otherwise after the date hereof, except as required by securities laws.