Talisker Signs Letter of Intent with Regeneration on Ladner Gold Project Tailings

TORONTO, April 04, 2024 (GLOBE NEWSWIRE) -- Talisker Resources Ltd. ("Talisker" or the "Company") (TSX:TSK | OTCQX:TSKFF) is pleased to announce the signing of a non-binding Letter of Intent ("LOI") to form a joint venture with Regeneration Enterprises Inc. ("Regeneration") to process the Ladner Gold Project ("Ladner") Tailings Resource (the "Proposed JV") owned by New Carolin Gold Corp. ("New Carolin"), a 100% owned subsidiary of Talisker.

Ladner contains a National Instrument 43-101 compliant tailings indicated resource of 445,000 tonnes grading at 1.64 g/t for 24,000 oz of gold and an inferred resource of 93,000 tonnes grading at 1.64 g/t for 5,000 oz of gold, representing an estimated 60% of the tailings material. The remaining 40% remains undrilled. A 2011 study by the Engineering Department at University of British Columbia consisting of material regrind to P80 of 93µm returned average concentrate leach recoveries of 81.6% for the tailings material.

The Proposed JV is planned to be undertaken in five phases. Regeneration will secure funding for each phase, unless otherwise agreed in the Definitive Agreement:

• Phase 1 Sampling - characterization, technology evaluation and engineering design, and environmental assessment and restoration planning ? completion by December 31, 2024
• Phase 2 Design - costing, environmental and risk assessment, and permitting ? completion by December 31, 2025
• Phase 3 - Construction ? completion by December 31, 2026
• Phase 4 - Production ? throughout 2027, 2028, 2029
• Phase 5 - Site Rehabilitation ? completion by December 31, 2030

The above dates and timelines are indicative and may change by mutual agreement. Talisker and Regeneration have agreed to share the net profit of the Proposed JV. There is a provision for Talisker to secure the transfer of certain, useful infrastructure and equipment on termination of the Proposed JV.

Regeneration is a public benefit corporation incorporated in Delaware, USA. As a privately held social enterprise, Regeneration identifies and transforms legacy mining sites into ecological assets while producing needed minerals. Regeneration's mission is to foster biodiversity, community, and climate positive minerals for the energy transition, green tech, and sustainable brands through remining, reprocessing, and restoration. Regeneration's full value mining strategy utilizes new technologies and methods to safely remine and reprocess tailings, waste rock, and water to extract minerals and metals. RESOLVE, a Washington DC non-governmental organization that launched Regeneration, is the majority shareholder. Investors and partners can be found here (https://www.regeneration.enterprises/). Regeneration has identified a short list of potential remining and restoration sites, including Ladner.

Terry Harbort, Talisker's President and CEO commented, "We are excited to be part of Regeneration's exciting vision to transform legacy sites for the benefit of all stakeholders. The business allows for the recovery of significant ounces of gold and complete rehabilitation of the historic tailings facility at Ladner. Having the Proposed JV funded and managed by Regeneration allows Talisker to advance a secondary business while remaining focused on our flagship Bralorne asset, currently transitioning into production."

Stephen D'Esposito President and CEO of Regeneration commented, "We see significant, potential value in recovering gold from waste while supporting restoration of the site. This formula, treating legacy sites as remining and restoration opportunities, has value across British Columbia and the rest of Canada. With this important first step we now have work to do with First Nations, technology innovators, and the province."

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About Talisker Resources Ltd.

Talisker (taliskerresources.com) is a junior resource company involved in the exploration and development of gold projects in British Columbia, Canada. Talisker's flagship asset is the high-grade, fully permitted Bralorne Gold Project where the Company is currently transitioning into underground production at the Mustang Mine. Talisker projects also include the Ladner Gold Project, an advanced stage project with significant exploration potential from an historical high-grade producing gold mine and the Spences Bridge Project where the Company holds ~85% of the emerging Spences Bridge Gold Belt, and several other early-stage Greenfields projects.

Caution Regarding Forward Looking Statements

Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on Talisker's current belief or assumptions as to the outcome and timing of such future events. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to Talisker. Although such statements are based on reasonable assumptions of Talisker's management, there can be no assurance that any conclusions or forecasts will prove to be accurate.

Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks inherent in the exploration and development of mineral deposits, including risks relating to changes in project parameters as plans continue to be redefined, risks relating to variations in grade or recovery rates, risks relating to changes in mineral prices and the worldwide demand for and supply of minerals, risks related to increased competition and current global financial conditions, access and supply risks, reliance on key personnel, operational risks regulatory risks, including risks relating to the acquisition of the necessary licenses and permits, financing, capitalization and liquidity risks, title and environmental risks and risks relating to the failure to receive all requisite shareholder and regulatory approvals.

The forward-looking information contained in this release is made as of the date hereof, and Talisker is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.