MAS Gold Announces Results of the Annual General and Special Meeting of Shareholders and Corporate Update

/THIS NEWS RELEASE IS NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO U.S. NEWS AGENCIES/

SASKATOON, SK, Feb. 2, 2023 /CNW/ - MAS Gold Corp. ("MAS Gold" or the "Company") (TSXV: MAS) (OTCQB: MSGCF) (Frankfurt ? 63G) reported a summary of the voting results of its Annual General and Special Meeting of Shareholders (the "Meeting").  The Company also announces the retirement of Laurie Thomas as VP Investor Relations.

"On behalf of the MAS Gold Board of Directors and management I would like to thank Laurie for her contributions over the past year and wish her every success in future endeavours," said Jim Engdahl, CEO and Director.

Results of the Meeting

The Company is reporting the voting results of its Meeting held virtually on Thursday, January 26, 2023.  The summary results are as follows:

1.  Election of Directors

Each nominee director listed in the Management Proxy Circular dated December 21, 2022 was elected as set forth in the table below:

2.  Appointment and Remuneration of Auditor

3.  Stock Option Plan

4.  Creation of Control Person

The voting was held on the creation of Ronald Netolitzky as a Control Person.  Due to conflict, Ronald abstained from voting on this resolution.

5.  Other Business

Other business brought before the meeting was the MAS Gold Option Agreement with Eros Resources (the "Option Agreement").  The TSX Exchange is processing approval on the Option Agreement and in order to provide final approval on this transaction the Exchange requires valuation as per Policy 5.9(b). MAS Gold and Eros Resources jointly engaged Evans & Evans Inc. to prepare an Estimate Valuation Report (the "Report") which has been submitted to the Exchange. A copy of the completed Report was presented to the Shareholders and a vote was taken for approval of the Option Agreement.

Couloir Capital has prepared an analyst report dated January 17, 2023, a copy of which can be found here:

https://www.masgoldcorp.com/investors/analyst-reports/

About MAS Gold Corp.

MAS Gold Corp. is a Canadian mineral exploration company focused on advancing its gold exploration projects in the prospective La Ronge Gold Belt of Saskatchewan. MAS Gold operates four properties in the belt, including the Preview-North, Greywacke Lake, Elizabeth Lake and Henry Lake Properties totalling 35,175.6 hectares (86,920.8 acres). These properties extend along the geologically prospective La Ronge, Kisseynew and Glennie Domains that make up the La Ronge Gold Belt in north-central Saskatchewan.

MAS Gold currently has five advanced deposits including the North Lake, Greywacke North, Preview SW, Contact Lake, and Point gold deposits.

The North Lake deposit hosts an Inferred Mineral Resource of 18,100,000 t grading 0.85 g/t Au, hence 494,000 contained ounces of gold (Godden, S, Thomas, D. Tupper, D.: Technical Report on the Mineral Resource Updates, North Lake and Greywacke North Gold Projects, La Ronge Gold Belt, Saskatchewan, Canada.; effective date December 1, 2021). The Technical Report about the updated Mineral Resource estimate was filed on SEDAR January 12, 2022.

The Greywacke North deposit has a combined open pit and underground Indicated Mineral Resource of 645,000 t averaging 4.90 g/t Au for 101,000 insitu ounces of gold (600,000 t at 4.89 g/t Au, and 45,000 t at 5.03 g/t Au, respectively), plus a combined open pit and underground Inferred Mineral Resource of 410,000 t averaging 4.12 g/t Au for 55,000 insitu ounces of gold (35,000 t at 1.97 g/t Au, and 375,000 t at 4.33 g/t Au, respectively).  The Indicated and Inferred Mineral Resources were estimated using open pit and underground cut-off grades of 0.65 g/t Au and 1.75 g/t Au, respectively (Godden, S, Thomas, D. Tupper, D. Technical Report on the Mineral Resource Updates, North Lake and Greywacke North Gold Projects, La Ronge Gold Belt, Saskatchewan, Canada.; effective date December 1, 2021). The Technical Report regarding the updated Mineral Resource estimate was filed on SEDAR January 12, 2022.

The Preview SW deposit hosts a historical Indicated Mineral Resource containing 158,300 ounces of gold (2.61 million tonnes grading 1.89 g/t Au) and a historical Inferred Mineral Resource containing 270,800 ounces of gold (5.70 million tonnes grading 1.48 g/t Au), both based on a 0.50 g/t Au cut-off grade (Simpson, R. Technical Report, Preview SW Gold Project, La Ronge, Saskatchewan; effective date September 27, 2016).  The Technical Report on the Mineral Resource estimate was filed on SEDAR September 27, 2016, for Comstock Metals Ltd. (TSXV: CSL).

On behalf of the Board of Directors of MAS Gold Corp.

Jim Engdahl
Chief Executive Officer & Director
[email protected]
(306) 262-4964

This news release does not constitute an offer to sell, or the solicitation of an offer to buy securities in any jurisdiction in which such offer or solicitation would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.

The securities offered under the Offering have not been and will not be registered under the United States Securities Act of 1933, as amended (the "Securities Act"), or the securities laws of any state of the United States, and may not be offered or sold in the United States or to, or for the account or benefit of, any U.S. Person (as defined in Regulation S of the Securities Act) or a person in the United States, unless an exemption from such registration requirements is available.

Neither 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 news release.

SOURCE MAS Gold Corp