Riley Gold Appoints New Independent Directors

VANCOUVER, British Columbia, April 10, 2023 (GLOBE NEWSWIRE) -- Riley Gold Corp. (TSX.V: RLYG) (OTCQB: RLYGF) ("Riley Gold" or the "Company") is pleased to announce that Dr. Thomas ("Tom") Patton and Mr. John Schaff have been appointed to the Board of Directors ("BOD") of the Company.

Dr. Tom Patton (Ph.D., M.Sc., B.Sc., P. Geo.) has spent his entire career in the exploration industry as a field geologist, consultant, and executive at both junior and senior mining companies. He held senior positions at Rio Tinto Mining and Exploration and Kennecott, where he served as Senior Vice President of Exploration & Business Development. As the President and COO of Western Silver Corp., Tom led the exploration team that discovered the Peñasquito silver-gold-lead-zinc deposit in Zacatecas, Mexico. Subsequent to the discovery, Glamis Gold bought Western Silver for US$1.2B in February 2006 and shortly thereafter was acquired by Goldcorp in August 2006 for US$8.6B The Peñasquito Mine is currently Mexico's largest producer of both gold and silver.

Tom is currently a Director and Co-Chairman of Lion Copper & Gold (formerly Quaterra Resources, Inc.). He is a Member of the Society of Economic Geologists and the American Institute of Mining & Metallurgical Engineers. He graduated from the University of Washington with M.Sc. and Ph.D. degrees.

Mr. John Schaff (B.Sc.) has worked for over 30 years in the exploration industry for both junior and senior mining companies. John has actively participated in numerous discoveries including Kennecott's Gemfield, Midway, and Castle Au deposits in Nevada and the Whistler Cu-Au deposit in Alaska; Rio Tinto's Eagle Cu-Ni deposit in Michigan, the Tamarack Cu-Ni deposit in Minnesota, and the Diavik Diamond Mine in the Northwest Territories, Canada; and Noranda's Lynne VMS deposit in Wisconsin. Mr. Schaff's experience also includes having worked with Coeur Mining, where as Exploration Manager he was an integral part in the discovery of the C-Horst deposit located in the highly active Bare Mountain Mining District near Beatty, Nevada. In 1987 John received his Bachelor of Science (Geology) from Bemidji State University, Bemidji, Minnesota. John is currently working as the Vice-President Exploration for Avidian Gold.

"We are excited to welcome Tom and John to the Riley Gold team and look forward to their contribution to the success of the Company. Both are well respected experienced professionals in the mining sector including Nevada, where Riley Gold has its Pipeline West Clipper and Tokop gold projects," commented Todd Hilditch, President and Director.

Additional changes to the Company's BOD include: Mr. William Lamb transitioning to (Non- Executive) Chairman of the Board of Directors from Executive Chairman of the Board of Directors; and Bryan McKenzie, current Chief Financial Officer ("CFO") and Director stepping down as a Director while maintaining his position as CFO. The Company thanks Mr. McKenzie for his valued contribution as a board member as well as his continued involvement.

Stock Option Grant:

The Company also announces that, pursuant to its stock option plan and subject to regulatory acceptance, it has granted an aggregate total of 650,000 incentive stock options to certain directors, officers, and consultants of the Company, subject to certain vesting provisions. These options will be exercisable at a price of $0.21 per common share and will expire on April 6, 2028.

About Riley Gold Corp.

Riley Gold is an exploration and development company focused in Nevada, USA. The Company's primary focus is on its two cornerstone assets: the Pipeline West/Clipper Project located in the Battle Mountain Eureka Trend (within the Cortez District) and the Tokop Gold Project located within the Walker Lane Trend. Riley Gold's founders and leadership team have a proven track record of maximizing shareholder value during each phase of the mining life cycle: exploration, development, and production.

FOR FURTHER INFORMATION, PLEASE CONTACT:

Todd Hilditch
Chief Executive Officer
Tel: (604) 443-3831

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.