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Wesdome Early Warning News Release

TORONTO, Dec. 06, 2023 (GLOBE NEWSWIRE) -- Wesdome Gold Mines Ltd. (TSX: WDO, OTCQX: WDOFF) ("Wesdome" or the "Company") today announces that it has disposed of 31,822,249 common shares of Goldshore Resources Inc. (TSXV: GSHR) ("Goldshore"), for gross proceeds of $3,182,225 through the facilities of the TSX Venture Exchange.

Previously to the closing of the Transaction, the Company held, directly or indirectly, 38,418,333 common shares of Goldshore representing approximately 15.5% of Goldshore' issued and outstanding common shares.

Following the sale and subsequent to the receipt of 12,500,000 common shares pursuant to the second milestone payment (See: "Wesdome Gold Mines to Monetize Moss Lake via Vend-In Transaction With Goldshore Resources"), Wesdome's ownership directly or indirectly, stands at 19,096,084 common shares of Goldshore representing approximately 7.4% of the issued and outstanding common shares of Goldshore.

The Company disposed of the securities described in this press release in accordance with applicable securities laws, the Company may, from time to time and at any time, acquire common shares and/or other equity, debt or other securities or instruments (collectively, "Securities") of Goldshore in the open market or otherwise, and reserves the right to dispose of any or all of its Securities in the open market or otherwise at any time and from time to time, and to engage in similar transactions with respect to the Securities, the whole depending on market conditions, the business and prospects of Goldshore and other relevant factors.

A copy of the early warning report to be filed by the Company in connection with the Transaction described above will be available on SEDAR+ under Goldshore's profile. This news release is issued under the early warning provisions of the Canadian securities legislation.

Goldshore's head office is located at 1030 West Georgia Street, Suite 918, Vancouver, BC, V6E 2Y3. Goldshore is listed on the TSX Venture Exchange under the symbol "GSHR".

Wesdome is a Canadian focused gold producer with two high grade underground assets, the Eagle River mine in Ontario and the recently commissioned Kiena mine in Quebec. The Company's primary goal is to responsibly leverage this operating platform and high-quality brownfield and greenfield exploration pipeline to build Canada's next intermediate gold producer. Wesdome trades on the Toronto Stock Exchange under the symbol "WDO", with a secondary listing on the OTCQX under the symbol "WDOFF".

This press release is being disseminated as required by National Instrument 62-103 The Early Warning System and Related Take Over Bid and Insider Reporting Issues. For further information and to obtain a copy of the early warning report filed under applicable Canadian provincial and territorial securities legislation in connection with this announcement, please go to Wesdome's profile on SEDAR+ or contact:

Lindsay Carpenter Dunlop
VP Investor Relations
416-360-3743 ext. 2025
[email protected]

220 Bay St, Suite 1200
Toronto, ON, M5J 2W4

Toll Free: 1-866-4-WDO-TSX
Phone: 416-360-3743, Fax: 416-360-7620

Website: www.wesdome.com

PDF available: http://ml.globenewswire.com/Resource/Download/24bb8da0-485a-4c04-a183-6fb29240d2f4

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