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TORONTO, Aug. 26, 2024 (GLOBE NEWSWIRE) — G2
Goldfields
Inc. (“G2” or the “Company”) (TSX:GTWO, OTCQX:GUYGF) reported its financial results for the fourth quarter and year ended May 31, 2024. The Company’s audited consolidated financial statements, management’s discussion and analysis and annual information form for the year ended May 31, 2024 are available under the Company’s profile on SEDAR+ at www.sedarplus.ca.

Dan Noone, President and CEO, commented: “2024 was a milestone year for the Company. We raised approximately $22 million in January from AngloGold Ashanti, which was subsequently augmented by the $42 million private placement completed in August. This strong cash position will allow us to continue to advance our high grade OKO project and execute our exploration plans for our district scale land package.”

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G2 also filed a revised independent technical report (the “Revised
Technical
Report”) on SEDAR+, which supersedes and replaces the technical report the Company filed on May 17, 2024. The Revised Technical Report is still entitled “NI 43-101 Technical Report and Mineral Resource Estimate for the Oko Gold Property in the Co-operative Republic of Guyana, South America,” with the same effective date of March 27, 2024. The date of the Revised Technical Report is June 20, 2024, and there was no change to the mineral resource estimate announced by the Company in a news release dated April 3, 2024. The Revised Technical Report was prepared to replace Figures 1.4, 14.14 and 25.4, which show the grade-tonnage curve for the Ghanie zone underground, because they inadvertently replicated the data for the open pit.

About
G2
Goldfields Inc.

The G2 Goldfields team is comprised of professionals who have been directly responsible for the discovery of millions of ounces of gold in Guyana as well as the financing and development of the Aurora Gold Mine, Guyana’s largest gold mine. G2 announced an updated mineral resource estimate (“MRE”) on the Oko property in Guyana (see press release dated April 3, 2024) and has filed on SEDAR+ an independent technical report entitled “NI 43-101 Technical Report and Mineral Resource Estimate for the Oko Gold Property in the Co-operative Republic of Guyana, South America” in respect of the MRE. Highlights of the MRE include:

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• Total combined open pit and underground Mineral Resource for the Oko Main Zone (OMZ):
  • 495,000 oz. Au – Inferred contained within 2,413,000 tonnes @ 6.38 g/t Au
  • 686,000 oz. Au – Indicated contained within 2,368,000 tonnes @ 9.03 g/t Au
• Total combined open pit and underground Mineral Resource for the Ghanie Zone:
  • 604,000 oz. Au – Inferred contained within 12,216,000 tonnes @ 1.54 g/t Au
  • 236,000 oz. Au – Indicated contained within 3,344,000 tonnes @ 2.20 g/t Au

The MRE was prepared by Micon International Limited with an effective date of March 27, 2024. Significantly, the updated MRE lie within 500 meters of surface. The Oko district has been a prolific alluvial goldfield since its initial discovery in the 1870’s, and modern exploration techniques continue to reveal the considerable potential of the district.

All scientific and technical information in this news release has been reviewed and approved by Dan Noone (CEO of G2 Goldfields Inc.), a “qualified person” within the meaning of National Instrument 43-101. Mr. Noone (B.Sc. Geology, MBA) is a Member of the Australian Institute of Geoscientists.

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For further information please contact: Dan Noone
CEO
+1.416.628.5904
Email: news@g2goldfields.com

Forward-Looking
Information

This
news
release
contains
certain
forward-looking
information
and
statements
within
the
meaning
of
applicable securities
laws.
The
use
of
any
of
the
words
“expect”,
“anticipate”,
“continue”,
“estimate”,
“may”,
“might”,
“will”, “project”,
“should”,
“believe”,
“plans”,
“intends”
and
similar
expressions
are
intended
to
identify
forward-looking information and/or statements. Forward- looking statements and/or information are based on a number of material factors,
expectations
and/or
assumptions
of
G2
which
have
been
used
to
develop
such
statements
and/or information,
but
which
may
prove
to
be
incorrect.
Although
G2
believes
that
the
expectations
reflected
in
such forward-looking
statements
and/or
information
are
reasonable,
undue
reliance
should
not
be
placed
on
forward- looking statements as G2 can give no assurance that such expectations will prove to be correct. In addition to other factors
and
assumptions
which
may
be
identified
herein
assumptions
have
been
made
regarding,
among
other things: results from planned exploration and drilling activities; future plans for operational expenditures; the accuracy of
the
interpretations
of
exploration
and
drilling
activity
results;
availability
of
financing
to
fund
current
and
future plans
and expenditures;
the impact of
increasing competition;
the general
stability
of
the economic and political environment in
which G2 has
property interests;
the general continuance
of
current industry conditions; the
timely receipt of any required regulatory approvals; the
ability of
G2 to obtain
qualified staff, equipment and/or services in
a timely and cost efficient manner; the ability of the operator of each project in which G2 has property interests to operate in a safe, efficient and/or effective manner and to
fulfill its respective obligations and current plans; future commodity prices; currency, exchange and/or interest rates; and the regulatory framework regarding royalties, taxes and/or environmental matters in the jurisdictions in which G2 has property interests. The forward-looking information and statements included in this news release are not guarantees of future performance and should not
be
unduly
relied
upon.
Such
information
and/or
statements,
including
the
assumptions
made
in
respect
thereof, involve known and unknown risks, uncertainties and other factors that may cause actual results and/or events to differ
materially from those anticipated in
such forward-looking information and/or
statements
including,
without limitation:
risks
associated
with
the
uncertainty
of
exploration
results
and
estimates,
currency
fluctuations,
the uncertainty
of
conducting
operations
under
a
foreign
regime,
exploration
risk,
the
uncertainty
of
obtaining
all applicable regulatory approvals, the availability of labour and/or equipment, the fluctuating prices of commodities, the availability of financing and dependence
on the management personnel of the Company, other participants in the
property
areas
and/or
certain
other
risks
detailed
from
time-to-time
in
G2’s
public
disclosure
documents (including,
without
limitation,
those
risks
identified
in
G2’s
management’s
discussion
and
analysis
and
annual information
form
for
the
year
ended
May
31,
2024).
Furthermore,
the
forward-looking
statements
contained
in
this news release are made as at the date of this news release and the Corporation does not undertake any obligations
to
publicly
update
and/or
revise
any
of
the
included
forward-looking
statements,
whether
as
a
result
of
additional information, future events
and/or
otherwise, except as
may
be required by
applicable
securities
laws.

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