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VANCOUVER, British Columbia, Oct. 07, 2022 (GLOBE NEWSWIRE) — Winshear Gold Corp. (TSX-V: WINS), (“Winshear” or “the Company”) is pleased to report that it has received its environmental permit, the Declaracion de lmpacto Ambiental (DIA), from the Ministry of Mines in Peru. The DIA allows for helicopter-supported drill testing of the Coritiri gold anomaly at the Gaban Gold Project, Puno Orogenic Gold Belt, southeastern Peru. Gaban is being investigated as a possible hard rock source of the extensive alluvial goldfields being mined downstream at Madre de Dios which now cover over 1,900 square kilometers.

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Richard Williams, Winshear CEO, commented, “Receipt of the DIA is a key milestone for Winshear and the continued development of the Coritiri Gold Target at Gaban. We now can apply for the provincial authorization to start activities in a process that typically takes one to three months.

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“Subject to availability of funding, we plan to commence a heli-borne drill program after the coming rainy season ends in April 2023.

“Meanwhile, the Company’s arbitration case against the government of Tanzania, seeking damages now in excess of CDN$130M, is set for a final hearing in mid-February, 2023, after which a decision is expected within six months. The Company plans to wait for the arbitration judgement before raising any further funding to support drilling.”

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GEOLOGY OF THE GABAN GOLD PROJECT

The Gaban Gold Project is located in the Puno Orogenic Gold Belt (POGB) on the east side of the Andes. The geology of the area comprises fine-grained sedimentary rocks, locally carbonaceous, which show evidence of low-grade regional metamorphism. Gold-bearing shear zones are commonly located near granitic intrusions found throughout the belt.

The Coritiri Target was originally identified through the discovery of gold in stream sediment anomalies along the Yanamayo river basin which were coincident with a large magnetic anomaly. Follow-up field work led to the discovery of outcropping shear zones containing gold-bearing quartz veins in areas with evidence of historic hard-rock mining activity and current artisanal placer gold mining.

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To date, Winshear has defined a 1 Km by 2.2 Km area containing numerous outcrops of shear zone hosted gold mineralization which have never been drill tested (see Figure 1). Channel sampling across the quartz-veined shear zones has returned up to 32.35 grams per tonne gold over 1m. The target delineated at Coritiri has never been drill tested.

About Winshear Gold Corp.

Winshear holds 100% ownership in the Gaban Gold, Yang Gold and Ica I.O.C.G. projects in Peru. At Gaban, Winshear has received its DIA in order to carry out an inaugural drill program in the Coritiri zone in 2023. Winshear, formerly Helio Resource Corp., also secured up to US$ 3.3M in litigation funding from Delta Capital Management LLC (“Delta”) to pursue arbitration proceedings against the Government of the United Republic of Tanzania (“Tanzania”) for the expropriation of its SMP gold project in Tanzania. Winshear’s claim against Tanzania now exceeds CDN $130 million with accrued interest. Any settlement or judgement paid to Winshear from the Tanzanian government is subject to a formula whereby a portion of any proceeds are paid to Winshear’s funders and legal counsel. Arbitration proceedings are set to conclude with a hearing in mid-February of 2023, with a decision issued by the Tribunal expected within six months.

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For more information please contact:

Irene Dorsman +1 (604) 200-7874 or irene@winshear.com.

ON BEHALF OF THE BOARD OF DIRECTORS

“Richard D. Williams”

Richard D. Williams, P.Geo

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.

Cautions Regarding Forward-Looking Statements:

This news release includes certain statements and information that may contain forward-looking information within the meaning of applicable Canadian securities laws. All statements in this news release, other than statements of historical facts, including, if any, those related to the likelihood of commercial mining or the ability to fund future mine development are forward-looking statements and contain forward-looking information. Such forward-looking statements and forward-looking information specifically include, but are not limited to, statements concerning: Company plans at the Gaban, Yang or Ica projects, the Company’s ability to fund either of those projects, and any Company plans in relation to any interest it has or may have in the SMP project in Tanzania. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “intends” or “anticipates”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “should”, “would” or “occur”. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements or forward-looking information, including the risks normally involved in the exploration, development and mining business or as may be otherwise set out in the Company’s filings with Canadian securities regulatory agencies. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. The Company does not undertake to update any forward-looking statements or forward-looking information that are incorporated by reference herein, except in accordance with applicable securities law.