ESGold Corp. ('ESGold' or the 'Company') (CSE:ESAU) (Frankfurt:N2W) (OTC:SEKZF) is pleased to announce that it has filed on SEDAR the NI 43-101 Technical Report on Mineral Resource Estimate and Preliminary Economic Assessment of the Montauban Gold Project, ('PEA') located at Notre-Dame-de-Montauban, Quebec.

The results of the PEA were previously announced in the Company's news release dated March 2, 2023. A copy of the PEA is also located on the Company's website https://esgold.com/operations/Montauban

The mineral claims comprising the Montauban property (the 'Property') are located in southern Quebec, 120 km west of Quebec City and 80 km northeast of Trois-Rivieres, and straddle the border of the Mauricie and Capitale-Nationale Administrative Regions of Quebec. The PEA presents a positive tailings reprocessing operation with very attractive economics, and sets the table for the rejuvenation of Montauban-les-mines with the proactive remediation of the legacy mine tailings. The PEA comprises the first cornerstone of ESGold's strategy to revive the area's 100 year mining history.

PEA Highlights: Pre-tax net present value (NPV) (discount rate 5%) of C$ 14.08M, internal rate of return (IRR) of 42.6% and payback of less than 2 years; After-tax NPV (discount rate 5%) of C$ 6.99M, IRR of 23.4% and payback of less than 2 years Assumed gold (Au) price $1750US/Oz, silver (Ag) price $21US/Oz and mica concentrate price $200US/t with a CAD/USD exchange rate of 1.35; 4 years of mine life with 923,000 tonnes of tailings at 0.41 g/t Au 33.34 g/t Ag and the recovery of 57,187t of mica; Revenue of C$ 62.2M; Life of Mine capital of C$ 17.04M; Operation cost per tonne of tailings at C$ 29 Jean Yves Therien, CEO & Director, 'The PEA clearly demonstrates the low cost and positive return of the Montauban reprocessing / remediation project using a traditional excavation and reprocessing scenario, which includes pulping, pumping, gravity separation, cyanidation for gold/silver recovery with Merryl Crow. The stabilization of the orphan tailings at Montauban includes the addition of limestone from the nearby St-Marc des Carrieres quarry. The Company intends on cleaning the area and delivering a secured non-acid generating tailings pond. The various tailings have unique topography and are not saturated, which makes them amenable to rapid development and extraction. The Company will also recover a portion of the coarse micas during processing. We are in a good position, as we are permitted and have an approved reclamation plan.

The positive results of the PEA will allow us to seek financing for the completion of the mill, the construction of the new tailings pond and submission of the Bond for the reclamation plan.

The Property also hosts an historical underground hard-rock resource prepared by Mr. J. Marchand in 2003, which is not considered current by the Company. The 2003 technical report describes two surface blocks: one identified as the south block with 114,473 tons at 6.1 g/t Au and 94 g/t Ag - equivalent to 22,281 ounces of gold and 347,086 ounces of silver - and a north block with 274,500 tons grading 2.8 g/t Au and 15.0 g/t Ag - corresponding to 24,917 ounces of gold and 133,912 ounces of silver. It is also our goal to exploit these hard rock historical mineral resources, which will need additional work to comply with current NI 43-101 standards. Two underground sectors drilled in 2010 and 2011 are identified for potential near-surface bulk sampling. The Company has yet to apply for permitting to extract these short-term complementary potential mineral resources. We also intend to further explore the Property, as it is the first time that most of the key territory is owned by a single exploration company. This offers us tremendous potential and room for expansion from an exploration perspective.

In short, we are not there for only four years. We will develop the camp in a manner that will respect of all stakeholders around our milling facility, but our priority is to reclaim the legacy tailings and restore the heydays of mining at Montauban.'

PEA Overview, Description and Location

The Property as of today comprises a contiguous block of 76 claims covering 2,360.2 ha or 23.6 km2, and is underlain by rocks of the Grenville Province, which borders the southeast part of the Canadian Shield.

From 1911 to 1955, a total of 2,655,588 short tons of massive-sulphide ore grading 4.53% Zn, 1.54% Pb, 0.69 g/t Au, and 85.7 g/t Ag was mined from the Tetreault-Anacon Mine, and 102,000 short tons grading 2.88% Zn, 1.03% Pb and 34.3 g/t Ag of massive-sulphide ore was extracted from the Montauban Mine from 1953 to 1954 (Montauban Zone). Marginal to the massive-sulphide ore were two zones (north and south), where small volumes of Au-Ag mineralization were processed. From 1983 to 1987, a total of 330,830 metric tons of ore, grading 4.27 g/t Au and 12.45 g/t Ag, was extracted from the North Gold Mine, and another 225,433 metric tons, grading 3.70 g/t Au and 72.37 g/t Ag, was extracted from the South Gold Mine between 1987 and 1990.

Now the project calls for the excavation and pumping of tailings material to the mill for recovery of coarse micas into a sellable concentrate, followed by regrinding prior to cyanidation with recovery by Merryl Crow process to allow production of dore bars.

As per discussions with the municipality, a formal agreement was signed and a royalty of 1% will be paid to the municipality.

The PEA considers a conventional truck and shovel sand pit operation with the exception of having a pumping box where the tailings will be mixed with water and pumped to the mill, reducing the consumption of fuel and required equipment for the Project. In short, the mineralized material is excavated and will be discharged on grizzly, then put in slurry and pumped to the mill. The mill will be in operation full time over nine months of the year (April-December).

The PEA is based on the mineral resource estimate presented in a Technical Report titled 'NI 43-101 Technical Report: Mineral Resource Estimate and Preliminary Economic Assessment of the Montauban Gold Project, Quebec' dated March 1, 2023 and prepared by JPL GeoServices, Edmond St-Jean Eng., Groupe Alphard, and GoldMinds Geoservices Inc. ('GMG') of Quebec City, Quebec, Canada.

About the Company

ESGold Corp. is a Canadian environmentally aware resource exploration and processing company. Management has demonstrated expertise in advancing gold exploration projects into acquisition targets, most notably in the province of Quebec. ESGold's principal restoration and recovery project is the Montauban property situated in Quebec, just 80 kilometers west of Quebec City. Recently, the Company has also entered into a joint venture agreement to determine the presence of recoverable metals in the Ottawa River, consistent with ESGold's commitment to environmental recovery solutions.

Contact:

John Stella

Tel: +1 514-712-1532

Email: info@esgold.ca

This press release contains 'forward-looking information' that is based on the Company's current expectations, estimates, forecasts, and projections. This forward-looking information includes, among other things, statements with respect to the Company's exploration and development plans. The words 'will', 'anticipated', 'plans' or other similar words and phrases are intended to identify forward-looking information. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the Company's actual results, level of activity, performance, or achievements to be materially different from those expressed or implied by such forward looking information.

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