TORONTO, February 27, 2024 — West Red Lake Gold Mines Ltd. (“West Red Lake Gold” or “WRLG” or the “Company”) (TSXV: WRLG) (OTCQB: WRLGF), is pleased to announce that it has entered into an agreement with Raymond James Ltd. to act as sole bookrunner and lead agent, on behalf of a syndicate of agents (together, the “Agents”), in connection with a marketed “best efforts” private placement of units of the Company (each, a “Unit”) at a price of US$1,000 per Unit (the “Offering Price”) for gross proceeds of US$20,000,000 (the “Offering”).

The Agents will have the option to sell up to an additional 15% of the Units offered, exercisable, in whole or in part, at any time up to 48 hours prior to the Closing Date (as defined below) to cover over-allotments, if any.

Each Unit will contain gold-linked notes in the aggregate principal amount of US$1,000 (the “Notes”) and  710 common share purchase warrants (the “Warrants”). Each whole Warrant will entitle the holder to purchase one common share of the Company (collectively, the “Common Shares”) at an exercise price of C$0.95 per share for a period of 60 months following the closing of the Offering.

The Notes will represent senior unsecured obligations of the Company.

The Notes will bear a 12% per annum coupon, calculated and payable quarterly in arrears, and will mature on December 31, 2029. Commencing January 1, 2026, the Company will cause gold to be placed in escrow on a quarterly basis into a gold trust account.

The aggregate principal amount of Notes outstanding will be reduced by the Company on a quarterly basis, commencing on March 31, 2026, and with the final payment on December 31, 2029, in accordance with the payment schedule to be set forth in the indenture that will govern the Notes.

The Notes will amortize based on a guaranteed floor price of US$1,800 per ounce of gold (the “Floor Price”). Any excess proceeds by which the gold price exceeds the Floor Price will be paid to investors as a premium.

Frank Giustra, who holds 11.07% of the outstanding Common Shares, has indicated his intent to participate in the Offering by subscribing for 3,700 Units representing US$3.7 million in gross proceeds.

The net proceeds of the Offering are expected to be used to continue to advance the development of a restart plan for the Madsen Gold Mine as well as for working capital and general corporate purposes.

Shane Williams, CEO of West Red Lake Gold, commented,

“The Offering marks another key step in the financing process as we focus our efforts on the development of a derisked and robust restart plan for the Madsen Gold Mine while minimizing dilution to our shareholders”.

The Offering is expected to close on or about March 19, 2024 (the “Closing Date”), subject to customary closing conditions, including the approval of the TSX Venture Exchange.

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West Red Lake Gold Mines Ltd. (TSX.V: WRLG) (“West Red Lake Gold” or “WRLG” or the “Company”) is pleased to report drill results from its 100% owned Madsen Mine located in the Red Lake Gold District of Northwestern Ontario, Canada.

This round of drill results from the Madsen Mine were all drilled from underground on the North Austin Zone, which represents anew area of high-grade mineralization extending the current Madsen resource to the northeast.

This program was designed for expanding the North Austin zone to follow-up on the initial results previously announced in November, 2023 (see press release dated November 21^st).

Notably, hole MM24X-03-5195-006 intercepted 8.12 g/t Au over 2m, suggesting vertical continuity of almost two full mine levels, or approximately 50m, below any workings at the East Portal.

Additionally, holes MM24X-03-5195-001, -003 and -004 all intercepted high-grade mineralization beneath current workings effectively extending a known ore shoot approximately 25m down plunge.

The WRLG team believes these intercepts are indicative of the resource growth potential that still exists at the Madsen Mine asset.

The North Austin Zone sits adjacent to existing underground development marking it as a high caliber target that could potentially be developed early during future mine restart and production.

The North Austin Zone remains open down-dip and along strike to the northeast and will continue to be a priority expansion target as underground drilling continues.

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HIGHLIGHTS:

• Hole MM24X-03-5195-003 Intersected 3.3m @ 9.15 g/t Au, from 148.7m to 152m, Including 1m @ 15.91 g/t Au, from 148.7m to 149.7m, also Including 0.7m @ 18.62 g/t Au, from 150.7m to 151.4m.

• Hole MM24X-03-5195-001 Intersected 2.6m @ 10.66 g/t Au, from 154.4m to 157m, Including 0.9m @ 18.35 g/t Au, from 155.4m to 156.3m.

• Hole MM24X-03-5195-006 Intersected 2.4m @ 8.12 g/t Au, from 85.3m to 87.7m.

• Hole MM24X-03-5195-004 Intersected 1.4m @ 10.55 g/t Au, from 141m to 142.4m.

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Shane Williams, President & CEO, stated,

“This latest round of North Austin results are very encouraging and demonstrate the untapped growth potential that still exists in this part of the Madsen deposit.

 

“As we continue to advance the East Portal decline, we will be establishing additional drilling platforms to continue extending this zone at depth.”

During 2023, the Company drilled a total of 28 holes for 2,524m of NQ diamond drill core (Expansion) and 71 holes for 4,611m of BQ diamond drill core (Definition) from underground at Madsen.

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Since underground drilling resumed in early January 2024 the Company has completed 1,651m of Expansion drilling and 689m of Definition drilling.  In total, 23 diamond drill holes for 2,340m have been completed so far in 2024 at the Madsen Mine.

Fire and metallic screen assays have been returned for 20 out of 23 holes completed, with 2 holes pending assays and QAQC.

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To read the full news release, please click HERE

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West Red Lake Gold Mines Ltd.(“West Red Lake Gold” or “WRLG” or the “Company”) (TSXV: WRLG)(OTCQB: WRLGF)is pleased to report final drill results from the 2023 drilling campaign at its 100% owned Rowan Property located in the prolific Red Lake Gold District of Northwestern Ontario, Canada.

The Rowan drill holes highlighted in this news release were focused on infilling gaps in the geologic model between the East and West Zones, as well as infill and expansion at depth on the West Zone ore shoot. Most of the historic production at the Rowan Mine was from the West ore shoot area – mainly concentrated on Veins 103 & 104. Notably, hole RLG-23-177 was successful in intercepting4.0m @ 9.5 g/t Au approximately 80m beneath the historic workings, demonstrating the down-plunge potential that still exists in the West Zone.

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HIGHLIGHTS:

• Intersected4.0m @ 9.5 g/t Au, from 212m to 216m, Including0.75m @ 25.20 g/t Au, from 212m to 212.75m, Also including1.1m @ 13.0 g/t Au, from 213.25m to 214.35m.

• Intersected2.7m @ 3.66 g/t Au, from 211m to 213.7m, Including0.7m @ 13.41 g/t Au, from 213m to 213.7m; And3.6m @ 3.13 g/t Au, from 221m to 224.6m, Including0.5m @ 20.01 g/t Au, from 223.6m to 224.1m; And9.0m @ 3.25 g/t Au, from 255m to 264m, Including0.5m @ 51.67 g/t Au, from 259.9m to 260.4m.

• Intersected1.5m @ 3.93 g/t Au, from 281m to 282.5m, Including0.5m @ 10.68 g/t Au, from 282m to 282.5m.

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Shane Williams, President & CEO, stated,

“We are very pleased to announce this final round of drill results from the 2023 exploration campaign at Rowan.

 

“The work completed at Rowan during 2023 was catalyst rich, and not only demonstrated the high-grade growth potential of the deposit, but also our commitment to sustainable exploration and development in Red Lake.

 

“Working towards a restart scenario at the Madsen Mine will remain the primary focus for our team in 2024, but we are also very excited about the exploration potential we see in the district and look forward to updating our shareholders on continued exploration successes and Company milestones throughout the year.”

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To read the full news release, please click HERE

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West Red Lake Gold Mines Ltd.(“West Red Lake Gold” or “WRLG” or the “Company”) (TSXV: WRLG) is pleased to report drill results from its 100% owned Madsen Mine located in the prolific Red Lake Gold District of Northwestern Ontario, Canada.

The drill results featured in this news release were focused on the high-grade South Austin Zone, which currently contains an Indicated mineral resource of 474,600 ounces (“oz”) grading 8.7 grams per tonne (“g/t”) gold (“Au”), with an additional Inferred resource of 31,800 oz grading 8.7 g/t Au.

The results successfully demonstrate the high-grade nature and continuity of the South Austin Zone and highlight the resource growth potential that exists within this area.

The WRLG team believes that further exploration potential exists down-plunge which could potentially add to the  unmined portion of South Austin, which sits adjacent to existing underground infrastructure marking it as a high caliber target that could potentially be developed early during future mine restart and production.

This area is a priority expansion target as underground drilling continues.

HIGHLIGHTS:

• MM23D-07-4141-006 Intersected 1m @ 296.83 g/t Au, from 53.0m to 54.0m, and 3m @ 42.35 g/t Au, from 31.0m to 34.0, Including 1m @ 37.10 g/t Au, from 31.0m to 32.0m, also including 1m @ 84.34 g/t Au, from 33.0m to 34.0m.

• MM23D-07-4141-017 Intersected 3.2m @ 47.44 g/t Au, from 40.6m to 43.8m.

• MM23D-07-4141-012 Intersected 7m @ 21.62 g/t Au, from 36.0m to 43.0m, Including 1m @ 118.35 g/t Au, from 37.0m to 38.0m.

• MM23D-07-4141-002 Intersected 8m @ 17.45 g/t Au, from 27.0m to 35.0m, Including 2m @ 55.87 g/t Au, from 30.8m to 32.8m, also including 0.6m @ 23.33 g/t Au, from 33.4m to 34.0m.

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Shane Williams, President & CEO, stated,

“Our team is very pleased with the fantastic results that continue to be produced from the underground drilling program at Madsen which only begantwo months ago.

 

“It is worth restating that the impressive results reported thus far from South Austin and North Austin represent growth to the existing Madsen resource inventory and underscore the high-grade expansion potential that still exists at the Madsen deposit. We fully intend to continue unlocking this value as drilling continues.”

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To read the full news release, please click HERE

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West Red Lake Gold Mines Ltd. (“West Red Lake Gold” or “WRLG” or the “Company”) (TSXV: WRLG) (OTCQB: WRLGF) is pleased to report drill results from its 100% owned Madsen Mine located in the prolific Red Lake Gold District of Northwestern Ontario, Canada.

This first round of drill results from the Madsen Mine were all drilled from underground on the North Austin Zone, which represents a new area of high-grade mineralization extending the current Madsen resource to the northeast.

The WRLG team believes these intercepts are indicative of the exceptional resource growth potential that still exists at the Madsen Mine asset.

The North Austin Zone sits adjacent to existing underground development marking it as a high caliber target that could potentially be developed early during future mine restart and production.

The North Austin Zone remains open down-dip and along strike to the northeast and will continue to be a priority expansion target as underground drilling continues.

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HIGHLIGHTS:

• Hole MM23X-02-4980-003 Intersected 10.28m @ 27.15 g/t Au, from 28.72m to 39.00m, Including 1m @ 33.11 g/t Au, from 31.50m to 32.50, also Including 1m @ 226.85 g/t Au, from 32.50m to 33.5m.

• Hole MM23X-02-4980-001 Intersected 8.5m @ 22.31 g/t Au, from 26.95m to 35.45m,Including 0.55m @ 186.56 g/t Au, from 26.95m to 27.50m, also Including 1m @ 80.76g/t Au, from 27.50m to 28.50m.

• Hole MM23X-02-4980-004 Intersected 7.36m @ 8.98 g/t Au, from 29.74m to 37.10m,Including 1m @ 40.81 g/t Au, from 31.40m to 32.40m.

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Shane Williams, President & CEO, stated,

“We are very encouraged by this first round of results out from the underground drilling campaign at the Madsen Mine.

 

“Our geologic team quickly recognized the exploration potential in the North Austin area, which represents a high-grade expansion target that sits very close to existing underground infrastructure.

 

“While a good portion of the underground drill meters will continue to be focused on definition and increasing confidence in the current resource, we will continue to take advantage of near-mine organic growth opportunities that could materially enhance and increase the mineral resource inventory at Madsen.”

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.To read the full news release, please click HERE

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West Red Lake Gold Mines Ltd. (TSXV: WRLG) (OTCQB: WRLGF)(“West Red Lake Gold” or “WRLG” or the “Company”)  is pleased to report additional drill results from its 100% owned Rowan Property located in the prolific Red Lake Gold District of North western Ontario, Canada.

Notably, Holes RLG-23-171 and RLG-23-172 represent the deepest intercepts drilled to date on Vein 101 within the high-grade East Zone.

This high-grade ore chute has been defined over an impressive strike length of approximately of 250m and has now been drilled down to a vertical depth of 490m from surface, and still remains wide open at depth. Hole RLG-23-171 also intercepted 0.8m @ 19.82 g/t Au in a new sub-parallel vein running south of the currently modelled Rowan vein system, pointing to the discovery potential that still exists at Rowan.

Furthermore, high-grade intercepts encountered in hole RLG-23-168 on Vein 101 were drilled outside of the December 2022 mineral resource domains indicating growth potential along strike to the west, outside of the existing resource.

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HIGHLIGHTS:

• Intersected 2.4m @ 10.92 g/t Au, from 562.35m to 564.75m, Including 0.5m @ 48.30 g/t Au, from 564.25m to 564.75m; and 0.8m @ 19.82 g/t Au, from 147.2m to 148m.

• Intersected 2.15m @ 11.07 g/t Au, from 443.60m to 445.75m, Including 0.5m @ 45.90 g/t Au, from 444.70m to 445.20m.

• Intersected 0.5m @ 38.15 g/t Au, from 229.75m to 230.25m

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Shane Williams, President & CEO, stated,

“With this latest round of Rowan drill results, we have now successfully extended mineralization in the high-grade East Zone down to a vertical depth of 490m.

 

“If the Red Lake District has taught us anything, it’s that these zones can continue to depths exceeding 4km when the structural and geologic conditions are right.

 

“The Rowan Mine target has consistently demonstrated it has what it takes to produce high-grade gold intercepts over significant widths, and we look forward to continuing to drill and grow this exceptional resource along strike and at depth.”

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The high-grade mineralized vein zones encountered at the Rowan Mine target area (the “Rowan Mine Target”) continue to exceed expectations, confirm the geologic model, and further improve the existing high-grade (9.2 g/t Au) 827,462 ounce Inferred Mineral Resource at the Rowan Mine.

The drilling completed at the Rowan Mine Target in 2023 has been focused on validating historical data across the Inferred Resource, and also infilling apparent gaps in the analytical data set which was a product of very selective sampling techniques implemented during previous drilling campaigns.

High resolution versions of all the figures contained in this press release can be found at the following web address: https://westredlakegold.com/november-9th-news-release-maps/

Longitudinal sections showing all intercepts > 3 g/t Au on Veins 101, 102 and 103 can be viewed here: https://westredlakegold.com/august-1st-news-release-maps/.

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To read the full news release, please click here

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West Red Lake Gold Mines Ltd. (TSX.V: WRLG) (OTCQB: WRLGF) (“West Red Lake Gold” or “WRLG” or the “Company”) is pleased to announce that as a result of strong investor demand, the Company has amended its agreement with Canaccord Genuity Corp. and Eight Capital (collectively, the “Agents”), to increase the size of the previously announced “best efforts” private placement of units to raise gross proceeds of up to C$13,000,000 (the “Offering”), consisting of up to 25,000,000 units of the Company (the “Units”) at a price of C$0.52 per Unit (the “Offering Price”).

Each Unit will consist of one common share of the Company (each, a “Unit Share”) and one common share purchase warrant of the Company (each a “Warrant”). Each Warrant will entitle the holder to acquire one common share of the Company for 36 months from the closing of the Offering at a price of C$0.68.

The Agents will have an option (the “Agents’ Option”) to increase the size of the Offering by up to C$2,080,000 through the sale of an additional 4,000,000 Units at the Offering Price, which Agents’ Option is exercisable, in whole or in part, at any time up to 48 hours prior to the Closing Date (defined herein).

The net proceeds received from the Offering will be used to advance the Company’s mineral properties in Ontario, as well as for working capital and general corporate purposes.

It is anticipated that closing of the Offering will occur on or about November 28, 2023 (the “Closing Date”), or such other date or dates as the Company and the Underwriters may agree. The Offering is subject to the satisfaction of certain conditions, including receipt of all applicable regulatory approvals including the approval of the TSX Venture Exchange. The securities sold under the Offering will have a hold period in Canada of four months and one day from the closing date in accordance with applicable securities laws.

This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful, including any of the securities in the United States of America.

The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “1933 Act”) or any state securities laws and may not be offered or sold within the United States or to, or for account or benefit of, U.S. Persons (as defined in Regulation S under the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration requirements is available.

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To read the full news release, please click HERE

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ABOUT WEST RED LAKE GOLD MINES

West Red Lake Gold Mines Ltd. is a mineral exploration company that is publicly traded and focused on advancing and developing its flagship Madsen Gold Mine and the associated 47 km² highly prospective land package in the Red Lake district of Ontario.

The highly productive Red Lake Gold District of Northwest Ontario, Canada has yielded over 30 million ounces of gold from high-grade zones and hosts some of the world’s richest gold deposits.

WRLG also holds the wholly owned Rowan Property in Red Lake, with an expansive property position covering 31 km² including three past producing gold mines – Rowan, Mount Jamie, and Red Summit.