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Mayfair Gold Announces Private Loan, Canadian Business Journal

VANCOUVER, British Columbia, November 29, 2022 (GLOBE NEWSWIRE) — Mayfair Gold Corp.Mayfair” or “Company”) (TSX-V: Manufacturing; OTCQB: MFGCF) announced today that it has arranged a private placement loan without an intermediary ( “Recruitment”) up to 2,600,000 shares of common stock ( “stock”) Simultaneous unbrokered private placement of up to 3,000,000 shares of common stock on a flow-through basis with aggregate proceeds of up to $3 million at a price of $1.15 per share ( “FT stock”) at a price per FT share of $1.66, a 32% premium over the closing price of Mayfair Gold common stock on TSX.V on November 28, 2022, for gross revenues of up to $5 million.

The net proceeds of the offering will be used to further Mayfair’s successful exploration program, along with environmental, metallurgical and engineering research at the Fengib Gold Project in the Timmins area of ​​Ontario. A portion of the net proceeds of shares issued under the offering will be retained as working capital. A finder’s fee may be paid for a portion of the offering.

All proceeds from the sale of FT shares will be used to qualify for Canadian Exploration Expenses (“CEE”) within the meaning of the Income Tax Act (Canada). We will waive such CEE expenditures with an effective date of December 31, 2022.

Shares issued under the offering are subject to a holding period of four months. The offering of FT shares will close by December 20, 2022 and the offering of shares will close on or about December 31, 2022. The offering is subject to customary closing conditions, including approval from TSX.V. .

This press release is not intended for sale of common stock in the United States. Shares may not be offered or sold in the United States without registration or an available exemption from US registration requirements. The Securities Act of 1933, as amended (the “U.S. Securities Act”) and applicable U.S. state securities laws. Mayfair will not offer any shares publicly in the United States. The shares have not been registered under the United States or state securities laws and do not intend to be registered.

About Mayfair

Mayfair Gold is a Canadian mineral exploration company focused on advancing the 100% managed Fengib gold project in the Timmins area of ​​northern Ontario. The Fenn-Gib gold deposit is Mayfair’s flagship asset and currently hosts the updated NI 43-101 resource estimate. This includes 118.07 million tonnes of Pit Constrained Indicated Resources containing 3.06M oz with a grade of 0.81 g/t Au. Pit Constrained Inferred Resource of 13.8 Mt containing 0.31 M oz with a grade of 0.70 g/t Au; Subsurface Inferred Resource of 1 Mt containing 0.104 M oz with a grade of 3.22 g/t Au. (Source: Kirkham Geosystems Ltd., his Garth Kirkham, P. Geo., considered a Qualified Person as defined in NI 43-101, Effective Date He is October 15, 2022). The strike length of the Fenn-Gib deposit is about 1 meter. 1.25km, maximum width 300m. Gold mineralization remains open at depth and along the east-west strike. Recently completed metallurgical tests confirm that the Fen-Gib deposit can deliver up to 94% reliable gold recovery.

For more information, please contact:

Patrick Evans, President and CEO
Email: [email protected]
Phone: (480) 747-3032
Web: www.mayfairgold.ca

Forward-Looking Statements

This news release contains information on the Canadian Securities Act (collectively, “Forward-Looking Statements”) relates to Mayfair’s current expectations and views of future events. Statements that express or involve expectations, beliefs, plans, objectives, assumptions, or discussions about future events or performance (not always, such as “likely to result”, “expected”, etc.) (by using words or phrases) , “forecasts”, “forecasts”, “strategies”, “objectives” and “outlooks”) are not historical facts and may be forward-looking statements and may not reflect actual results or outcomes. It may involve estimates, assumptions and uncertainties that may cause it to differ materially from those expressed in such forward-looking statements. There can be no assurance that these expectations will prove correct, and undue reliance should not be placed on the forward-looking statements contained in this news release. These statements are made only as of the date of this news release.

Forward-looking statements are based on a number of assumptions and are subject to a number of risks and uncertainties. Many of these are beyond Mayfair’s control and actual results or events could differ materially from those disclosed or implied in such statements. Forward-Looking Statements. Such risks and uncertainties include, but are not limited to, the impact and progression of the COVID-19 pandemic and other factors. Mayfair undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Evaluate whether Mayfair predicts all of them, as new factors emerge from time to time, or the impact of each such factor, or the extent to which any factor or combination of factors would cause the results to differ materially from them It is not possible to make forward-looking statements. All forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

Neither TSX Venture Exchange nor its regulated service providers (as those terms are defined in the TSX Venture Exchange Policy) are responsible for the adequacy or accuracy of this news release.


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Mayfair Gold Announces Private Loan, Canadian Business Journal

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