Winshear, Canadian Business Journal Secures DIA for Initial Drilling Program at Peru’s Gaban Gold Project

VANCOUVER, British Columbia, October 7, 2022 (GLOBE NEWSWIRE) — Wincia Gold Ltd. (TSX-V: Victory), (“Winshear” or “Company”) is pleased to report that it has obtained an environmental permit. Declaracion de lmpacto Ambiental (DIA), from the Ministry of Mines, Peru. DIA will enable helicopter-assisted drill testing of the Coritiri Gold Anomaly at the Gabang Gold Project in the Puno Orogen Gold Belt in southeastern Peru. Gaban is being investigated as a possible hard rock source for the large alluvial gold mines currently being mined downstream of Madre de Dios, covering more than 1,900 square kilometers.

Winshear CEO Richard Williams commented: “Receipt of the DIA is an important milestone for the continued development of the Coritiri Gold Target in Winshear and Gaban. .

“Subject to the availability of funds, we plan to start the helibone drill program after the rainy season, which is coming in April 2023.

“Meanwhile, our arbitration case against the Tanzanian government, which currently seeks damages in excess of C$130 million, has a final hearing scheduled for mid-February 2023, with a decision within six months thereafter. The company will await an arbitration decision before raising additional funds to support drilling.”

Geology of Gaban Gold Project

The Gavan Gold Project is located in the Puno Orogeny Gold Belt (POGB) on the eastern side of the Andes. The region’s geology consists of locally carbonaceous, fine-grained sedimentary rocks, showing evidence of low-level regional metamorphism. Gold-bearing shear zones are commonly found near granite intrusions found throughout the belt.

The Coritiri target was originally identified by the discovery of gold in a stream sediment anomaly along the Yanamayo River Basin. This was consistent with a large magnetic anomaly. Follow-up fieldwork discovered exposed shear zones containing gold-bearing quartz veins in areas with evidence of historic hard-rock mining activity and current artisanal placer gold mining.

To date, Winshear has defined an area of ​​1 km x 2.2 km, containing numerous outcrops of shear zone-hosted gold mineralization that have never been drilled (Fig. 1). Channel sampling across quartz vein shear bands returned up to 32.35 grams per tonne of gold at 1 m. Targets delineated at Coritiri have never been drill-tested.

About Winshear Gold Corp.

Winshear holds 100% ownership of the Gaban Gold, Yang Gold and Ica IOCG projects in Peru. At Gaban, Winshear received his DIA to run the first drill program in Cortiri Zone in 2023. Winshear, formerly Helio Resource Corp., also secured up to US$3.3 million in litigation funding from Delta Capital Management LLC (“Delta”) for the expropriation of his SMP gold project in Tanzania, United Republic of Tanzania. (“Tanzania”) to pursue arbitration proceedings against the Government. Winshear’s claims against Tanzania now exceed $130 million in CDNs, including accrued interest. Any settlement or judgment paid by the Tanzanian government to her Winshear will be subject to a formula in which a portion of the proceeds will be paid to his Winshear funders and attorneys. The arbitration proceedings are scheduled to conclude with a hearing in mid-February 2023, and the court expects he will make a decision within six months.

For more information, please contact:

Eileen Dorsman +1 (604) 200-7874 or [email protected]

On behalf of the Board of Directors

“Richard D. Williams”

Richard D. Williams, P. Gio

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 release.

Cautionary Note Regarding Forward-Looking Statements:

This news release contains 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 fact, including those relating to the potential for commercial mining or our ability to fund future mine development, are forward-looking statements and forward-looking statements. contains information about Such forward-looking statements and forward-looking information specifically include, but are not limited to, statements regarding the following: Our plans at the Gaban, Yang, or Ica projects, our ability to fund any of these projects, and our plans in relation to them. You are or may be interested in an SMP project in Tanzania. In general, forward-looking information is disclosed using forward-looking terms such as “intends” or “anticipates” or the words “could” or “could” a particular action, event or outcome It can be identified by the use of verbs, phrases, or variations of statements. , “should”, “would”, or “occur”. Forward-looking statements are based on management’s opinions and assumptions at the time such statements are made and are subject to known and unknown risks, uncertainties and actual results, levels of activity, performance, or subject to other factors that may cause performance. The Company does not make any forward-looking statements or statements regarding such forward-looking statements, including risks generally involved in exploration, development and mining operations or risks that may be described in the Company’s filings with Canadian Securities. be materially different from what is expressed or implied by the information; regulatory body. The Company’s management has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking statements or information contained in the forward-looking statements. , estimates, or other factors that may cause them to differ from those intended. There can be no assurance that such statements will prove to be accurate, as actual results or future events could differ materially from those projected by such statements. You should not place undue reliance on forward-looking statements and forward-looking information. We do not undertake to update any forward-looking statements or forward-looking information incorporated herein by reference, except in accordance with applicable securities laws.

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