Battle North Gold Files an Updated Technical Report for the Bateman Gold Project and Provides a Review of its Second Half 2020 Accomplishments

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Jan 28, 2021, 07:00 ET

TORONTO, Jan. 28, 2021 /PRNewswire/ - Battle North Gold Corporation (TSX: BNAU) (OTCQX: BNAUF) ("Battle North" or the "Company") has filed an updated technical report "National Instrument 43-101 Technical Report Bateman Gold Project: F2 Gold Deposit Feasibility Study and McFinley Zone Mineral Resource Estimate", incorporating information regarding the McFinley Zone Mineral Resource estimate, in accordance with the requirements of National Instrument 43-101 Standards of Disclosure for Mineral Projects (the "Technical Report"). The Technical Report, effective January 27, 2021, was prepared by T. Maunula & Associates Consulting Inc. ("TMAC") and Nordmin Engineering Ltd. ("Nordmin"), both are independent of Battle North. The Company issued a news release on December 14, 2020 announcing the McFinley Zone Mineral Resource estimate, which are reflected in the Technical Report. A copy of the December 14, 2020 news release and the Technical Report can be viewed online under Battle North's profile at www.sedar.com and on the Company's website at www.battlenorthgold.com.

Second Half 2020 Accomplishments

Battle North President and Chief Executive Officer George Ogilvie, commented, "We achieved several significant milestones in the second half of 2020, setting the stage for a very exciting 2021 for the Company. We announced the results of the Feasibility Study for the Project's F2 Gold Deposit, with robust economics of 50% after-tax IRR and C$305 million after-tax net present value at 5% discount rate using a base case gold price assumption of US$1,525/oz. We signed a commitment letter for a US$40 million credit facility with Macquarie Bank Limited ("US$40 Million Credit Facility") on attractive terms which, in concert with our strong cash balance, is expected to fully fund the Bateman Gold Project to Commercial Production. We received preliminary Board approval to commence construction on a couple of critical path items, including the portal construction and ramp development from surface, construction of the ammonia treatment plant, and upgrades to the tailings management facility and the +200 person camp. We announced a Mineral Resource estimate at the McFinley Zone, an area that can potentially provide future incremental mill feed to the Bateman Gold Project. We also hired a Director of Regional Exploration with extensive experience in the Red Lake Gold camp. We are currently finalizing our Project development and Red Lake regional exploration plans for 2021 and we intend to update the markets in mid-February when we anticipate the approval of these plans."

For further details:

January 27, 2021 Bateman Gold Project Technical Report: link
December 22, 2020 US$40 Million Credit Facility news release: link
December 14, 2020 McFinley Zone Mineral Resource estimate news release: link
November 16, 2020 addition of Corporate Director of Regional Exploration news release: link
October 21, 2020 Bateman Gold Project Feasibility Study (F2 Gold Deposit) news release: link

Battle North 2021 Red Lake Community Information Session (Virtual)

The Company would like to invite you to our Annual Red Lake Community Information Session scheduled for Wednesday, February 10, 2021 at 6:00 pm Central Time (7:00 pm Eastern Time):

Webcast: https://produceredition.webcasts.com/starthere.jsp?ei=1419301&tp_key=42ebc1472e
Conference call: North American Participants (toll-free number) +1 (888) 390-0605, International +1 (416) 764-8609; Confirmation #258-540-66

The presentation material for the Information Session will be uploaded on the Battle North website at www.battlenorthgold.com in the "Presentations" section, just prior to session.

About Battle North Gold Corporation

Battle North is a Canadian gold mine developer led by an accomplished management team with successful underground gold mine operations, finance, and capital markets experience. Battle North owns the significantly de-risked and shovel-ready Bateman Gold Project, located in the renowned Red Lake gold district in Ontario, Canada and controls the strategic and second largest exploration ground in the district. Battle North also owns a large gold exploration land package on the Long Canyon gold trend near the Nevada-Utah border in the United States. Battle North's shares are listed on the Toronto Stock Exchange (BNAU) and the OTCQX markets (BNAUF). For more information, please visit our website at www.battlenorthgold.com.

BATTLE NORTH GOLD CORPORATION
George Ogilvie, P.Eng.
President, CEO, and Director

Cautionary Statements regarding Forward-Looking Statements

All statements, other than statements of historical fact, contained or incorporated by reference in this news release constitute "forward-looking statements" and "forward looking information" (collectively, "forward-looking statements") within the meaning of applicable Canadian and United States securities legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "anticipate", "assumption", "contingencies", "de-risked", "development", "estimate", "expectations", "exploration", "factors", "feasibility", "forward", "future", "intend", "may", "milestones", "path", "plan", "potentially", "preliminary", "project", "prospect", "risk", "scheduled", "setting the stage", "shovel-ready", "strategic", "study", "subject to", "trend", "uncertainties" and "will", or variations of such words, and similar such words, expressions or statements that certain actions, events or results can, may, could, should, will (or not) be achieved, occur, provide or result in the future. In some cases, forward-looking information may be stated in the present tense, such as in respect of current matters that may be continuing, or that may have a future impact or effect. Forward-looking statements include statements regarding the McFinley Zone Mineral Resource estimate (including its potential provide future incremental mill feed to the Bateman Gold Project), the Feasibility Study for the Bateman Gold Project's F2 Gold Deposit (including the economics such as IRR and net present value), the US$40 Million Credit Facility (including the terms and expectation of full funding for the Bateman Gold Project to Commercial Production), and Project development (or construction) and Red Lake regional exploration plans (including any future updates thereon).

Forward-looking statements are based on assumptions, estimates, expectations and opinions, which are considered reasonable and represent best judgment based on available facts, as of the date such statements are made. If such assumptions, estimates, expectations and opinions prove to be incorrect, actual and future results may be materially different than expressed or implied in the forward-looking statements. The assumptions, estimates, expectations and opinions referenced, contained or incorporated by reference in this news release which may prove to be incorrect include those set forth in the Company's October 21, November 16, December 14 and December 22, 2020 news releases referenced herein (collectively, the "Referenced News Releases") and the Technical Report, all available under the Company's profile at www.sedar.com and on its website at www.battlenorthgold.com.

Forward-looking statements are inherently subject to known and unknown risks, uncertainties, contingencies and other factors which may cause the actual results, performance or achievements of Battle North to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks, uncertainties, contingencies and other factors include, among others, the "Risk Factors" in the Company's annual information form dated March 27, 2020 ("2020 AIF"), as well as the risks, uncertainties, contingencies and other factors identified in the Referenced News Releases, the Technical Report and the Company's Management's Discussion and Analysis for the three-quarters ended in 2020 (collectively, the "2020 MD&A") and accompanying financial statements, all of which are available under the Company's profile at www.sedar.com and on its website at www.battlenorthgold.com. The foregoing list of risks, uncertainties, contingencies and other factors is not exhaustive; readers should consult the more complete discussion of the Company's business, financial condition and prospects that is provided in the 2020 AIF and the other aforementioned documents.

The forward-looking statements referenced or contained herein are expressly qualified by these Cautionary Statements as well as the Cautionary Statements in the 2020 AIF, the Referenced News Releases, the Technical Report and the 2020 MD&A (and accompanying financial statements). Forward-looking statements contained herein are made as of the date of this news release (or as otherwise expressly specified) and Battle North disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable laws.

Qualified Person

The scientific and technical content of this news release related to the Bateman Gold Project Feasibility Study for the F2 Gold Deposit and the McFinley Zone Mineral Resource estimate has been read, verified and approved by Tim Maunula, P.Geo. of TMAC and Glen Kuntz, P.Geo. of Nordmin, respectively, each of whom is independent from the Company and a Qualified Persons as defined by National Instrument 43-101 of the Canadian Securities Administrators.

SOURCE Battle North Gold Corporation