October 19, 2020 – Gold79 Mines Ltd. (TSX-V:AUU) (“Gold79” or the “Company”) is pleased to announce the initiation of a non-brokered private placement to raise gross proceeds of up to a maximum of $2,000,000, comprising 20,000,000 units, at $0.10 per unit (the “Offering”). Each unit consists of one common share of the Company and one-half common share purchase warrant. Each whole warrant entitles the holder to purchase one common share of the Company at a price of $0.15 per share for a period of 24 months following the date of issuance. Any securities issued under the Offering would be subject to a statutory hold period of four months and one day from the date of issuance. This Offering is subject to approval of the TSX Venture Exchange (“TSX-V”). The anticipated closing date of the Offering is November 10, 2020.