For Immediate Release. August 11, 2021. Vancouver, BC. David H. Brett, President & CEO, EnGold Mines Ltd., (TSX-V: EGM, “EnGold” or the “Company”) reports that the Company has closed the first tranche of its previously announced $8,000,000 non-brokered flow-through financing, resulting in proceeds to the Company of $4,000,000 (the “First Tranche Financing”).  Pursuant to the closing of the First Tranche Financing, the Company issued 8,000,000 units at a price of $0.50 per unit. Each unit consists of one flow-through common share and one half of one warrant, whereby each whole warrant will entitle the holder to purchase one non-flow-through common share at a price of $0.75 per share for a period of two years. The final $4,000,000 tranche of the non-brokered flow-through financing is expected to close on or before September 3, 2021.

The proceeds from the First Tranche Financing will be used to explore the Company’s 100% owned Lac La Hache Copper-Gold Project in the Cariboo region of BC.  The securities issued under the First Tranche Financing are subject to a mandatory hold period expiring on December 12, 2021.

Mr. Anton Novak, an insider of the Company, subscribed for the full amount of the First Tranche Financing. Participation of insiders of the Company in the financing constitutes a related party transaction as defined under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Company has relied on the exemption from the formal valuation requirements of Section 5.4 of MI 61-101 pursuant to Subsection 5.5(c) of MI 61-101.  Minority shareholder approval of Mr. Novak’s participation in the non-brokered flow-through financing was obtained at the Company’s Annual General and Special Meeting which took place on July 26, 2021 (the “Meeting”).  At the Meeting, the Company’s shareholders (excluding votes of Mr. Novak) approved the creation of Mr. Novak as a control person.  Following the closing of the First Tranche Financing, Mr. Novak has become a control person of the Company, holding in aggregate 34.1% of the Company’s issued and outstanding common shares.

About EnGold

EnGold is a Vancouver-based copper, gold, silver, magnetite exploration company focused solely on its 100% owned Lac La Hache property in the Cariboo region of BC which hosts the Spout Copper Deposit, the Aurizon Gold Deposit and the G1 Copper Deposit and other targets within a large porphyry mineralizing system. With world class infrastructure at its doorstep, Lac La Hache is a great location to be exploring.

EnGold Mines Ltd.

David Brett

President & CEO

For further info contact David Brett, 604-682-2421 or david@engold.ca