FREEMAN COMPLETES THIRD SEASON OF BASELINE WATER QUALITY MONITORING AT THE LEMHI GOLD PROJECT, IDAHO

VANCOUVER, BC, Dec. 4, 2024 /CNW/ - Freeman Gold Corp. (TSXV: FMAN) (OTCQB: FMANF) (FSE: 3WU) ("Freeman" or the "Company") is pleased to announce that GSI Environmental Inc. ("GSI") has completed the third and final season of Freeman's baseline water quality monitoring program at its 100% owned Lemhi Gold Project located in Lemhi County, Idaho.  

Freeman's baseline water quality monitoring program includes sampling and monitoring at 12 wells and five surface water sites situated across Freeman's patented claims. Over the past three years, 12 quarters of sampling have been conducted at the site, providing a robust dataset to initiate the application for a Point of Compliance ("POC") Determination from the Idaho Department of Environmental Quality ("DEQ"). The POC Determination is a crucial permit in Idaho, detailing the monitoring, sampling, and reporting requirements to ensure mining activities do not adversely affect groundwater quality. Applicants must establish baseline water quality conditions for groundwater with at least 12 samples from each monitoring point. With these samples now collected, Freeman is positioned to begin the POC application process in 2025, marking a significant milestone towards securing one of the major permits necessary to support mine development and operations.

About the Company and Project

Freeman Gold Corp. is a mineral exploration company focused on the development of its 100% owned Lemhi Gold property (the "Project"). The Project comprises 30 square kilometres of highly prospective land, hosting a near-surface oxide gold resource. The pit constrained National Instrument 43-101 ("NI 43- 101") compliant mineral resource estimate is comprised of 988,100 oz gold ("Au") at 1.0 grams per tonne ("g/t") in 30.02 million tonnes (Measured & Indicated) and 256,000 oz Au at 1.04 g/t Au in 7.63 million tonnes (Inferred).  The Company is focused on growing and advancing the Project towards a production decision.

The recently completed PEA shows: an after-tax NPV(5%) of US$212.4 million and IRR of 22.8% using a base case gold price of US$1,750/oz; and after-tax NPV (5%) of US$ 345.7 million and IRR of 31.9% using spot gold price of $2,042.60 US$/oz; Average annual gold production of 75,900 oz Au for a total life-of-mine ("LOM") 11.2 years payable output of 851,900 oz Au; LOM cash costs of US$809/oz Au; and, all-in sustaining cash costs ("AISC") of US$957/oz Au using an initial CAPEX of US$190 million. The technical content of this release has been reviewed and approved by Dean Besserer, P. Geo., the VP Exploration for the Company and a Qualified Person as defined by the National Instrument 43-101.

On Behalf of the Company
Bassam Moubarak
Chief Executive Officer

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements: This press release contains "forward‐looking information or statements" within the meaning of Canadian securities laws, which may include, but are not limited to statements relating to exploration, results therefrom, and the Company's future business plans. All statements in this release, other than statements of historical facts that address events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects," "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ from those in the forward-looking statements. Such forward-looking information reflects the Company's views with respect to future events and is subject to risks, uncertainties, and assumptions. The reader is urged to refer to the Company's reports, publicly available through the Canadian Securities Administrators' System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com for a more complete discussion of such risk factors and their potential effects. The Company does not undertake to update forward‐looking statements or forward‐looking information, except as required by law.

SOURCE Freeman Gold Corp.

For further information, please visit the Company's website at www.freemangoldcorp.com or contact Mr. Bassam Moubarak at by email at [email protected].