Elevation Gold Mining Corporation (TSXV: ELVT) (OTCQX: EVGDF) is pleased to announce the production results for the three and nine months ended September 30, 2022, as well as provide an update on its diamond drilling program at Florence Hill.  The Company expects to file its second quarter financial statements and management discussion and analysis in early November 2022.

Third Quarter 2022 Highlights

• Elevation Gold produced 8,835 ounces of gold from 750,908 ore tonnes processed with average grades of 0.51 g/t, a 35% increase from Q3 2021 and a 30% increase from Q2 2022.
• The Company sold 9,096 ounces of gold during Q3 2022, an increase of 46% from Q3 2021 and a 30% increase from Q2 2022.
• Gold production and sales materially increased quarter over quarter, as the Company began mining higher-grade ore sourced from the East Pit at the end of June 2022.  Average mined grade has increased from 0.35 g/t in Q1 2022 to 0.42 g/t in Q2 2022, to 0.51 g/t in Q3 2022.

Consolidated Operational Results Summary

The following table provides a summary of the Company’s operational statistics for the three and nine months ended September 30, 2022 and 2021.

Tim Swendseid, Elevation Gold President, stated “As communicated with our Q2 financials press release, we are now seeing the benefits from the East Pit advancement, which has significantly increased the overall mine grade in Q3 2022, and I remain extremely optimistic about our outlook for the remainder of 2022 and 2023.  The Company is well positioned to deliver its full year guidance of between 32,000 to 34,000 ounces sold in 2022.”  Mr. Swendseid continued, “Our Moss Mine team remains focused on delivering higher grade ore from East Pit and increasing crusher throughput while taking advantage of previously completed capital projects.”

Florence Hill Exploration Program

In July 2022, the Company commenced a planned 3,800-meter diamond core drilling program to test several high-priority targets at Florence Hill, Grapevine, Silver Creek Springs, eastern West Oatman, and the Hardy Vein. The initial hole, which was intended to test both the extension of the West Oatman and Gold Road epithermal vein structures in the Florence Hill area and as well as the cause of the extensive surface advanced argillic alteration in this area, has been completed at almost 1,100 m in total depth. The drill hole was terminated in promising highly altered rock due to drill rig limitations. Core from the initial drill hole is currently being analyzed and shipped to an independent assay lab, and once results are received and reviewed, the Company will release the results, expected to be in Q1 2023.  Key information discovered from this drill hole will be used to target further drilling at Florence Hill and similar targets in the area.

Dr. Warwick Board, Vice President Exploration, commented: “The first diamond core drill hole at Florence Hill intersected multiple encouraging structural, vein, and alteration features throughout the length of the drill hole. Of particular note was the intersection of a significant structure along strike of both the West Oatman and Gold Road vein-hosting structures. Additional encouraging intersections included several vein-filled structures followed by a continuous intensification and up-temperature transition of the alteration assemblages with depth. We are in the process of planning further follow-up drilling, targeting the geophysical target towards which the alteration was vectoring with shorter drill holes. Additional information on Florence Hill and Moss Mine exploration will be provided in an upcoming news release later this month.”

Qualified Persons

Unless otherwise indicated, all technical data contained in this press release that relates to geology, exploration and mineral resources has been reviewed and approved by Dr. Warwick Board, P.Geo, Vice President Exploration of Elevation Gold. Dr. Board is a Qualified Person as defined by National Instrument (“NI”) 43-101 and is responsible for the Moss Regional and Hercules Exploration Projects.

Unless otherwise indicated, the technical disclosure contained within this press release that relates to the Company’s operating mine has been reviewed and approved by Tim J. Swendseid, President of the Company and a Qualified Person for the purpose of NI 43-101.

About Elevation Gold Mining Corporation

Elevation Gold is a publicly listed gold and silver producer, engaged in the acquisition, exploration, development and operation of mineral properties located in the United States.  Elevation Gold’s common shares are listed on the TSX Venture Exchange in Canada and on the OTCQX in the United States.  The Company’s principal operation is the 100% owned Moss Mine in the Mohave County of Arizona.  Elevation also holds the title to the Hercules exploration property, located in Lyon County, Nevada.