Winshear Gold Corp. (TSX-V: WINS) reports that the Board of Directors has decided, in light of the US$30 million settlement reached with Government of the United Republic of Tanzania (see news release dated October 16, 2023), to make a Return of Capital payment to shareholders of CDN $0.25 per Winshear common share. The Record Date (set at close of business on that date) and the Payment Date for the distribution are as follows:

This payment will be in Canadian dollars unless otherwise determined by the Company and by way of a return of capital. The tax consequences of the return of capital will be dependent on the particular circumstances of each shareholder.

Richard Williams, CEO of the Company, stated; “This is the appropriate thing to do for our shareholders who have stood by the Company through some challenging times. The return of capital will make up for some of the losses incurred by shareholders as a result of the expropriation of the SMP Gold Project in Tanzania. It will allow us to retain sufficient capital to complete a first pass drill programme at the Gaban Gold Project in Peru in the second quarter of 2024, after the coming rainy season ends.”

About Winshear Gold Corp.

Winshear Gold Corp. is a Canadian-based minerals exploration company advancing the Gaban Gold Project in the Puno region of Peru. Gaban is a possible hard-rock source for the modern-day alluvial gold rush underway in the Madre de Dios basin downstream