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Battle North green lights construction of mine near Red Lake

Feb 10, 2021

Battle North Gold Corporation is pleased to provide an update on its 2021 construction plans for the Bateman Gold Project. The company also announces the appointment of Vice President, Human Resources Rachel Pineault.

Battle North President and Chief Executive Officer George Ogilvie, commented, "I'd like to welcome Rachel Pineault to the Battle North Management Team. Rachel brings significant experience in human resources and has been involved in building 5 mines in Canada. Her addition comes at a very important phase of Battle North's progression, as we embark on the significant growth of our organization in short order."

"Construction on critical path items has commenced at the Bateman Gold Project and we are excited that the Board has approved the full construction of the Project, with the potential to be pouring first gold by the end of the year. In addition, we have commenced drilling of highly-prospective targets on our regional Red Lake Properties and we will be providing an overview of our 2021 exploration plans shortly." 

2021 Bateman Gold Project Construction: Red Lake's Next Gold Mine

Battle North is advancing its shovel-ready Bateman Gold Project to become the next gold producer in the Red Lake gold mining camp. The Company's Board of Directors have approved construction of the Project as described in the Feasibility Study1, including the 2021 construction budget. The Company anticipates spending approximately C$59.1 million towards initial capital development in 2021, including underground development, construction of an ammonia reactor, upgrades to the tailings management facility ("TMF"), camp and mill and the purchase of stationary and mobile equipment. As of January 31, 2021, Battle North has spent approximately C$4.0 million on critical path construction items, as described below. The Company also plans to spend approximately C$17.8 million on capitalized operating cost expenditures in 2021, including continued infill drilling, site maintenance and underground development. As previously disclosed, on December 22, 2020 Battle North signed a commitment letter for a US$40 million credit facility with Macquarie Bank Limited ("Credit Facility")2. The Credit Facility, in concert with our strong cash balance, is expected to fully fund the Bateman Gold Project to Commercial Production.

Based on the current construction schedule, the Company is currently targeting the processing of ore at the Project by end of 2021 and the achievement of Commercial Production by the end of 2022.

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