Angold Completes Drill Program at Iron Butte, Nevada

Vancouver, British Columbia--(Newsfile Corp. - October 12, 2022) - Angold Resources Ltd. (TSXV: AAU) (FSE: 13L) (OTCQB: AAUGF) ("Angold" or the "Company") is pleased to announce the completion of the drilling program at its Iron Butte Project, located approximately 60 kilometres ("km") south of Battle Mountain, Nevada.

A total of 5 holes were completed for a total of 2,152 metres. Drilling was distributed across the project area, with three holes into the Red Ridge Zone, one at the North Zone, and the remaining hole drilled into the newly identified Northern Extension Zone. The drill program was designed to test targets identified through geophysics and geochemical activities outlined in the Company's news release on April 19, 2022 and to define the strike extensions of the mineralized veins within the historic resource areas.

 
Figure 1. Iron Butte 2022 drillhole collar locations. Holes 01/01A and 04 were drilled in Red Ridge, 02 in North Zone and 03 in Northern Extension.
 
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A total of 1,501 core samples and reverse circulation pulps have been sent to Paragon Geochemical Laboratories in Sparks, Nevada for analysis. All samples have been delivered and are currently being processed, with the first results expected in late October or early November.

Angold's CEO, Mr. Adrian Rothwell, stated: "Angold was able to test all of our intended targets in this maiden drill program. Though drilling encountered logistical issues that resulted in unexpected delays, we are excited for results in the coming weeks."

The Iron Butte Project is comprised of 267 unpatented Bureau of Land Management mineral claims, covering approximately 2,210 hectares on the southwest edge of the Caetano Caldera west of the Cortez Hills mine in the Shoshone Range. Iron Butte is a low sulfidation epithermal system with a historic (non-compliant) resource, mineralization from surface over a ~2 km strike length, shallow historic drilling and gold grades of up to 7.74 g/t.

About Angold

Angold is an exploration and development company targeting large-scale mineral systems in the proven districts of the Maricunga Gold Belt in Chile, Nevada and Ontario. Angold owns a 100% interest in the Dorado, Cordillera and South Bay-Uchi projects, and certain claims that append the optioned Iron Butte project.

ON BEHALF OF THE BOARD OF ANGOLD RESOURCES LTD.

"Adrian Rothwell"
Chief Executive Officer

Further information on Angold can be found on the Company's website at www.angoldresources.com and at www.sedar.com, or by contacting the Company by email at investors@angoldresources.com or by telephone at (855) 917 4091.

This news release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which an offer, solicitation or sale would be unlawful prior to registration or qualifications under the securities laws of any such jurisdiction.

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 news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. These statements relate to future events or future performance and includes expectations of the resumption of trading of the Company's common shares on the Exchange. All statements other than statements of historical fact may be forward-looking statements or information. Forward-looking statements and information are often, but not always, identified by the use of words such as "appear", "seek", "anticipate", "plan", "continue", "estimate", "approximate", "expect", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe", "would" and similar expressions. Forward-looking statements and information are provided for the purpose of providing information about the current expectations and plans of management of the Company relating to the future. Readers are cautioned that reliance on such statements and information may not be appropriate for other purposes, such as making investment decisions. Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. Accordingly, readers should not place undue reliance on the forward-looking statements, timelines and information contained in this news release.

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