Palamina to Receive Non-Dilutive CDN$3.35M Net Payment from Winshear Gold on Return of Capital to Shareholders

Toronto, Ontario--(Newsfile Corp. - October 26, 2023) - Palamina Corp.'s (TSXV: PA) (OTCQB: PLMNF) equity/royalty partner Winshear Gold Inc. (TSXV: WINS) ("Winshear") has declared a return of capital of CDN$0.25 per share to Winshear shareholders payable December 8, 2023. Palamina holds 13,422,000 common shares and 1,321,000 warrants in Winshear and a 2% NSR on all its projects in Peru. Winshear recently received a net settlement payment from the Tanzanian Government in excess of CDN $25,250,000 over the expropriation of Winshear's SMP gold deposit.

"Palamina intends to exercise it's in-the money warrants in Winshear to hold 14,743,000 shares for a net non-dilutive payout in excess of CDN$3.35M. Both Palamina and Winshear are now well financed to carry out significant drill discovery programs on their flagship Usicayos and Gaban gold projects in the Puno Orogenic Gold Belt in Peru. Both gold projects have the potential to host multi-million ounce gold deposits," commented Andrew Thomson, President of Palamina.

For further details on Winshear's Gaban Gold Project please visit www.winshear.com and for Palamina's Usicayos Gold Project please visit www.palamina.com.

About Palamina Corp.

Palamina has participation in eight gold projects in south-eastern Peru hosted within the Puno Orogenic Gold Belt (POGB). Palamina is advancing the Usicayos gold project through the drill discovery phase. The Company also has rights to the Galena silver-copper project in the Santa Lucia district. Palamina holds an 18.5% equity interest on a partially diluted basis in Winshear Gold Corp. who are advancing the Gaban Gold Project to the drill discovery phase.

Palamina has 71,284,836 shares outstanding and trades on the TSX Venture Exchange under the symbol PA and on the OTCQB Venture Market under the symbol PLMNF.

On Behalf of the Board of Directors:
Andrew Thomson, President
Phone: (416) 204-7536 or visit www.palamina.com

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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/185313