Market Newsdesk

HANGZHOU, China, Nov. 25, 2020 (GLOBE NEWSWIRE) — Yunji Inc. (“Yunji” or the “Company”) (NASDAQ: YJ), a leading membership-based social e-commerce platform, today announced that it has signed a cooperative framework agreement (the “Agreement”) with Douyin, a leading Chinese live streaming platform owned by Bytedance. The Agreement’s establishment is in line with the Company’s strategy of exploring the live streaming potential of external platforms in such areas as product supply chain, e-commerce streamer resources, and platform traffic.

Through the Agreement, the Company will leverage its online store and video account on Douyin to introduce and promote more quality products sourced from its differentiated supply chain. In addition, through attractive live streaming events on Douyin, the Company will also be able to expand the influence of the high-quality private label and joint-venture brands in its network to external platforms as well as provide a broader consumer base range with access to its premium products.

On September 25, the Company chose to make its live streaming debut in streamer Yonghao Luo’s live streaming room. As part of this event, Yunji Founder and CEO Shanglue Xiao made a guest appearance and introduced a number of select goods to the audience. This live steaming event reached 10.7 million views and recorded RMB87.5 million in gross merchandise value (“GMV”). Subsequently, Yunji collaborated with streamer Xiong Bao and achieved good results. During Yunji’s Double Eleven Shopping Carnival, Yunji cooperated with streamer Yi Ge and recorded RMB50.2 million in GMV. Notably, Yunji has generated a cumulative GMV of RMB170.0 million through the three live streaming events it has hosted on Douyin to date.

Safe Harbor Statements

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident,” “potential,” “continue” or other similar expressions. Among other things, the quotations from management in this announcement, as well as Yunji’s strategic and operational plans, contain forward-looking statements. Yunji may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about Yunji’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Yunji’s growth strategies; its future business development, results of operations and financial condition; its ability to understand buyer needs and provide products and services to attract and retain buyers; its ability to maintain and enhance the recognition and reputation of its brand; its ability to rely on merchants and third-party logistics service providers to provide delivery services to buyers; its ability to maintain and improve quality control policies and measures; its ability to establish and maintain relationships with merchants; trends and competition in China’s e-commerce market; changes in its revenues and certain cost or expense items; the expected growth of China’s e-commerce market; PRC governmental policies and regulations relating to Yunji’s industry, and general economic and business conditions globally and in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Yunji’s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Yunji undertakes no obligation to update any forward-looking statement, except as required under applicable law.

About Yunji Inc.

Yunji Inc. is a leading social e-commerce platform in China that has pioneered a unique, membership-based model to leverage the power of social interactions. The Company’s e-commerce platform offers high-quality products at attractive prices across a wide variety of categories catering to the day-to-day needs of Chinese consumers. In addition, the Company uses advanced technologies including big data and artificial intelligence to optimize user experience and incentivize members to promote the platform as well as share products with their social contacts. Through deliberate product curation, centralized merchandise sourcing, and efficient supply chain management, Yunji has established itself as a trustworthy e-commerce platform with high-quality products and exclusive membership benefits, including discounted prices.

For more information, please visit https://investor.yunjiglobal.com/ 

Investor Relations Contact

Yunji Inc.
Investor Relations
Email: [email protected] 
Phone: +1 (646) 224-6957

ICR, Inc.
Xinran Rao
Email: [email protected] 
Phone: +1 (646) 224-6957

MONTREAL, Nov. 24, 2020 (GLOBE NEWSWIRE) — PyroGenesis Canada Inc. (http://www.pyrogenesis.com) (TSX: PYR) (OTCQB: PYRNF) (FRA: 8PY), a high-tech company, (the “Company”, the “Corporation” or “PyroGenesis”) that designs, develops, manufactures and commercializes plasma atomized metal powder, plasma waste-to-energy systems and plasma torch products, is pleased to announce today that it has signed an initial plasma torch contract (the “Contract”) to provide one high powered (approx. 1MW) plasma torch with ancillary equipment (the “Torch”), with Client A (the “Client”), a major iron ore producer, for approx. $1.8MM. This does not include continued after-sale services, which was not the subject of these initial negotiations. It is expected that future sales with this Client will include a separate continued after-sale services agreement. The Client is a multi-billion-dollar international producer of iron ore pellets, one of the largest in the industry, whose name will remain confidential for competitive reasons. The Client, which has committed to reduce its greenhouse gas (“GHG”) emissions, has over ten (10) plants, each possibly requiring up to 50 plasma torches.

“This is a major milestone for PyroGenesis as it is the first time we have sold a torch system to a major iron ore pelletizer. The first commercial sale is always the hardest in any industry. It is not a secret that the ultimate goal is to replace their fossil fuel burners with our plasma torches. Of note, the preamble to the Contract states ‘…whereas [Client’s Name] has demonstrated a willingness to replace its fossil fuel burners with PyroGenesis’ proprietary plasma torches with the goal of reducing greenhouse gases in a furtherance of its stated policy to do so…’, which I believe sums up the significance of this announcement,” said Mr. P. Peter Pascali, CEO and Chair of PyroGenesis. “We have indeed crossed a threshold. This was our preferred rollout strategy, as it now enables us to better quantify all outstanding aspects of replacing fossil fuel burners with plasma torches, and thus be better positioned to price any additional benefits into future orders. We cannot overemphasize the opportunity this presents. That is not to say that there are no risks moving forward, or that future contracts are guaranteed. That is definitely not true. There are no guarantees, however we can say with certainty that we are conservatively ticking the boxes one by one.”

“With this announcement, PyroGenesis is on its way to assuming a leadership role in reducing greenhouse gas emissions using PyroGenesis’ proprietary plasma torches,” said Mr. Pierre Carabin, Chief Technology Officer and Chief Strategist of PyroGenesis. “We look forward to leveraging this success into other industries and becoming a premier environmental company geared toward reducing greenhouse gas emissions across all our business segments.”

The Contract announced today is a direct result of our recent success in the previously disclosed modeling contract which confirmed, amongst other things, that replacing fossil fuel burners with PyroGenesis’ proprietary plasma torches could potentially address the Client’s GHG reduction strategy/policy. (Press Release dated September 1^st,2020)

As previously disclosed, PyroGenesis has the process patent to replace fossil fuel burners with PyroGenesis’ clean plasma torches in the iron ore pelletization industry, thereby reducing GHG emissions. (Press Release dated September 1^st,2020)

Management has estimated internally that a typical pellet plant producing 10 million metric tonnes of pellets annually emits approximately one million metric tonnes of CO₂¹. The total world pellet production of 400 million metric tonnes of pellets represents a potential market for torch sales in excess of $10B worldwide. The world pellet industry generates about 40 million metric tonnes of CO₂ every year. The use of plasma torches running off a clean electrical grid would reduce these emissions significantly. For reference, 40 million tonnes of CO₂ represent the combined yearly emissions of 8.7 million US passenger vehicles².

It is expected, with multiple orders, that PyroGenesis would source long lead items ahead of time, and as such, it is expected that the time from contract to final assembly/installation at a client’s facility will be from a couple of weeks up to four (4) months.

Pelletization is the process in which iron ore is concentrated before shipment, thus significantly reducing the cost of transportation, and providing a required feedstock for blast furnaces. In conventional technologies, the process heat is provided by fuel oil or natural gas burners (both environmentally damaging). The combustion, in the burners, of fossil fuels results in the production of greenhouse gases (“GHG”), mainly CO₂. Plasma torches, by contrast, utilize renewable electricity and as such offer an environmentally attractive alternative to fossil fuel burners.

¹ M. Huerta, J. Bolen, M. Okrutny, I. Cameron and K. O’Leary, “Guidelines for Selecting Pellet Plant Technology”, Iron Ore Conference 2015 Proceedings, Perth, WA, July 13-15, 2015
²https://www.epa.gov/greenvehicles/greenhouse-gas-emissions-typical-passenger-vehicle

About PyroGenesis Canada Inc
.

PyroGenesis Canada Inc., a high-tech company, is a leader in the design, development, manufacture and commercialization of advanced plasma processes and products. The Company provides its engineering and manufacturing expertise and its turnkey process equipment packages to customers in the defense, metallurgical, mining, advanced materials (including 3D printing), and environmental industries. With a team of experienced engineers, scientists and technicians working out of its Montreal office and its 3,800 m² manufacturing facility, PyroGenesis maintains its competitive advantage by remaining at the forefront of technology development and commercialization. The Company’s core competencies allow PyroGenesis to provide innovative plasma torches, plasma waste processes, high-temperature metallurgical processes, and engineering services to the global marketplace. PyroGenesis’ operations are ISO 9001:2015 and AS9100D certified. For more information, please visit www.pyrogenesis.com.

This press release contains certain forward-looking statements, including, without limitation, statements containing the words “may”, “plan”, “will”, “estimate”, “continue”, “anticipate”, “intend”, “expect”, “in the process” and other similar expressions which constitute “forward- looking information” within the meaning of applicable securities laws. Forward-looking statements reflect the Corporation’s current expectation and assumptions and are subject to
a number of
risks and uncertainties that could cause actual results to differ materially from those anticipated. These forward-looking statements involve risks and uncertainties including, but not limited to, our expectations regarding the acceptance of our products by the market, our strategy to develop new products and enhance the capabilities of existing products, our strategy with respect to research and development, the impact of competitive products and pricing, new product development, and uncertainties related to the regulatory approval process. Such statements reflect the current views of the Corporation with respect to future events and are subject to certain risks and uncertainties and other risks
detailed from time-to-time in the Corporation’s ongoing filings with the securities regulatory authorities, which filings can be found at

www.sedar.com,

or at


www.otcmarkets.com



.

Actual results, events, and performance may differ materially. Readers are cautioned not to place undue reliance on these forward-looking statements. The Corporation undertakes no obligation to publicly update or revise any forward- looking statements either as a result of new information, future events or otherwise, except as required by applicable securities laws
.
Neither the T
oronto Stock
Exchange
(TSX)
, its Regulation Services Provider (as that term is defined in the policies of the TSX) nor the OTCQB accepts responsibility for the adequacy or accuracy of this press release.

SOURCE PyroGenesis Canada Inc.

For further information please contact:
Rodayna Kafal, Vice President, IR/Comms. and Strategic BD
Phone: (514) 937-0002, E-mail: [email protected]

RELATED LINK: http://www.pyrogenesis.com/

COLUMBIA, Md., Nov. 24, 2020 (GLOBE NEWSWIRE) — W. R. Grace & Co. (NYSE:GRA) today announced that Hudson La Force, President and Chief Executive Officer, Bill Dockman, Senior Vice President and Chief Financial Officer, and Jeremy Rohen, Vice President, Investor Relations and Corporate Development, will participate in Citi’s Basic Materials Virtual Conference on Tuesday, Dec. 1, 2020. The company will participate in small group discussions and one-on-one meetings as part of the virtual conference.

The investor presentation related to this conference can be accessed at investor.grace.com on the day of the conference.

About Grace

Built on talent, technology, and trust, Grace is a leading global specialty chemical company. The company’s two industry-leading business segments—Catalysts Technologies and Materials Technologies—provide innovative products, technologies, and services that enhance the products and processes of our customers around the world. With approximately 4,000 employees, Grace operates and/or sells to customers in over 60 countries. More information about Grace is available at grace.com.

This announcement contains, and the presentation will contain, forward-looking statements, that is, information related to future, not past, events. Such statements generally include the words “believes,” “plans,” “intends,” “targets,” “will,” “expects,” “suggests,” “anticipates,” “outlook,” “continues,” or similar expressions. Forward-looking statements include, without limitation, statements regarding future: financial positions; results of operations; cash flows; financing plans; business strategy; operating plans; capital and other expenditures; impact of COVID-19 on Grace’s business; competitive positions; growth opportunities for existing products; benefits from new technology; benefits from cost reduction initiatives; succession planning; and markets for securities. For these statements, Grace claims the protections of the safe harbor for forward-looking statements contained in Section 27A of the Securities Act and Section 21E of the Exchange Act. Grace is subject to risks and uncertainties that could cause actual results or events to differ materially from its projections or that could cause other forward-looking statements to prove incorrect. Factors that could cause actual results or events to differ materially from those contained in the forward-looking statements include, without limitation: risks related to foreign operations, especially in areas of active conflicts and in emerging regions; the costs and availability of raw materials, energy, and transportation; the effectiveness of Grace’s research and development and growth investments; acquisitions and divestitures of assets and businesses; developments affecting Grace’s outstanding indebtedness; developments affecting Grace’s pension obligations; legacy matters (including product, environmental, and other legacy liabilities) relating to past activities of Grace; its legal and environmental proceedings; environmental compliance costs (including existing and potential laws and regulations pertaining to climate change); the inability to establish or maintain certain business relationships; the inability to hire or retain key personnel; natural disasters such as storms and floods; fires and force majeure events; the economics of our customers’ industries, including the petroleum refining, petrochemicals, and plastics industries, and shifting consumer preferences; public health and safety concerns, including pandemics and quarantines; changes in tax laws and regulations; international trade disputes, tariffs, and sanctions; the potential effects of cyberattacks; and those additional factors set forth in Grace’s most recent Annual Report on Form 10-K, quarterly reports on Form 10-Q, and current reports on Form 8-K, which have been filed with the Securities and Exchange Commission and are readily available on the internet at www.sec.gov. Grace’s reported results should not be considered as an indication of its future performance. Readers are cautioned not to place undue reliance on Grace’s projections and other forward-looking statements, which speak only as of the dates those projections and statements are made. Grace undertakes no obligation to release publicly any revisions to forward-looking statements contained in this announcement, or to update them to reflect events or circumstances occurring after the date of this announcement.

Media Relations

Rich Badmington
T +1 410.531.4370
[email protected]

Investor Relations

Jeremy Rohen
+1 410.531.8234
[email protected]

BEIJING, Nov. 25, 2020 (GLOBE NEWSWIRE) — BlueCity Holdings Limited (“BlueCity” or the “Company”) (NASDAQ: BLCT), a world’s leading online LGBTQ platform, today announced that it has entered into a definitive agreement with iRainbow Hong Kong Limited (“Finka”) and all of its subsidiaries and other entities under the control of Finka, pursuant to which BlueCity agreed to acquire 100% equity interests in Finka for an aggregate consideration of RMB240 million in cash. The transaction is subject to customary closing conditions, and the closing is currently expected to occur before mid-December.

Finka is a leading gay social networking app in China targeting younger generations. It helps young users establish social contact and record and share their daily life through rich product features like matching, private message, posting moments and live streaming. According to the Frost & Sullivan Report, Finka had over 2.7 million registered users in 2019. Finka is a top choice for young Chinese gay men to make friends.

Mr. Baoli Ma, BlueCity’s Founder, Chairman and Chief Executive Officer, commented: “We are excited about this strategic acquisition. Finka complements our Blued app, both in its functionality focused on dating and swipe, and in the demographics of its users. Blued has a broad suite of services for the gay community, while Finka is focused mainly on relationships. We share the same commitment and have been devoted to providing great social experiences to our users through innovative product offerings. After the acquisition, Finka will continue to operate as a separate app backed by our full support economically and operationally.”

Ma continued, “BlueCity is building a portfolio of apps and services designed to help community members across geographies and demographics. There is no ‘one size fits all’ dating/networking service, and we intend to continue to tailor our services to the specific needs of our community. As a leader in LGBTQ community, we have deep understanding of our users and will continuously improve and broaden our services through both organic growth and potential M&A opportunities.”

Ms. Qiang Xiao, Founder and CEO of Finka, added: “Blued and Finka each has unique features and strengths for their respective communities. This acquisition integrates a menu of options and create synergies that can better meet the needs of a wider demographic. We look forward to working with BlueCity’s talented team and building a better future together.”

About BlueCity

BlueCity (NASDAQ: BLCT) is a world-leading online LGBTQ platform providing a full suite of services to foster connections and enhance the wellbeing of the LGBTQ community. Mobile app Blued is the platform’s central hub, allowing users to conveniently and safely connect with each other, express themselves and access professional health-related and family planning consulting services. Blued has connected 54 million registered users worldwide, and is now the largest online LGBTQ community in China, India, Korea, Thailand and Vietnam.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “is/are likely to,” “potential,” “continue” and similar statements. Among other things, business outlook and quotations from management in this announcement, as well as BlueCity’s strategic and operational plans, contain forward-looking statements. BlueCity may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about BlueCity’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company’s goals and strategies; the Company’s ability to retain and increase the number of users, paying members and advertisers, and expand its product and service offerings; the Company’s future business development, financial condition and results of operations; the expected changes in the Company’s revenues, costs or expenditures; the Company’s expectation regarding the use of proceeds from its IPO; competition in the Company’s industry and its popularity within the LGBTQ population; and relevant government policies and regulations relating to the Company’s industry; and the development and impacts of COVID-19. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the U.S. Securities and Exchange Commission. All information provided in this press release and in the attachments is current as of the date of the press release, and the Company does not undertake any obligation to update such information, except as required under applicable law.

For more information, please contact:

In China:
BlueCity Holdings Limited
Ms. Lingling Kong
Investor Relations Director
Phone: +86 10-5876-9662
Email: [email protected] 

The Blueshirt Group
Ms. Susie Wang
Phone: +86 138-1081-7475
Email: [email protected]

In the United States:
The Blueshirt Group
Ms. Julia Qian
Phone: +1 973-619-3227
Email: [email protected] 

HIGH POINT, N.C., Nov. 24, 2020 (GLOBE NEWSWIRE) — vTv Therapeutics Inc. (Nasdaq: VTVT) today announced it has entered into a common stock purchase agreement (“Purchase Agreement”) for up to $47 million with Lincoln Park Capital Fund, LLC (“LPC”), a Chicago-based institutional investor.

“The LPC financing will help us reach a number of potential value-driving events over the next six to nine months, including the upcoming topline results of our phase 2 Elevage Study in patients with Alzheimer’s disease and type 2 diabetes in December,” said Steve Holcombe, President and CEO of vTv Therapeutics. “In addition, these funds will help us conduct a mechanistic study of TTP399, our oral treatment for patients with type 1 diabetes focused on its impact on diabetic ketoacidosis, and additionally a multiple-ascending dose study of HPP737 as a potential oral treatment for psoriasis.”

vTv will have the option, but not the obligation, to sell to LPC up to $47.0 million in shares of Class A common stock over a thirty-six-month period subject to certain conditions, including a registration statement being filed and declared effective by the SEC. There are no upper limits to the price LPC may pay to purchase Class A common stock from vTv and the purchase price of the shares will be based on the prevailing market prices of vTv’s shares at the time of each sale to LPC.

LPC has agreed not to cause or engage in any manner whatsoever, any direct or indirect short selling or hedging of vTv’s shares of Class A common stock. No warrants, derivatives, or other share classes are associated with this agreement. In consideration for entering into the agreement, vTv has issued shares of Class A common stock to LPC as a commitment fee. The Purchase Agreement may be terminated by vTv at any time, at its sole discretion, without any additional cost or penalty.

vTv intends to use the net proceeds from the transaction for general corporate purposes and to support its clinical development strategy, including finalizing and reporting topline results from the Company’s ongoing Elevage Study of azeliragon for the treatment of Alzheimer’s disease in patients with type 2 diabetes in December 2020, conducting a mechanistic study of TTP399 in patients with type 1 diabetes, and conducting a multiple-ascending dose study of HPP737 as part of a development program of the product as an oral therapy for psoriasis.

A more detailed description of the agreement is set forth in vTv’s Current Report on Form 8-K to be filed with the SEC.

This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities in this offering, nor will there be any sale of these securities in any jurisdiction in which such offer solicitation or sale are unlawful prior to registration or qualification under securities laws of any such jurisdiction.

About vTv Therapeutics

vTv Therapeutics Inc. is a clinical-stage biopharmaceutical company focused on developing oral small molecule drug candidates. vTv has a pipeline of clinical drug candidates led by programs for the treatment of type 1 diabetes, Alzheimer’s disease, and psoriasis. vTv’s development partners are pursuing additional indications in type 2 diabetes, chronic obstructive pulmonary disease (COPD), and genetic mitochondrial diseases. For more information, please visit www.vtvtherapeutics.com or follow us on Twitter: @vTvTherapeutics.

Forward-Looking Statements

This release contains forward-looking statements, which involve risks and uncertainties. These forward-looking statements can be identified by the use of forward-looking terminology, including the terms “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would” and, in each case, their negative or other various or comparable terminology. All statements other than statements of historical facts contained in this release, including statements regarding the timing of our clinical trials, our strategy, future operations, future financial position, future revenue, projected costs, prospects, plans, objectives of management and expected market growth are forward-looking statements. These statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Important factors that could cause our results to vary from expectations include those described under the heading “Risk Factors” in our Annual Report on Form 10-K and our other filings with the SEC. These forward-looking statements reflect our views with respect to future events as of the date of this release and are based on assumptions and subject to risks and uncertainties. Given these uncertainties, you should not place undue reliance on these forward-looking statements. These forward-looking statements represent our estimates and assumptions only as of the date of this release and, except as required by law, we undertake no obligation to update or review publicly any forward-looking statements, whether as a result of new information, future events or otherwise after the date of this release. We anticipate that subsequent events and developments will cause our views to change. Our forward-looking statements do not reflect the potential impact of any future acquisitions, merger, dispositions, joint ventures or investments we may undertake. We qualify all of our forward-looking statements by these cautionary statements.

Contacts

Investors:

Corey Davis
LifeSci Advisors
[email protected]

or

Media:

Glenn Silver
Lazar FINN Partners
646-871-8485
[email protected]

TORONTO, Nov. 24, 2020 (GLOBE NEWSWIRE) — Wesdome Gold Mines Ltd. (TSX: WDO) (“Wesdome” or the “Company”) today announces initial results from underground development on the A Zone at the Company’s 100% owned Kiena Mine Complex in Val d’Or, Quebec.

Kiena Deep A Zone Development

In addition to the ongoing definition drilling, sill development is currently being completed on the Kiena Deep A Zone on 111 Level. The development will provide an opportunity to confirm the geologic interpretation of the deposit, test for spatial and grade continuity of the mineralized structures, validate key assumptions of the mineral resource estimate, and assess the rock quality characteristics. This information will assist the ongoing Prefeasibility Study (“PFS”), expected to be completed by H1 2021, which will determine timing and details of the restart of the mine.

To date, approximately 123 metres (“m”) of 3.7 m x 4.0 m lateral development have been completed on the A and A1 zones. The initial development has confirmed the continuity of the A Zone high grade gold mineralization along strike. Visible gold is associated with folded quartz veins which are located within an overall zone of strong amphibole alteration. The amphibolite is located at the contact between basalt/feldspar porphyry dyke and ultramafic rocks (Figure 1). To date, approximately 6,000 tonnes (corresponding to the 123 m of development) grading 22.1 grams per tonne gold (“g/t Au”) have been mined based on uncapped muck samples (Figure 2). The muck samples compare well with chip samples collected along the face (Figure 3). The uncapped muck samples also compare well with the gold grade estimated by the uncapped version of the block model. These results are preliminary and final results will be presented on completion of the milling. The upcoming milling of the A Zone development material will be used to reconcile the gold content estimated by the muck and chip sampling and the block model.

Highlights of the recent A and A1 Zone development include;

• Chip sample R111-ZA22W-F: 246.2 g/t Au over 3.8 m chip length (66.5 g/t Au capped) A Zone
• Chip sample R111-ZA25W-F: 785.0 g/t Au over 2.8 m chip length (71.8 g/t Au capped) A Zone
• Chip sample R111-ZA1-5W-F: 19.4 g/t Au over 4.0 m chip length (19.4 g/t Au capped) A1 Zone
• Chip sample R111-ZA1-4W-F: 156.5 g/t Au over 1.0 m chip length (100.0 g/t Au capped) A1 Zone

All assays capped to 100.0 g/t Au.

The Kiena mill has now been restarted and is currently processing waste rock and low grade mineralization in preparation to process the Kiena Deep A Zone development material later next month. The development material will come from two zones, namely the A and A1 Zones. At this time we expect to process the estimated 6,000 tonnes of the combined zones. The milling results will be used to reconcile gold production with development muck and chip samples, as well as reconcile the production with grade estimated by three-dimensional block modelling and the forecast ounces of gold, thus validating key parameters of the resource estimate. The resource estimate is currently being updated and is planned to be released this December. This resource estimate will be the base of the ongoing PFS, expected to be completed on schedule in H1 2021.

Mr. Duncan Middlemiss, President and CEO, commented, “We are very pleased with the initial development, which has thus far confirmed the high grade nature and continuity of the A Zone. Everything learned from this development will be used in support of the prefeasibility study currently underway.

“We are also very encouraged with the recommissioning of the Kiena mill, that is now processing waste rock and low grade material in advance of the A Zone development material. It confirms the readiness of the mill for future production. Initial results from the uncapped muck and chip samples indicate the grades compare with the uncapped grades in the block model, which are higher than the reported capped mineral resource and which could be very positive. This is to be confirmed with the processing of the A Zone development material within the next month.

“In addition, we remain focused on continued drilling underground with 7 drills in the Kiena Deep and VC zones. This drilling has continued to confirm the overall continuity of the geometry and the high-grade gold mineralization of the A Zone that now extends down plunge in excess of 880 m. We have also commenced our surface exploration program with 2 drill rigs to test targets adjacent to the Kiena Mine Complex. In 2021, we expect to continue our aggressive exploration program both underground and on surface to test the numerous targets that remain underexplored, and also, to progress the A Zone development ramp for drilling and future production.”

TECHNICAL DISCLOSURE

The technical and geoscientific content of this release has been compiled, reviewed and approved by Bruno Turcotte, P.Geo., (OGQ #453) Senior Project Geologist of the Company and a “Qualified Person” as defined in National Instrument 43-101 -Standards of Disclosure for Mineral Projects.

Analytical work was performed by ALS Minerals of Val-d’Or (Quebec), a certified commercial laboratory (Accredited Lab #689). Sample preparation was done at ALS Minerals in Val d’Or (Quebec). Assaying was done by fire assay methods with an atomic absorption finish. Any sample assaying >100 g/t Au was rerun by metallic sieve method. In addition to laboratory internal duplicates, standards and blanks, the geology department inserts blind duplicates, standards and blanks into the sample stream to monitor quality control for chip and muck samples.

COVID-19

The health and safety of our employees, contractors, vendors, and consultants is the Company’s top priority. In response to the COVID-19 outbreak, Wesdome has adopted all public health guidelines regarding safety measures and protocols at all of its mine operations and corporate offices. In addition, our internal COVID-19 Taskforce continues to monitor developments and implement policies and programs intended to protect those who are engaged in business with the Company.

Through care and planning, to date the Company has successfully maintained operations, however there can be no assurance that this will continue despite our best efforts. Future conditions may warrant reduced or suspended production activities which could negatively impact our ability to maintain projected timelines and objectives. Consequently, the Company’s actual future production and production guidance is subject to higher levels of risk than usual. We are continuing to closely monitor the situation and will provide updates as they become available.

ABOUT WESDOME

Wesdome Gold Mines has had over 30 years of continuous gold mining operations in Canada.  The Company is 100% Canadian focused with a pipeline of projects in various stages of development.  The Company’s strategy is to build Canada’s next intermediate gold producer, producing 200,000+ ounces from two mines in Ontario and Quebec. The Eagle River Complex in Wawa, Ontario is currently producing gold from two mines, the Eagle River Underground Mine and the Mishi Open pit, from a central mill.  Wesdome is actively exploring its brownfields asset, the Kiena Complex in Val d’Or, Quebec.  The Kiena Complex is a fully permitted former mine with a 930-metre shaft and 2,000 tonne-per-day mill.  The Company has further upside at its Moss Lake gold deposit, located 100 kilometres west of Thunder Bay, Ontario.  The Company has approximately 138.9 million shares issued and outstanding and trades on the Toronto Stock Exchange under the symbol “WDO”.

For further information, please contact: