MAS Gold Corp. and Eros Resources Corp. announced the signing of a formal agreement (the "Agreement") granting Eros the exclusive right to earn a 17.5% interest in all of MAS Gold's current properties in the prospective La Ronge Gold Belt of northeastern Saskatchewan by funding $3,500,000 in exploration expenditures over a six month period (the "Transaction"). The Option Agreement with Eros gives Eros the option to acquire a 17.5% interest in MAS Gold's Preview-North, Greywacke Lake, Elizabeth Lake and Henry Lake properties, totaling an area of approximately 33,860 hectares which are owned 100% by MAS Gold, subject to certain existing royalties held by third parties. The Agreement also provides Eros the right to earn a 17.5% interest in the Contact Lake property that MAS Gold has agreed to acquired from the Government of Saskatchewan, being approximately 463 hectares, if and when the Contact Lake property is transferred to MAS Gold. MAS Gold expects to complete the acquisition of the Contact Lake property early in 2022, and has recently reached an agreement in principle with the Government of Saskatchewan to extend the deadline to complete the transfer of
the property to December 31, 2022. The Agreement does not provide Eros with a right to earn an interest in the Preview SW gold deposit and property that MAS Gold recently announced it has entered into a letter of intent to acquire from Comstock Metals Ltd. MAS Gold and Eros have agreed to conduct a winter 2022 exploration program and summer exploration program (the "Program") commencing in January 2022. The work planned will focus
primarily on the Preview-North property and include: infill holes within the North Lake deposit, as well as step out drilling to the northeast and to the southwest; and drilling exploration holes at the Point deposit. The Program also anticipates compilation work leading to drilling testing of select areas
where gold mineralization was previously outlined but not developed at the Contact Lake property. Plans have also been outlined in the Program for a regional structural geological mapping and analysis program at both the Preview-North and Greywacke Lake properties.