Lincoln Gold Announces Closing Of Non-Brokered Private Placement

October 30, 2019

Lincoln Gold Mining Inc., TSX-V: LMG ("Lincoln" or the "Company") is pleased to announce that it has closed its previously announced non-brokered private placement offering (the “Private Placement”) of 6,400,000 units of the Company (the “Units”) at a price of $0.10 per Unit to raise gross proceeds of $640,000.

Each Unit consists of one common share in the capital of the Company (a “Common Share”) and one half of a Common Share purchase warrant (each whole warrant, a “Warrant”). Each Warrant entitles the holder, on exercise thereof, to purchase one additional Common Share at a price of $0.14 for a period of 24 months from the closing of the Private Placement.

All securities issued in connection with the Private Placement are subject to a four-month hold period from the closing date under applicable Canadian securities laws, in addition to such other restrictions as may apply under applicable securities laws of jurisdictions outside Canada.

Net proceeds from the Private Placement will be primarily used towards a pre-feasibility study and the final stages of the permitting process for the Company’s Pine Grove Gold Project in Nevada and for general working capital purposes.

Pursuant to the Private Placement, Mr. Shing Lee, a director of Lincoln, acquired a total of 1,000,000 Units. A material change report in connection with the Private Placement will be filed less than 21 days before the closing of the Private Placement. This shorter period was reasonable and necessary in the circumstances as the Company wished to complete the Private Placement in a timely manner.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws, unless an exemption from such registration is available.

About Lincoln Gold Mining Inc.

The Company has developed a focused timeline to bring the Pine Grove Gold Project into production. Meetings are underway with the U.S. Forest Service and engineering groups to assist with the final stages of the permitting process. Following permitting, pre-construction activities will begin. Company management estimates that it will take approximately one year to complete construction of the Pine Grove Mine and the plant facility.

Lincoln Gold Mining Inc. is a Canadian based precious metals exploration and development company with two projects in various stages of exploration and development, namely the Pine Grove Gold Project in Nevada and the Oro Cruz Gold Project in California which it operates through its wholly-owned subsidiaries, Lincoln Gold US Corporation and Lincoln Resource Group Corp., both Nevada corporations.

For more information, please contact Paul Saxton, President and CEO of the Company.

On behalf of Lincoln Gold Mining Inc.

Paul Saxton, President and CEO

Lincoln Gold Mining Inc.

1 (604) 688-7377   


Neither 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.

Cautionary Note Regarding Forward-Looking Statements

All statements, trend analysis and other information contained in this news release relative to markets about anticipated future events or results constitute forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as “seek”, “anticipate”, “believe”, “plan”, “estimate”, “expect” and “intend” and statements that an event or result “may”, “will”, “should”, “could” or “might” occur or be achieved and other similar expressions. All statements, other than statements of historical fact, included herein, including, without limitation, statements relating the anticipated use of proceeds of the Private Placement and the timeline for development of the Pine Grove Gold Project, are forward-looking statements. Forward-looking statements are subject to business and economic risks and uncertainties and other factors that could cause actual results of operations to differ materially from those contained in the forward-looking statements. Important factors that could cause actual results to differ materially from Lincoln’s expectations include fluctuations in commodity prices and currency exchange rates; uncertainties relating to interpretation of drill results and the geology, continuity and grade of mineral deposits; the need for cooperation of government agencies and native groups in the exploration and development of properties and the issuance of required permits; the need to obtain additional financing to develop properties and uncertainty as to the availability and terms of future financing; the possibility of delay in exploration or development programs and uncertainty of meeting anticipated program milestones; and uncertainty as to timely availability of permits and other governmental approvals. Forward-looking statements are based on estimates and opinions of management at the date the statements are made. Lincoln does not undertake any obligation to update forward-looking statements except as required by applicable securities laws. Investors should not place undue reliance on forward-looking statements.


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