Spanish Mountain Gold advances permitting at B.C. gold project

Spanish Mountain Gold Ltd. (“Spanish Mountain” or the “Company”) (TSX-V: SPA; FSE: S3Y; OTCQB: SPAUF)

is pleased to announce the results of a Preliminary Economic Assessment and Mineral Resource Estimate Update (the "

PEA

", or “PEA Update”, “MRE” on the Spanish Mountain Gold Project (the “Project”) located within the Cariboo Gold Corridor, British Columbia, Canada. The PEA Update is a conceptual study showing improved potential economic viability of the Main Deposit. The PEA will be published in an independent National Instrument ("NI") 43-101 Technical Report within 45 days of this news release and filed on SEDAR+. Once filed on SEDAR+, the PEA will supersede the Company’s existing technical report on the Project. The PEA Update study was commissioned by the Company and prepared by consultants led by BBA Engineering Ltd. ("

BBA

"). The PEA envisions a conventional open pit mining and milling operation with a projected 25.8-year life of mine ("LOM") producing 3.33 million ounces ("Moz") of payable gold, with a front-weighted production profile and attractive economics.

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Figure 1: PEA Update Mine Production Schedule Summary

Highlights

Robust Economics:

Base case after-tax NPV5% of US$2,156 million (C$2,910 million) with an after-tax IRR of 35.2% using a gold price assumption of US$3,600/ounce ("oz"). Using a spot gold price of US$4,400/oz gold, after-tax NPV5% increases to US$3,142 million (C$4,242 million) and the after-tax IRR to 46.3%.

Significant Production and Low Cost:

207 koz average annual gold production in the