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West Vault Mining Files Technical Report for Hasbrouck Gold Project

West Vault Mining Inc. WVM WVMDF ("West Vault" or the "Company") is pleased to announce filing on SEDAR an independent NI 43-101 Pre-feasibility Study ("Technical Report") prepared by USA-based engineering firm RESPEC Company LLC ("RESPEC") for West Vault's 100% owned Hasbrouck Gold Project located near Tonopah, Nevada.

The Technical Report updates a September 2016 Pre-feasibility Study ("2016 PFS"), necessary because of the possible effect of increased capital costs, operating costs, and metal prices on project economics, and their combined effects on Mineral Resource and Mineral Reserve. After completion of the Technical Report, it has been determined that the mine plan, mineral processing, and Mineral Resource and Mineral Reserve Statements are substantially unchanged from the 2016 PFS. Exploration and expansion potential on the fully permitted project is highlighted.

The Technical Report was prepared by largely the same team that prepared the 2016 PFS, headed by RESPEC (formerly Mine Development Associates) of Rapid City, South Dakota, with contributions from Kappes, Cassidy & Associates, Reno ("KCA"), NewFields Mining Design & Technical Services ("NewFields"), Jorgensen Engineering & Technical Services ("JE&TS"), and Westland Engineering & Environmental Services (formerly EM Strategies).

The Hasbrouck Gold Project consists of the Three Hills and Hasbrouck Deposits plus a large land package. All dollar values presented in this news release are in U.S. dollars.

2023 Technical Report Highlights (2016 PFS at $1,275 gold in brackets)

Regarding expansion potential, there are a number of significant gold intercepts located proximal to current Mineral Resources, on strike from and below the proposed open pits that are not incorporated into the Technical Report Mineral Resource model. These intercepts show the potential to increase and extend the known Mineral Resource on West Vault's property.

Project Highlights - (US dollars)

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Notes:
(1) Gold equivalent calculations are made using the ratio of recovered silver / gold and metal prices.
(2) Silver production is averaged over the Hasbrouck mine life only.
(3) Difference between Funding and Capex from free cash flow from Three Hills Mine.
(3) World Gold Council - Adjusted Operating Costs include:

On-site mining and G&A, royalties and production taxes, permitting and community cost related to current operations, 3rd party smelting, refining and transport costs, stock-piles and inventory write-downs, site-based non-cash remuneration, operational stripping costs and by-product credits.
(4) Other category includes royalties, production taxes, permitting, refining and by-product credit.
(5) World Gold Council All-in /Sustaining Costs includes:
Adjusted Operating Costs (above) plus corporate G&A, reclamation & remediation - accretion & amortization, expenditures sustaining exploration and study costs, capital exploration, capitalized stripping and sustaining capital.
(6) World Gold Council All-in Cost include:
All-in Sustaining Costs (above) plus community, permitting and reclamation and remediation costs not related to current operations and non-sustaining exploration and study costs, capital exploration, capitalized stripping and capital expenditure.
(7) The $1,790/oz gold price represents the three-year trailing average gold price at 17 January 2023.

Sensitivity to Gold Price

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Outlook

West Vault is committed to maximizing shareholder value through its low-risk gold-in-ground strategy, which involves acquiring, advancing, and holding high-quality development gold projects in the best jurisdictions.

Authors and Qualified Persons Statement

The Technical Report was authored by RESPEC and was prepared in conformance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"). Technical work, analysis, and findings were completed by Thomas L. Dyer, P.E., and Jeff Bickel, C.P.G. both of RESPEC, Reno, with contributions by Mark Jorgensen, SME, of JE&TS (metallurgy), Ryan Baker, P.E., of NewFields (civil and heap leach) and Carl Defilippi, SME, of KCA (process design). Each person is a "Qualified Person" under NI 43-101 and has reviewed and approved the information in this news release relevant to the portion of the Technical Report for which they are responsible. Each Qualified Person noted above has reviewed and approved the scientific and technical content in this news release relating to the Technical Report. West Vault will file the Technical Report on SEDAR in support of the technical disclosures made in this news release within 45 days.

Sample Preparation, Analyses, and Security

It is RESPEC's opinion that the sampling, assaying, and security procedures used at Three Hills and Hasbrouck deposits follow industry standard procedures, and are adequate for the estimation of the current Mineral Resource and Mineral Reserve and for use in preparing the Technical Report.

Data Verification

RESPEC completed audits of the database, performed a site visit, reviewed quality assurance and quality control data and confirmed historic assays. After performing their review, they consider the assay data to be adequate for the estimation of the current Mineral Resource and Mineral Reserve and for use in preparing the Technical Report.

About RESPEC

Based in Rapid City, South Dakota, RESPEC is a global leader in diverse technologies and draws from a wide array of expertise, products, and services to deliver world-class solutions for business, mining, energy, water, natural resources, urban development, infrastructure, and enterprise services.

Qualified Person

Sandy McVey P.Eng., Chief Executive Officer and Chief Operating Officer for the Company, as a non-independent Qualified Person as defined in NI 43-101, has reviewed and approved the technical information disclosed in this news release.

Source: https://www.westvaultmining.com/

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