California Gold Announces Positive First Assays from Resource Drilling at Queen Specimen Zone

California Gold Mining (“California Gold” or the “Company”) announces the first set of assay results from the recently commenced resource drilling program at the Queen Specimen zone at its flagship Fremont Project (the “Project” or “Fremont”) in Mariposa County, California.

Today’s results advance the Company’s main objective of generating a second mineral resource on the Property covering the newly identified Queen Specimen mineralized zone. This zone is located in the north-west portion of the Property, and constitutes roughly 750m of strike length, out of the total four kilometers strike of the Mother Lode shear zone (the “Shear Zone”) on the Property.

Vishal Gupta, California Gold’s President and CEO, said:

“These results are exactly what we were hoping to see. We are extremely pleased with the substantial grades and sizeable widths intersected at the Queen Specimen zone that lies to the north of the Pine Tree-Josephine zone where the current NI 43-101 compliant mineral resource for Fremont is hosted.

These latest results indicate the continuation of the near-surface gold mineralization along the strike of the Shear Zone and support our thesis that there is potential to significantly expand the current open pit-constrained mineral resource at Pine Tree-Josephine along strike at Queen Specimen.”

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