CANAGOLD RES LTD - CRCUF STOCK NEWS

Canagold Resources Ltd. (TSX: CCM, OTC-QB: CRCUF) reported high-grade gold assay results from the first four drill holes of its 8,000-metre drill program targeting the Y-veins at New Polaris. Key findings include:

• 22.1 gpt Au over 4.3 m in P22Y04 (Y19 vein)
• 22.9 gpt Au over 3.0 m in P22Y03 (Y19 vein)
• 9.39 gpt Au over 7.3 m in P22Y03 (Y20 vein)

The drilling is ahead of schedule and under budget, indicating Canagold's commitment to enhancing shareholder value. The feasibility study is underway with Ausenco Engineering.

Canagold Resources Ltd. (OTC-QB: CRCUF) has engaged Ausenco Engineering Canada Inc. to conduct a feasibility study on their New Polaris gold project in British Columbia. This study aims to update the resource model, calculate mining reserves, design infrastructure, and evaluate renewable power options. It is set to conclude in approximately 18 months. The New Polaris project has shown promising economic viability, with a PEA indicating significant after-tax NPV of CA$469 million and an IRR of 56%. Canagold remains committed to collaborating with the Taku River Tlingit First Nation throughout this process.

Canagold Resources Ltd. announced plans for additional financing to support the feasibility study, permitting, and drilling at the New Polaris project. The Company is exploring various financing options, including private placement and rights offerings, following a $1.5M Charity FT financing announced on September 1, 2022. Anticipated participation from Sun Valley or its affiliates in future financing plans is in accordance with TSX policies. Canagold aims to advance the New Polaris project while seeking to expand its asset base through future acquisitions.

Canagold Resources Ltd. has secured up to $4 million in financing to support its drilling activities through 2022. This includes a $1.5 million charity flow-through financing priced at a premium to the market. Additionally, Sun Valley Investments provided a $2.5 million unsecured credit facility at 5.5% interest. Sun Valley is expected to increase its ownership to over 20%, prompting a Special General Meeting for shareholder approval. These transactions are related party dealings necessitating exemptions under Multilateral Instrument 61-101.

Canagold Resources Ltd. has initiated a tender request for a feasibility study on its New Polaris project in Northwestern BC. A Preliminary Economic Assessment from February 2019 indicated strong economic potential with after-tax NPV of C$469 million and an IRR of 56% based on a US$1,500 gold price. Recent drilling has expanded resource estimates, including 586,000 oz Au indicated and 485,000 oz Au inferred. The company aims to complete the feasibility study in about 18 months, with a focus on improving project economics.

Canagold Resources Ltd. (OTCQB:CRCUF) announced the passing of its founder and former chairman, Mr. Bradford Cooke, on August 19, 2022. Mr. Cooke founded the company in 1987, serving as CEO until 2014 and as chairman until July 2022. Under his leadership, Canagold focused on gold mining projects in the Americas. Cooke had a notable career in mineral exploration, founding Endeavour Silver Corp. and serving as chairman of Aztec Minerals Corp. The company extends condolences to his family and friends.

Canagold Resources Ltd. (OTCQB:CRCUF) announced the mobilization of drill crews to restart drilling at the New Polaris Gold project in British Columbia. The 2022 drilling program aims to conduct 8000 meters of drilling, primarily targeting the high-grade Y-vein system to upgrade resources from Inferred to Indicated categories. Past drilling yielded impressive gold intercepts, including up to 30.6 grams per tonne over 3.2 meters. CEO Catalin Kilofliski emphasized the commitment to expedite the project towards feasibility while building gold resources.

Canagold Resources Ltd. has appointed Catalin Kilofliski as the new CEO following the resignation of Scott Eldridge as of August 02, 2022. Kilofliski, who previously served as Canagold's CEO from 2014 to 2018, has over 25 years of executive experience and significant expertise in mining operations. He is credited for dramatically increasing Tudor Gold Corp's market capitalization. Mike Doyle joins as a director, bringing 35 years of experience in mining and exploration. The leadership change is expected to advance Canagold's New Polaris Project.

Canagold Resources held its Annual and Special Meeting on July 19, 2022, where 68.73% of outstanding shares were voted. Shareholders elected new board members, including Dr. Carmen Letton and Ms. Sofia Bianchi, while three nominees withdrew. Voting results showed strong support, with 99.21% votes for Letton. The reappointment of Smythe LLP as auditors was approved, but the amendment to the Stock Option Plan was declined. The board expressed commitment to governance and advancing Canagold's projects, aiming at enhancing shareholder value.