TriStar Reports Positive Response by Regulators on Castelo de Sonhos

Rhea-AI Summary

TriStar Gold (TSXV: TSG) (OTCQB: TSGZF) has received positive responses from Brazilian government regulators regarding its Castelo de Sonhos gold project. The company's Preliminary License (LP permit) received in August 2024 remains valid and unrestricted. The Pará Secretariat for Environment and Sustainability (SEMAS) has provided a strong technical defense of the permitting process in response to inquiries from the Federal Public Prosecutor. TriStar has also defended its permitting process, demonstrating comprehensive consideration of potential mining impacts. The company is now exploring financing options to proceed with required drilling and feasibility studies toward a construction decision.

Positive

• LP permit for Castelo de Sonhos project remains valid and unrestricted
• Strong regulatory support from SEMAS defending the permitting process
• Project cleared to move forward with no restrictions

Negative

• Additional financing required for drilling and feasibility studies

Scottsdale, Arizona--(Newsfile Corp. - December 19, 2024) - TriStar Gold Inc. (TSXV: TSG) (OTCQB: TSGZF) (the Company or TriStar) is pleased to provide an update on the requests from a Federal Public Prosecutor to government regulators related to the Company's Castelo de Sonhos gold project in Brazil; see press release dated October 1, 2024, for the details of these requests.

The Company's LP permit for Castelo de Sonhos remains valid; also known as the Licença Prévia or Preliminary License, it represents the most critical permitting milestone. The permit was received in August 2024 (see press release dated August 29, 2024 for details). The permit is in good standing and there are no restrictions in place that would stop the project from moving forward.

The government regulators, including the Pará Secretariat for the Environment and Sustainability (SEMAS), our principal regulator, have provided responses to the public prosecutor from the Federal Public Prosecution Office (MPF). The regulators, and importantly SEMAS have provided a strong technical defense of the permitting process and the results of the LP permit approval. TriStar has also submitted a defense of the permitting process, showing how we not only applied the letter of the law but in most areas, also went much further and made sure that all possible impacts from the planned future mine were considered.

"We are very encouraged to see the strong show of support by SEMAS in defense of the robust permitting process completed over the course of 2 years at Castelo de Sonhos and remain confident that this process fully and accurately accounts for potential impacts of developing Castelo de Sonhos," says Nick Appleyard, TriStar's President and CEO. "We are evaluating our options to finance the project so that we can perform the required drilling and feasibility studies that will allow us to move forward towards a construction decision."

About TriStar

TriStar Gold is an exploration and development company focused on precious metals properties in the Americas that have the potential to become significant producing mines. The Company's current flagship property is the Castelo de Sonhos gold project in Pará State, Brazil. TriStar has completed a pre-feasibility study and is now working to advance the project towards a feasibility study while evaluating optimization options. The Company's shares trade on the TSX Venture Exchange under the symbol TSG and on the OTCQB under the symbol TSGZF. Further information is available at www.tristargold.com.

ON BEHALF OF THE BOARD OF DIRECTORS OF THE COMPANY:

Nick Appleyard
President and CEO
480-794-1244

Neither the 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. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

Forward-Looking Statements

Certain statements contained in this press release may constitute forward-looking statements under Canadian securities legislation which are not historical facts and are made pursuant to the "safe harbour" provisions under the United States Private Securities Litigation Reform Act of 1995. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "expects" or "it is expected", or variations of such words and phrases or statements that certain actions, events or results "will" occur. Such forward-looking statements are based upon the Company's reasonable expectations and business plan at the date hereof, which are subject to change depending on economic, political and competitive circumstances and contingencies. Readers are cautioned that such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause a change in such assumptions and the actual outcomes and estimates to be materially different from those estimated or anticipated future results, achievements or position expressed or implied by those forward-looking statements. Risks, uncertainties and other factors that could cause the Company's plans to change include changes in demand for and price of gold and other commodities (such as fuel and electricity) and currencies; changes or disruptions in the securities markets; legislative, political or economic developments in Brazil; effects of the COVID-19 virus on all aspects of the Company's business, the need to obtain permits and comply with laws and regulations and other regulatory requirements; the possibility that actual results of work may differ from projections/expectations or may not realize the perceived potential of the Company's projects; risks of accidents, equipment breakdowns and labour disputes or other unanticipated difficulties or interruptions; the possibility of cost overruns or unanticipated expenses in development programs; operating or technical difficulties in connection with exploration, mining or development activities; the speculative nature of gold exploration and development, including the risks of diminishing quantities of grades of reserves and resources; and the risks involved in the exploration, development and mining business. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable securities laws.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/234371

FAQ

What is the current status of TriStar Gold's (TSGZF) Castelo de Sonhos permit?

The LP permit (Preliminary License) for Castelo de Sonhos remains valid and unrestricted, with no limitations preventing the project from moving forward.

How did Brazilian regulators respond to the Federal Prosecutor's inquiry about TSGZF's Castelo de Sonhos project?

Regulators, particularly SEMAS, provided a strong technical defense of the permitting process and supported the LP permit approval.

When did TriStar Gold (TSGZF) receive the LP permit for Castelo de Sonhos?

TriStar Gold received the LP permit (Preliminary License) for Castelo de Sonhos in August 2024.

What are the next steps for TSGZF's Castelo de Sonhos project?

TriStar is evaluating financing options to conduct required drilling and feasibility studies before making a construction decision.