Independence Gold to Further Increase Private Placement to Raise Up to $2.1 Million

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Vancouver, B.C. – Independence Gold Corp. (TSX.V: IGO) (the “Company”) wishes to announce that due to demand it has increased the size of its initially announced $1.5 million private placement financing (the “Offering”). The increase will allow for up to 9,375,000 flow-through common shares (the “FT Shares”) at a price of $0.16 FT Share, for aggregate proceeds of $1,500,000; and 4,285,714 additional common shares (each a “Unit”) at a price of $0.14 per Unit for aggregate proceeds of $600,000. Each Unit will consist of one common share of the Company (a “Share”) and one half of one common share purchase warrant (a “Warrant”). Each Warrant will entitle the holder to purchase one additional Share at an exercise price of $0.20 per common share for a period of 24 months. Subject to compliance with applicable securities laws and the approval of the Exchange, finders’ fees may be payable to eligible arm’s length persons with respect to certain subscriptions accepted by the Company.

The net proceeds from the Offering will be used by the Company to fund a winter drill program at the 3Ts Property, expected to commence in February 2021, as well as advance the Merit and Nicoamen properties in the Spences Bridge Gold Belt. Proceeds will also be used for general and administrative purposes.

Closing of the Offering is subject to receipt of applicable regulatory approvals including the approval of the TSX Venture Exchange. The securities issued will be subject to a standard four month hold period.

ON BEHALF OF THE BOARD of Independence Gold Corp.

“Randy Turner”

Randy Turner, President and CEO

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