MATHESON, Ontario, April 17, 2024 (GLOBE NEWSWIRE) -- Mayfair Gold Corp. (“Mayfair” or the “Company”) (TSX-V:MFG;OTCQB:MFGCF) today announced that it has called an annual general and special meeting (the "Meeting") of its shareholders to be held on June 5, 2024, in response to a shareholder requisition submitted by MWCGOF SPV III LP, an investment fund controlled by Muddy Waters Capital LLC ("Muddy Waters"). On March 27, 2024, Muddy Waters requisitioned an annual general meeting of shareholders (the "Requisition") for the purpose of reconstituting Mayfair's board of directors. Please see the Company's news release dated March 28, 2024, for full particulars of the items of business called for by the Requisition.

Shareholders will receive details about the matters to be presented at the Meeting and about how to vote in a management information circular to be delivered to them in advance of the Meeting.

Shareholders are not required to take any action at this time. Mayfair will continue to provide updates to shareholders on any significant developments relating to the foregoing as required and appropriate.

Mayfair has retained Alliance Advisors, LLC as its strategic shareholder advisor and proxy solicitation agent.

About Mayfair

Mayfair Gold is a Canadian mineral exploration company focused on advancing the 100% controlled Fenn-Gib gold project in the Timmins region of Northern Ontario. The Fenn-Gib gold deposit is Mayfair’s flagship asset and currently hosts an updated NI 43-101 resource estimate with an effective date of April 6, 2023 with a total Indicated Resource of 113.69M tonnes containing 3.38M ounces at a grade of 0.93 g/t Au and an Inferred Resource of 5.72M tonnes containing 0.16M ounces at a grade of 0.85 g/t Au at a 0.40 g/t Au cut-off grade (Source: NI 43-101 Technical Report on Fenn-Gib Project, Ontario, Canada, prepared by Tim Maunula, P. Geo., of T. Maunula & Associates Consulting Inc., dated April 6, 2023). Mr. Maunula is a qualified person as defined by NI 43-101. The Fenn-Gib deposit has a strike length of over 1.5km with widths ranging over 500m. The gold mineralized zones remain open at depth and along strike to the east and west. Recently completed metallurgical tests confirm that the Fenn-Gib deposit can deliver robust gold recoveries of up to 94%.

ON BEHALF OF THE BOARD OF DIRECTORS

Forfurtherinformationcontact:

Patrick Evans, President and CEO
Phone: (480) 747-3032
Email: patrick@mayfairgold.ca
Web: www.mayfairgold.ca

ForwardLookingStatements

This news release contains forward-looking statements and forward-looking information within the meaning of Canadian securities legislation (collectively, “forward-looking statements”) that relate to Mayfair’s current expectations and views of future events, including: the timing of the Meeting, the business to be conducted at the Meeting, anticipated mineral grades and quantities and the Fenn-Gib deposit delivering gold recoveries of up to 94%. Forward-looking statements and may involve estimates, assumptions and uncertainties which could cause actual results or outcomes to differ materially from those expressed in such forward-looking statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. These statements speak only as of the date of this news release.

Forward-looking statements are based on a number of assumptions and are subject to a number of risks and uncertainties, many of which are beyond Mayfair’s control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward- looking statements. Such risks and uncertainties include, but are not limited to: the actions of third-parties, including Muddy Waters, and the Company’s exploration and operational activities. Mayfair undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law. New factors emerge from time to time, and it is not possible for Mayfair to predict all of them, or assess the impact of each such factor or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement. Any forward-looking statements contained in this news release are expressly qualified in their entirety by this cautionary statement.

NeithertheTSXVentureExchangenoritsRegulationServicesProvider(asthattermisdefinedinthe policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy ofthis news release.