Canagold, Taku River Tlingit First Nation to Host Open House for Proposed Permitting of New Polaris Gold Project

CanaGold Resources Ltd. (TSX: CCM, OTC-QB: CRCUF, Frankfurt: CANA) ("Canagold" or the "Company") is pleased to announce an in-person open house for the entire Taku River Tlingit First Nation citizenship being held at the Atlin Community Centre, 217 Sinclair Ave, Atlin, B.C , to discuss the major components of the New Polaris project, where they will be located, and anticipated interactions with the surrounding environment and existing human activities.

• Wednesday May 24, 2023- Open House hosted by Canagold and TRTFN representatives from 9.00am to 1.00pm and from 4.00pm to 8.00pm with online presentations scheduled at 11.00am and 6.00pm for attendance by TRT citizens and TRTFN staff.

At the open house local participants will have the opportunity to:

• Meet the Canagold Team - Canagold CEO Catalin Kilofliski will be joined by members of the company's senior technical team, to make presentations and field questions.
• Understand Canagold's commitment to establishing a solid working partnership with TRFTFN - Attendees will have a better understanding of the thorough and complex process of commitment and collaboration between Canagold and the TRTFN.
• Understand the project permitting process - On March 29, 2023 Canagold filed the Initial Project Description (IPD) and Engagement Plan submission to the B.C. EAO on behalf of the New Polaris Project.
• Understand the project's rich history - New Polaris is a past producing gold mine, formally known as the Polaris Taku mine that operated intermittently between 1937 and 1951. Canagold itself has a 35-year history on the project leading up to the current Feasibility Study stage and permitting efforts.
• Review the proposed site infrastructure and components including barge transportation logistics - Building and operating an underground gold mine requires a comprehensive and sophisticated infrastructure that respects social and environmental impacts. Attendees will have a clear view of what is proposed for New Polaris on TRTFN lands.
• Discover future job opportunities - The development, construction, operation and reclamation New Polaris will involve 100s of job opportunities, both technical and non-technical. The Open House, as per the previous job fairs held, provides an opportunity and resources for individuals to prepare themselves with the necessary training to qualify for these jobs.

About Canagold
CanaGold Resources Ltd. is a growth-oriented gold exploration company focused on advancing the New Polaris Project through feasibility and permitting. Canagold is also seeking to grow its assets base through future acquisitions of additional advanced projects. The Company has access to a team of technical experts that can help unlock significant value for all Canagold shareholders.

"Catalin Kilofliski"

Catalin Kilofliski
Chief Executive Officer

Neither the Toronto Stock Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Note Regarding Forward-Looking Statements

This news release contains "forward-looking statements" within the meaning of the United States private securities litigation reform act of 1995 and "forward-looking information" within the meaning of applicable Canadian securities legislation. Statements contained in this news release that are not historical facts are forward-looking information that involves known and unknown risks and uncertainties. Forward-looking statements in this news release include, but are not limited to, statements with respect to the future performance of Canagold, and the Company's plans and exploration programs for its mineral properties, including the timing of such plans and programs. In certain cases, forward-looking statements can be identified by the use of words such as "plans", "has proven", "expects" or "does not expect", "is expected", "potential", "appears", "budget", "scheduled", "estimates", "forecasts", "at least", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "should", "might" or "will be taken", "occur" or "be achieved".

Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks and other factors include, among others risks related to the uncertainties inherent in the estimation of mineral resources; commodity prices; changes in general economic conditions; market sentiment; currency exchange rates; the Company's ability to continue as a going concern; the Company's ability to raise funds through equity financings; risks inherent in mineral exploration; risks related to operations in foreign countries; future prices of metals; failure of equipment or processes to operate as anticipated; accidents, labor disputes and other risks of the mining industry; delays in obtaining governmental approvals; government regulation of mining operations; environmental risks; title disputes or claims; limitations on insurance coverage and the timing and possible outcome of litigation. Although the Company has attempted to identify important factors that could affect the Company and may cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, do not place undue reliance on forward-looking statements. All statements are made as of the date of this news release and the Company is under no obligation to update or alter any forward-looking statements except as required under applicable securities laws.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230519005060/en/

For further information:
Knox Henderson, VP Corporate Development
Tel: (604) 604-416-0337; Cell: (604) 551-2360
Toll Free: 1-877-684-9700
Email: knox@canagoldresources.com
Website: www.canagoldresources.com