E2gold Stakes Claims To North And South Of Mckinnon Zone, Enlarging Its Flagship Hawkins Project

TORONTO, June 30, 2022 - E2Gold Inc. (TSXV:ETU, OTCQB:ETUGF) (the "Company" or "E2") is pleased to announce that the Company has acquired through staking the mineral rights to 381 claims north and south of the central Hawkins Corridor, where the McKinnon Zone is located on the Hawkins Gold Project in north-central Ontario. The newly staked claims strategically secure more of the Kabinakagami Greenstone Belt, part of the regional and gold bearing Abitibi-Wawa Greenstone Belt.

Regional government magnetic and geological surveys indicate the trends found along the McKinnon Zone. The Company's first steps on the new claims will be mapping and prospecting, with drill targets being potentially developed for 2023.

Figure 1: The Hawkins Gold Project with recently staked claims.

Airborne magnetics and local mapping have led E2's geologists to note geologic indicators suggesting some of these new targets are potentially poly-metallic in nature.

E2Gold also announces that it has agreed to complete the third year anniversary share issuance pursuant to the option agreement between the Company and Pavey Ark Minerals Inc. dated January 28, 2020 (the "Option Agreement") for its Hawkins Gold property. The Company proposes to issue 3,333,333 common shares (the "Option Shares") at a deemed price of $0.06 per share, in satisfaction of the share payment valued at $200,000 due pursuant to the Option Agreement. The issuance of the Option Shares remains subject to the approval of the TSX Venture Exchange.

ABOUT E2GOLD INC.

E2Gold Inc. is a Canadian gold exploration company with a focus on Its large, 75 km long flagship property, the Hawkins Gold Project, which covers seven townships in north-central Ontario, about 140 km east of the Hemlo Gold Mine. The Company is currently conducting a robust surface exploration program on the Hawkins Gold Project to develop drill targtes for a 10,000 m program. E2Gold is commited to increasing shareholder value through the development of all targets at Hawkins and future potential of the Band-Ore property.

For further information please contact:

Eric Owens
Chief Executive Officer
Tel. (416) 509-5385
Email: eric.owens@e2gold.ca

Ellie Owens
President
Tel. 647-575-2888
Email: ellie.owens@e2gold.ca

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

Forward Looking Statements - Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties, including with respect to the receipt of approval of the issuance of the Option Shares by the TSX Venture Exchange. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of E2, including the timing and nature of all regulatory approvals. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.

SOURCE: E2Gold Inc.