Golden Dawn VTEM Heli-Survey is Currently Underway at the Historic Phoenix Copper Gold Mine

VANCOUVER, BC / ACCESSWIRE / February 4, 2021 / Golden Dawn Minerals Inc., (TSXV:GOM)(FRANKFURT:3G8C)(OTC PINK:GDMRD), ("Golden Dawn" or the "Company"), announces that it has now commenced its airborne geophysical survey over its Phoenix property at its Greenwood Precious Metals project in southeastern British Columbia.

Map showing Phoenix claim area with interpreted direction of offset of Phoenix deposit from north-trending corridor and eastern cluster of skarn deposits.

The long-awaited helicopter-borne VTEM™ (versatile time-domain electromagnetic system) and combined magnetics survey is now underway over the Phoenix property in Greenwood, B.C. The survey will cover the historic Phoenix mine and surrounding areas, including the Golden Crown, Lexington and Tam O'Shanter properties where gold resources were previously identified.

The results will be used to guide the surface exploration program, which will focus on exploration for a major copper-gold skarn deposit and/or an intrusion-related porphyry-type copper-gold deposit that could be the roots of the world-class Phoenix copper-gold skarn deposit. The Phoenix deposit is interpreted to be the upper part of a large copper-gold system that has been displaced westward from its roots by the Snowshoe fault. Based on the interpreted structural offset and similarities in style of mineralization, the roots of Phoenix deposit are predicted to lie in the vicinity of known skarn deposits located east-northeast of Phoenix.

Survey results for the Golden Crown, Lexington and Tam O'Shanter properties will be used to guide exploration for extensions of these deposits. Exploration activities will involve targeting based on the upcoming geophysical results and compilation of historic data, plus surface investigations including geology, geochemistry, geophysics and/or trenching, followed by drilling of specific targets.

Readers are cautioned that historical records referred to in this News Release have been examined but not verified by a Qualified Person. Further work is required to verify that historical records referred to in this News Release are accurate.

Technical disclosure in this news release has been approved by Dr. Mathew Ball, P.Geo., President of the Company and a Qualified Person as defined by National Instrument 43-101,

For more details, please see the most recent National Instrument 43-101 Technical Report on the Company's website at www.goldendawnminerals.com.

On behalf of the Board of Directors:

GOLDEN DAWN MINERALS INC.

Per: "Christopher R. Anderson"

Christopher R. Anderson
Chief Executive Officer

For further information, please contact:

Golden Dawn Minerals Inc. - Corporate Communications:
Tel: 604-221-8936
Email: [email protected]

Forward-Looking Statement Cautions: This news release contains certain "forward-looking statements" within the meaning of Canadian securities legislation, relating to, among other things, preliminary plans for a consolidation of the Company's Shares. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are statements that are not historical facts; they are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "aims," "potential," "goal," "objective," "prospective," and similar expressions, or that events or conditions "will," "would," "may," "can," "could" or "should" occur, or are those statements, which, by their nature, refer to future events. The Company cautions that forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made and they involve a number of risks and uncertainties. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Except to the extent required by applicable securities laws and the policies of the TSX Venture Exchange, the Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause future results to differ materially from those anticipated in these forward-looking statements include the possibility that the TSX Venture Exchange will not approve the proposed share consolidation, and that the Company may not be able to raise sufficient additional capital to continue its business. The reader is urged to refer to the Company's reports, publicly available through the Canadian Securities Administrators' System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com for a more complete discussion of such risk factors and their potential effects. This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of securities of the Company in any jurisdiction in which such offer, solicitation or sale would be unlawful, including any of the securities in the United States of America. The Company's securities have not been and will not be registered under the United States Securities Act of 1933 (the "1933 Act") or any state securities laws and may not be offered or sold within the United States or to, or for account or benefit of, U.S. Persons (as defined in Regulation S under the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration requirements is available.

THIS PRESS RELEASE DOES NOT CONSTITUTE AN OFFER TO SELL, OR THE SOLICITATION OF AN OFFER TO BUY, NOR SHALL THERE BE ANY SALE OF SECURITIES OF THE COMPANY IN ANY JURISDICTION IN WHICH SUCH OFFER, SOLICITATION OR SALE WOULD BE UNLAWFUL PRIOR TO REGISTRATION OR QUALIFICATION UNDER THE SECURITIES LAWS OF ANY SUCH JURISDICTION.

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

SOURCE: Golden Dawn Minerals Inc.