Fremont Gold Ltd. announced that it has amended the terms of the option agreement relating to the Griffon gold project ("Griffon"), a past-producing gold mine located at the southern end of the Cortez Trend in White Pine county, Nevada. In December 2019, Fremont entered into an option agreement (the "Option Agreement") with Pilot Gold (USA) Inc. ("Pilot"), a wholly owned subsidiary of Liberty Gold Corp. ("Liberty"), to acquire 100% of Griffon. Both Pilot and Liberty are arms length to the Company. The original terms of the Option Agreement included a requirement that on December 16, 2020, Fremont would: (i) pay USD 50,000 to Pilot; and (ii) issue a number of common shares of the Company to Liberty that would bring the total ownership of Liberty and its affiliates to 9.9% of the issued and outstanding shares of Fremont. Pilot has agreed to amend the terms of the Option Agreement as follows: reduce the December 16, 2020 option payment to Liberty from USD 50,000 to USD 25,000 and defer payment until the revised terms of the Option Agreement have been approved by the TSX Venture Exchange ("TSXV"); and replace the requirement to issue a number of common shares of the Company to Liberty that would bring the total ownership of Liberty and its affiliates to 9.9% of the issued and outstanding shares of Fremont with the following issuances: 2,500,000 common shares to Liberty once the revised terms of the Option Agreement have been approved by the TSXV; 2,500,000 common shares to Liberty on or before December 16, 2022; and 2,500,000 common shares to Liberty on or before December 16, 2023. To acquire 100% of Griffon, the total number of common shares to be issued by Fremont to Liberty pursuant to the Option Agreement will be 10,000,000 over four years, of which 2,500,000 common shares have already been issued and another 2,500,000 common shares will be issued once the revised terms of the Option Agreement have been approved by the TSXV. All other terms of the Option Agreement remain unchanged. All securities issued in connection with the Option Agreement are subject to a 4-month hold period pursuant to the policies of the TSXV.