ALLEGIANT Closes $4.95 Million Private Placement; Goldcorp Acquires 9.74% of ALLEGIANT

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DISSEMINATION IN THE UNITED STATES

VANCOUVER, British Columbia, Aug. 15, 2018 (GLOBE NEWSWIRE) -- Allegiant Gold Ltd. ("ALLEGIANT") (AUAU: TSX-V) (AUXXF: OTCQX) is pleased to announce that it has closed the second and final tranche of the non-brokered private placement first announced on July 5^th, 2018 (also see news releases of July 10^th and July 16^th).  The tranche consisted of gross proceeds of CAD$2,178,336.65 through the issuance of 6,223,819 common shares at CAD$0.35 per share.  The principal investor in the tranche was Goldcorp Inc. (G: TSX) whom acquired 5,923,819 common shares ($2,073,336.65), resulting in an ownership interest of 9.74% in ALLEGIANT.

"Goldcorp's investment is an endorsement of our team, our projects, and of our objective of making a significant new gold discovery," said Robert Giustra, Chairman & CEO of ALLEGIANT.  "With funding in place, we're about to kick-off an aggressive exploration program that will see six gold projects drilled over the next 10-12 months."

The non-brokered private placement consisted of 14,130,001 common shares of ALLEGIANT at a price of CAD$0.35 per common share for gross proceeds of CAD$4,945,500.35 (the "Offering").  All shares issued in connection with the Offering will be subject to a four month hold period.  Fort Capital Partners acted as financial advisor with respect to the strategic investment by Goldcorp and as a capital markets advisor.  ALLEGIANT will pay fees, finders' fees and other fees, totaling CAD$270,675 in connection with the Offering.  

The proceeds will be used to carry-out high-impact "discovery" exploration drill programs on six of ALLEGIANT'S high-priority exploration projects, located principally in the mining-friendly jurisdiction of Nevada. 

All of the drill targets have been identified and delineated by Andy Wallace, who is credited with multiple gold mine discoveries in Nevada.  A drill rig is scheduled to arrive at ALLEGIANT's Red Hills gold project in Nevada on August 20^th for an eight-hole RC (reverse circulation) drill program, totaling up to 2,200 metres.  After Red Hills and over the next 10 to 12 months, ALLEGIANT plans to also drill the following five projects: Hughes Canyon, Monitor Hills, North Brown, Silverdome and Adularia Hill (a new target located approximately 12.5 kilometres south of the Original Zone gold deposit at the Eastside gold project).

ABOUT ALLEGIANT
ALLEGIANT owns 100% of 14 highly-prospective drill-ready gold projects in the United States, 11 of which are located in the mining-friendly jurisdiction of Nevada.  Six of the projects will be drilled over the next 10 to 12 months and all offer excellent discovery opportunity.  ALLEGIANT's flagship Eastside project hosts a large and expanding gold resource, is district scale, and is located in an area of excellent infrastructure.  Preliminary metallurgical testing indicates that both oxide and sulphide gold mineralization at Eastside is amenable to heap leaching.

QUALIFIED PERSON
Andy Wallace VP and Director of Allegiant Gold (U.S.) Ltd., is a Certified Professional Geologist (CPG) with the American Institute of Professional Geologists and is a Qualified Person as defined under National Instrument 43-101 - Standards of Disclosure for Mineral Projects. Mr. Wallace has reviewed and approved the technical content of this press release.

ON BEHALF OF THE BOARD,

Robert F. Giustra
Chairman & CEO

For more information contact:

Investor Relations
(604) 634-0970 or
1-888-818-1364
[email protected]

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.

Certain statements and information contained in this press release constitute "forward-looking statements" within the meaning of applicable U.S. securities laws and "forward-looking information" within the meaning of applicable Canadian securities laws, which are referred to collectively as "forward-looking statements". The United States Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for certain forward-looking statements. Forward-looking statements are statements and information regarding possible events, conditions or results of operations that are based upon assumptions about future economic conditions and courses of action. All statements and information other than statements of historical fact may be forward-looking statements. In some cases, forward-looking statements can be identified by the use of words such as "seek", "expect", "anticipate", "budget", "plan", "estimate", "continue", "forecast", "intend", "believe", "predict", "potential", "target", "may", "could", "would", "might", "will" and similar words or phrases (including negative variations) suggesting future outcomes or statements regarding an outlook. Forward-looking statements in this and other press releases include but are not limited to statements and information regarding: Allegiant Gold Ltd.'s ("Allegiant") objective of making a significant new gold discovery; Allegiant's drilling and exploration plans for its properties, including anticipated costs and timing thereof; Allegiant's plans for growth through exploration activities, acquisitions or otherwise; and expectations regarding future maintenance and capital expenditures, and working capital requirements.  Such forward-looking statements are based on a number of material factors and assumptions and involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements, or industry results, to differ materially from those anticipated in such forward-looking information. You are cautioned not to place undue reliance on forward-looking statements contained in this press release. Some of the known risks and other factors which could cause actual results to differ materially from those expressed in the forward-looking statements are described in the sections entitled "Risk Factors" in Allegiant's Listing Application, dated January 24, 2018, as filed with the TSX Venture Exchange and available on SEDAR under Allegiant's profile at www.sedar.com.  Actual results and future events could differ materially from those anticipated in such statements. Allegiant undertakes no obligation to update or revise any forward-looking statements included in this press release if these beliefs, estimates and opinions or other circumstances should change, except as otherwise required by applicable law.