2021-11-01 14:54:14

Vancouver, British Columbia – TheNewswire – November 1, 2021 – Gold State Resources Inc. (formerly Cyon Exploration Ltd.) (“Gold State” or the “Company”) (TSXV:GOST) (OTC:CYNXF) (FSE:C2YD) is pleased to announce the results of its annual general and special meeting (“AGM”) held in Vancouver, British Columbia on October 29, 2021.

The shareholders approved all motions put forth at the AGM, including setting the number of directors at four and re-electing the directors, Wayne Tisdale, Brian Thurston, Trumbull Fisher and Michael Hopkinson.

Mr. Fisher had tendered his resignation to the Board after his nomination for re-election to the Board as a management nominee had been included in the Company’s AGM materials. As a result, his nomination was put forward and he was re-elected to the Board; however, his resignation as a director was accepted by the board, and took effect immediately following his re-election.

The shareholders also re-appointed WDM Chartered Professional Accounts as auditors of the Company for the ensuing year and approved the Company’s 10% rolling stock option plan. The stock option plan is subject to annual TSX Venture Exchange acceptance.

A total of 19,397,300 shares were voted, representing 22.998 percent of the common shares that were issued and outstanding on the record date of the AGM.

These items are further detailed in the Company’s Management Information Circular dated September 21, 2021 that is available under the Company’s profile on SEDAR (www.sedar.com) and on the Company’s website.

About Gold State

Gold State is engaged in the acquisition, exploration, and development of mineral properties in North and South America.  The Company is currently focused on its Black Rock Canyon gold property that is favorably located within the Cortez gold trend of the Battle Mountain-Eureka belt, a productive and rapidly growing gold mining district in Nevada, as well as its newly acquired Jumping Jack gold property located in the Moors Creek mining district of Nye County, Nevada, approximately 55 miles north of Tonopah. The Jumping Jack Property is situated along the eastern margin of the Walker Lane Gold Trend, ten miles north of Kinross Gold Corporation’s well-known Round Mountain Gold Mine, and is five miles north of the nearest Round Mountain open pit.  

Gold State Resources Inc.

Per: “Brian Thurston”

Brian Thurston

President and CEO

Tel: +1 778 928-6565

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

This release includes certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes on the Company’s Black Rock Canyon, Jumping Jack and other properties, and continued availability of capital and financing, and general economic, market or business conditions, laws in the state of Nevada and other jurisdictions where the Company operates. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.

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