Vancouver, British Columbia – TheNewswire - (July 7, 2022) – Gold State Resources Inc. (formerly Cyon Exploration Ltd.) (“Gold State” or the “Company”) (TSXV:GOST), (OTC:CYNXF), (FSE:C2YD) announces that, further to its news release of April 14, 2022, it has closed the private placement (the “Private Placement”) of unsecured convertible debenture units (the “Convertible Debenture Units”) for aggregate proceeds of $275,000.  Pursuant to the Private Placement, 275 Convertible Debenture Units were issued at a price of $1,000 per Convertible Debenture Unit, each Convertible Debenture Unit consisting of $1,000 in principal of unsecured convertible debentures (the "Convertible Debentures") and 6,666 common share purchase warrants (the "Warrants") of the Company.  Each Convertible Debenture is convertible into 20,000 common shares (the “Shares”) of the Company at $0.05 per Share.

The proceeds of the Private Placement will be used for exploration of the Black Rock Canyon, Panteria and Jumping Jack projects and for general working capital purposes.  

The securities issued pursuant to the Private Placement are subject to a trading hold period expiring four months plus one day from the closing date.

For further details, please refer to the Company’s news release of April 14, 2022

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. The Company also remains focused on the acquisition of the Panteria Project in Peru, as described in its November 23, 2021 news release.

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.