Vancouver, British Columbia (September 8, 2021) – Cyon Exploration Ltd. (the “Cyon” or the “Company”) (TSXV: CYON | OTCQB: CYNXF | FSE: C2YD) is pleased to announce that the name of the Company has changed to “Gold State Resources Inc.” to better reflect the business of the Company.   Effective at the opening of trading on September 13, 2021, the common shares of the Company will trade under the new name and the new stock trading symbol of “GOST”. 

The Company’s new CUSIP number is 38076D100 and its ISIN number is CA38076D1006. The Company’s website has also been updated to to reflect the name change.  

The name change was previously approved by the Board of Directors of the Company and has received all requisite approval from the TSX Venture Exchange.  No action is required to be taken by the Company’s shareholders in connection with the name change, and no other change has been made to the Company’s share capital.

About Gold State Resources (formerly Cyon Exploration Ltd.)

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

Chief Executive Officer

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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