Mr. Paul Sorbara reports

GOLDEN GOLIATH RECEIVES APPROVAL FOR TWO PROPERTIES IN RED LAKE DISTRICT

Golden Goliath Resources Ltd. has received Toronto Stock Exchange approval for its acquisitions of the Kwai and SLF properties in the Dixie Lake area of the Red Lake district in Ontario. The company, which is already financed, plans to aggressively explore these properties and will start the exploration permitting process as soon as possible.

The company's new Kwai property (133 claim cells) is about 13 kilometres south of Great Bear Resources' Dixie zone and contiguous with BTU Metals' Dixie South property; the new SLF property (99 claim cells) is about seven kilometres south of Kwai.

The terms for the new Ontario acquisitions are provided in the attached tables.

                                KWAI
 
Upon signing           $10,000     (plus 200,000 shares upon TSX approval)
After one year          10,000                       (plus 200,000 shares)
After two years         12,000                                          -
After three years       16,000                                          -
After four years        20,000                                          -

For 100 per cent with a 1.5-per-cent net smelter return 
royalty (with a buyback of 0.75 per cent for $500,000)

                                 SLF

Upon signing           $ 9,200     (plus 200,000 shares upon TSX approval) 
After one year          10,000                       (plus 200,000 shares)
After two years         12,000                                          -
After three years       16,000                                          -
After four years        20,000                                          -

For 100 per cent with a 1.5-per-cent net smelter return 
royalty (with a buyback of 0.75 per cent for $500,000)

The company will soon form an advisory board with experts in the geology of the Red Lake and other mining districts.

Paul Sorbara, Golden Goliath's chief executive officer, commented: "We are pleased to have been able to get these two properties, covering major structural features and known targets, in this rapidly growing new play in what can only be described as elephant country. We will begin actively exploring these properties as soon as exploration permits are approved."

At Great Bear Resources' Dixie project, gold mineralization was encountered along a 2.3-kilometre strike of a 10-kilometre-long target. The system at Dixie has a high-grade gold zone that includes recent intervals of 16.35 metres of 26.91 grams per tonne gold (DHZ-88-04) and seven metres of 44.7 grams per tonne gold (DHZ-88-004) (true widths not given), and is open along strike and at depth. In a press release dated Oct. 15, 2018, Chris Taylor, president and chief executive officer of Great Bear Resources, commented: "With generally a few metres of overburden covering most of the project, bedrock is mostly concealed at Dixie and the extensive gold system may have been missed during the historical Red Lake gold rush. This also means our drill area was not geologically mapped. Great Bear's geological interpretation suggests we are drilling a dominantly mafic greenstone belt with comparable geological, structural, alteration and gold mineralization characteristics to the main Red Lake greenstone belt, where over 30 million ounces of gold has been produced from 28 gold mines." Great Bear Resources just closed a bought deal financing for $3.5-million at $3.50 per share.

Great Bear Resources' Dixie property is underlain by felsic volcanic flows and tuffs interlayered with mafic flows. Argillaceous interflow sediments occur locally, associated with chert-magnetite iron formation. The original gold mineralization (the 88-04 zone, now called the Dixie Limb zone by Great Bear) is hosted in quartz veining and silicification in highly deformed argillite at a basalt contact. The recent high-grade discovery (South Limb zone) appears to be hosted mainly in highly silicified, sheared basalts with no argillite or iron formation association. Golden Goliath's Kwai property is contiguous to the south with the Dixie property.

The company will also continue to search for new opportunities in Ontario and possibly other areas for Canada.

Through its wholly owned and financed Mexican subsidiary, Minera Delta SA de CV, the company will continue to own 100 per cent of its San Timoteo property in Chihuahua; the net smelter return royalties from the seven recently optioned properties; as well as the La Cruz property, which lies in another area of the state.

About Golden Goliath Resources Ltd.

The company is focused on exploring and developing the gold and silver potential of properties in the Red Lake district of Ontario. The company also holds a 100-per-cent interest in the San Timoteo property, located in the Sierra Madre Occidental Mountains of northwestern Mexico; net smelter return royalties on several other nearby properties; as well as 100 per cent of the La Cruz property, also in Chihuahua.

Qualified person

The qualified person for the information regarding the Ontario properties is J. Paul Sorbara, MSc, PGeo. The qualified person has approved the scientific and technical disclosure in the news release.