Mr. Doug Fulcher reports

MARITIME ANNOUNCES THE APPOINTMENT OF 3 NEW BOARD MEMBERS

On the completion of the recently closed $3.5-million financing with Dundee Resources Ltd. and Sprott Inc., Maritime Resources Corp. has appointed three new independent board members to further enhance the team. The new appointees include: John Hayes, who will also serve as chair of the board, Garett Macdonald and Mark Ashcroft. The new directorships take effect immediately and will work with the company's existing team as Maritime Resources advances the high-grade Hammerdown gold project as well as further develops its Whisker and Orion exploration projects. Brief biographies of the directors are provided herein.

John Hayes, MSc, MBA, PGeo, chair of the board, director

Mr. Hayes is a professional geologist with over 17 years of industry experience ranging from regional surveys to advanced exploration. In addition, Mr. Hayes has many years of capital markets experience. Mr. Hayes graduated from Memorial University of Newfoundland with an bachelor of science degree (honours) in geology (1989) and a master of science degree in geology (1997). He also holds an MBA from Dalhousie University (2003). Mr. Hayes is a member (PGeo) of the Professional Engineers and Geoscientists of Newfoundland and Labrador. Mr. Hayes was a mining analyst and managing director for BMO Capital Markets from 2003 until his retirement in April, 2014. In his role with BMO Capital Markets, Mr. Hayes covered precious and base metal companies globally from exploration to production stages. Mr. Hayes joined Osisko Mining Inc. in June, 2016, where he served as the senior vice-president of corporate development until March, 2018.

Garett Macdonald, MBA, PEng, director

Mr. Macdonald is a professional mining engineer with extensive experience in project development and mine operations. Mr. Macdonald has over 22 years of industry experience. He has managed large technical programs through the concept, feasibility and construction stages, and has senior management and board-level experience with several public companies. Most recently as vice-president of project development for JDS Energy and Mining, Mr. Macdonald was responsible for leading the Curraghinalt feasibility study for Dalradian Resources, a high-grade, narrow-vein gold project in northern Ireland, which was recently acquired by Orion Mine Finance for $537-million. Mr. Macdonald also held roles in mine operations and engineering earlier in his career with senior Canadian mining firms Suncor Energy and Placer Dome Inc. From 2009 to 2013, he served as vice-president of operations for Rainy River Resources prior to the $310-million sale of Rainy River to New Gold Inc. Mr. Macdonald is currently the president and chief executive officer of Tower Resources, as well as a director of First Cobalt, Aurelius Minerals Inc. and Gungnir Resources. He holds a master of business administration degree from Western University's Ivey Business School and a bachelor of engineering (mining) degree from Laurentian University in Sudbury.

Mark Ashcroft, PEng, director

Mr. Ashcroft has been involved in various capacities in the global mining industry as well as the North American and European debt and equity markets since 1990. Mr. Ashcroft is currently the president, chief executive officer and a director of Aurelius Minerals. Previously, Mr. Ashcroft served as president, chief executive officer and a director of Stonegate Agricom Ltd. from August, 2008, to September, 2014. From 2007 to 2008, Mr. Ashcroft worked at Versant Partners, where he was responsible for successfully developing its mining finance business in sales, trading and corporate finance. Prior to joining Versant Partners, Mr. Ashcroft had been employed since 2003 with Toll Cross Securities Inc., a boutique institutional firm in Toronto, where he became managing director and head of investment banking. From 2001 to 2003, Mr. Ashcroft was a member of the mining and metals team at Standard Bank's New York office, where he was responsible for providing metals trading and project financing solutions to mid-tier developers and producers in Canada and Latin America. From 1999 to 2000, he was a member of the mining and metals team of Barclays Capital, a leading provider of project finance to the mining industry. From 1996 to 1998, Mr. Ashcroft worked in mine technical services at Inco Ltd.'s Ontario division, where he qualified as a professional engineer in Ontario. Mr. Ashcroft holds a bachelor of engineering (mining) degree from Laurentian University and a master of science (finance, regulation and risk management) degree from the ISMA Centre of the University of Reading.

Doug Fulcher, president and chief executive officer of Maritime Resources, commented: "We are extremely pleased to be moving Maritime forward in such a positive way with both the financing for $3.5-million completed by two significant groups in Dundee and Sprott, and the additions to our board. The three new members have board expertise in all aspects of the mining and financial industry, and come with a proven track record of developing, financing and operating mining projects. With these new board members joining the Maritime team, we will continue to diligently advance our 100-per-cent-owned Green Bay Hammerdown gold project towards production."

Alan Williams has resigned as chairman and a director of the company, effective Oct. 29, 2018. Mr. Williams was one of the original founding directors of the company in 2007 and became chairman in 2017. He has remained active both on the board and as the company's chairman since then. On behalf of the board and the employees of Maritime Resources, the company thanks Mr. Williams for his years of dedication and wishes him all the best in his future endeavours. Mr. Williams will continue to act as an adviser to the company.

About Maritime Resources Corp.

Maritime Resources holds 100 per cent of the Green Bay property, located near Springdale, Nfld. The property hosts the past-producing Hammerdown gold mine and the nearby Orion gold deposit.

Bernard Kahlert, PEng, is the qualified person as defined by National Instrument 43-101. He has reviewed and approved the technical disclosure contained in this release.

We seek Safe Harbor.