Mr. Garett Macdonald reports

MARITIME PROVIDES CORPORATE UPDATE AND 2019 OUTLOOK

Maritime Resources Corp. has provided shareholders with an update on its recent exploration and development activities along with planned work for 2019.

Maritime's Hammerdown gold project and Whisker Valley gold exploration project are both located near the Baie Verte mining district and Springdale, Nfld. The company has recently undergone a number of corporate changes and is in the process of relocating to Toronto as Maritime advances the high-grade Hammerdown gold project toward a production decision. The Hammerdown deposit is characterized by a number of near-vertical, narrow mesothermal quartz veins containing gold in pyrite. The closest geological analogy to Hammerdown is Dalradian Gold's Curraghinalt advanced-stage gold deposit in Northern Ireland.

The Hammerdown mine was last operated by Richmont Mines between 2000 to 2004 producing 143,000 ounces of gold at an average mine grade of 15.7 grams per tonne gold through a combination of narrow vein open pit and underground mining. About 270,000 tonnes of ore mined from Hammerdown were processed at the Nugget Pond mill with recoveries over 97 per cent in a conventional carbon-in-pulp (CIP) gold circuit.

Current activities:

• Maritime has completed four drill holes on its Whisker Valley target, located 10 kilometres north of the Hammerdown project, and is currently awaiting final assay results. The objective of the program was to test for continuity of the gold vein system identified through detailed channel samples in a series of about 80 surface trenches. The initial stage of the program consisted of approximately 650 metres of drilling.
• A metallurgical sample of mineralized vein material from the Hammerdown deposit has been delivered to a mineral processing lab in Walton, Ky. This lab is owned and operated by Steinert, an industry leader in ore sorting technology. Steinert has been contracted to complete a test program on the Hammerdown material to determine the amenability of Hammerdown mineralization to ore sorting technology and to process this sample through a standard XRF sorting plant. This technology has been successfully applied to similar gold projects where denser sulphide particles containing the gold can be separated from barren host rock. Reducing the waste component of material is advantageous for improving the efficiencies of highway transport and milling processes.
• Maritime recently contracted an independent consultant to complete a technical review of the Nugget Pond process plant gold circuit, which is currently idle. The purpose of the review is to determine the likely cost of returning the plant to operating condition. Early indications are that the gold circuit is in excellent shape with ample space available to install a separate grinding circuit that would completely decouple the gold plant from the base metals circuit that is currently in use by Rambler Metals.

Planned activities for 2019

2019 is a critical year for the company as all efforts will be made to advance the Hammerdown gold project toward a production decision. Maritime has three primary milestones for the year.

Project engineering

Maritime plans to investigate the potential for a lower-capital, higher-margin and higher-return project design at Hammerdown that will include a greater emphasis on selective open-pit mining followed by underground mining. The company completed a preliminary feasibility-study-level study in 2017 that considered only underground mining. Maritime will be completing technical evaluation on this blended concept during the first half of 2019. The company anticipates that the capital costs for such a project could be kept to a minimum and that the starter pit approach would allow for quicker access to the near-vertical, high-grade veins. The key to success for this approach is developing a detailed mine production schedule and completing further investigations and trade-off analyses for milling at Nugget Pond or a stand-alone process plant at Hammerdown.

Exploration

Throughout 2019, exploration spending on Maritime's projects will primarily focus on areas within the Hammerdown and Rumbullion deposits that can add value to an engineered mine plan. Maritime will target high-margin resources with an infill drilling program designed to convert inferred resources into the higher confidence measured and indicated classes that can be used later in a feasibility study. The company will also focus exploration efforts on near-deposit targets such as the Hammerdown offset and the Rumbullion East vein systems to grow the existing resource base.

The main Hammerdown deposit is cut off by a major fault and geological interpretations currently favour that part of the deposit has been offset at depth. An exploration model is being developed to test for the extension of this deposit. The Rumbullion vein system extends for 800 metres to the northeast of the current deposit area and represents a further opportunity to add new, shallow resources into the Hammerdown resource base. Recent optioning of the adjacent Inomin Resources property has added further potential extension to the Rumbullion trend.

Outside of the main Hammerdown/Rumbullion deposit areas Maritime will continue with its exploration work at the new Whisker Valley project. Whisker Valley is characterized by a series of three sulphide-bearing quartz veins containing high-grade gold (Gary, Ben and Jackson) that have been trenched and sampled over a 200-metre strike length (see press release dated Jan. 22, 2018). The similarities to Hammerdown are very evident, even at this early stage of exploration. Whisker Valley is located approximately 10 km north of Hammerdown. A 2018 geophysical survey extended the possible strike extent to 500 metres (see press release dated Sept. 26, 2018).

Environment and permitting

Maritime will continue to progress its environmental baseline studies and accelerate its engagement with the local community and regulatory agencies to support the planned feasibility study and project permitting. The final footprint of the proposed mine will be determined through the various engineering studies and will endeavour to minimize all environmental impact using industry-best practices.

About Maritime Resources Corp.

Maritime Resources holds a 100-per-cent interest in the Green Bay property, including the former Hammerdown gold mine, located near the Baie Verte mining district and Springdale, Nfld. The Green Bay property hosts a resource estimate on two deposits, the Hammerdown and the Orion deposits. Hammerdown contains measured and indicated resources of 925,670 tonnes grading 10.6 grams per tonne for 315,535 ounces of gold and inferred resources of 1,557,000 tonnes grading 7.53 g/t for 377,000 ounces of gold. The Orion deposit contains measured and indicated resources of 1,096,500 tonnes grading 4.47 g/t for 157,600 ounces of gold and inferred resources of 1,288,000 tonnes grading 5.44 g/t for 225,300 ounces.

Qualified persons

Exploration activities are administered on site by the company's project manager, NL Properties, Larry Pilgrim, PGeo. In accordance with National Instrument 43-101 -- Standards of Disclosure for Mineral Projects, B.H. Kahlert, PEng, vice-president of exploration, is the qualified person for the company and has prepared, validated and approved the technical and scientific content of this news release. The company strictly adheres to Canadian Institute of Mining's best practices guidelines in conducting, documenting and reporting its exploration activities on its exploration projects.

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