Ms. Dawn Zhou reports

ABASCA STARTS 5,000 METRE DRILL PROGRAM ON KEY LAKE SOUTH URANIUM PROJECT, GRANTS STOCK OPTIONS

Abasca Resources Inc. has started a 5,000-metre drilling program comprising 14 drill holes on its 100-per-cent-owned, 23,977-hectare Key Lake South uranium project. The government of Saskatchewan granted Abasca exploration permits for this program in December, 2022, and the company has since completed construction of a temporary work camp during January, 2023.

Dawn Zhou, president and chief executive officer, stated: "Abasca is very excited to carry out winter drilling at two of the more than 10 target areas of the Key Lake South uranium project, namely Mustang and Seager North, which were further defined in 2022 based on previous exploration data. We are hopeful that the planned drill holes will be a milestone in the company's mineral discovery journey."

The company also announces that it has granted incentive stock options to purchase up to 3.5 million common shares of the company to directors, officers and consultants of the company under the company's new 10-per-cent rolling stock option plan. The options are exercisable for a period of five years at an exercise price of 50 cents per common share.

The new plan replaces the company's previous stock option plan which was a fixed plan that reserved for issuance a maximum of 2.4 million common shares. Under the new plan, up to a maximum of 10 per cent of the issued and outstanding common shares of the company as at the date of grant may be reserved for issuance as stock options. The new plan has been accepted for filing by the TSX Venture Exchange and is subject to shareholder approval to be sought at the next annual general meeting of the shareholders of the company to be held later this year.

The company also announces that Brett Kagetsu, a current director, has also been appointed corporate secretary of the company.

Qualified person

The technical information in this news release has been reviewed and approved by Dave Billard, PGeo, a qualified person as set out in National Instrument 43-101 -- Standards of Disclosure for Mineral Projects. Mr. Billard is a director of Abasca.

About Abasca Resources Inc.

Abasca is a mineral exploration company that is primarily engaged in the acquisition and evaluation of mineral exploration properties. The company owns the Key Lake South uranium project, a 23,977-hectare uranium exploration project located in the Athabasca basin region in Northern Saskatchewan, approximately 15 kilometres south of the former Key Lake mine and current Key Lake mill.

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