Mr. Grant Ewing reports

BLUE STAR GOLD ANNOUNCES NON-BROKERED PRIVATE PLACEMENT

Subject to the approval of the TSX Venture Exchange, Blue Star Gold Corp. intends to complete a non-brokered private placement of up to $5-million. Pursuant to the offering, the company will issue up to 6.25 million units at a price of 40 cents per unit for aggregate gross proceeds of up to $2.5-million and up to 5,434,783 flow-through units at 46 cents per FT unit for aggregate gross proceeds of up to $2.5-million.

Each unit will consist of one common share and one-half transferable common share purchase warrant, with each whole warrant exercisable at 50 cents per share for a period of 24 months from the closing date of the private placement.

Each FT unit will consist of one flow-through common share of the company and one-half transferable warrant, with each whole warrant exercisable at 55 cents per share until the expiry date.

The FT shares will qualify as flow-through shares for purposes of the Income Tax Act (Canada). The company will renounce said expenditures to the investors for the taxation year ending Dec. 31, 2023.

All securities issued will be subject to a four-month-and-one-day hold period, pursuant to securities laws in Canada and, where applicable, the exchange. Finders' fees may be payable to qualified parties. The company intends to use the net proceeds from the FT unit portion of the private placement to incur Canadian exploration expenses on its projects in Nunavut prior to Dec. 31, 2023, and the net proceeds from the unit portion of the private placement for working capital and general corporate purposes.

About Blue Star Gold Corp.

Blue Star is a gold company focused on exploration and development within Nunavut, Canada. Blue Star's landholdings total 270 square kilometres of highly prospective and underexplored mineral properties in the High Lake greenstone belt, Nunavut. The company owns the Ulu gold project, comprising the Ulu mining lease and the Hood River property, and the Roma project. A significant, high-grade gold resource exists at the Flood Zone deposit (Ulu mining lease), and numerous high-potential exploration target areas occur throughout the company's extensive landholdings, providing Blue Star with excellent resource growth potential.