Mr. Grant Ewing reports

BLUE STAR GOLD UPDATES NON-BROKERED PRIVATE PLACEMENT

Blue Star Gold Corp., following completion of its first tranche offering of units as announced on May 17, 2023, and May 25, 2023, intends to complete a non-brokered private placement (with revised terms) of up to $900,000 through the issuance of flow-through (FT) units at 42 cents per FT unit and charitable flow-through units at a price of 49 cents per charitable FT unit, subject to the approval of the TSX Venture Exchange.

Each FT unit will consist of one flow-through common share of the company and one-half of one transferable 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 charitable FT unit will consist of one FT share and one-half of one warrant, with each whole warrant exercisable at 50 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 private placement of FT units and charitable FT units to incur Canadian exploration expenses on its projects in Nunavut prior to Dec. 31, 2023.

Additionally, the company announces that, further to its news release of May 25, 2023, the private placement of 6.25 million units at 40 cents per unit has closed and no further tranches will be completed by the company pursuant to the private placement of units.

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 in Nunavut. The company owns the Ulu gold project, comprising the Ulu mining lease and 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.

Blue Star is listed on the TSX Venture Exchange under the symbol BAU, the U.S. OTCQB Venture Market under the symbol BAUFF and on the Frankfurt Exchange under the symbol 5WP0.