Mr. Grant Ewing reports

BLUE STAR ANNOUNCES RENEWAL OF LOAN

Blue Star Gold Corp. has entered into a renewal agreement with Dr. Georg Pollert, a director of the company and a controlling shareholder, in relation with a loan in the principal amount of $2,537,434, being $2,435,542 as original principal and $101,892.40 as accrued interest. The loan has a term of three years and bears interest at 3 per cent per annum. Pursuant to the agreement, the company has agreed to issue 295,354 common shares of the company to Dr. Pollert as a loan bonus. The shares are payable in three tranches: 98,451 immediately, 98,451 on Oct. 25, 2024, and 98,452 on Oct. 25, 2025, and at a deemed price of 45 cents per share. At this time, the company is proceeding with the first issuance of 98,451 shares. The purpose of the loan is to finance a bond deposit for the Ulu gold project land use and water licences.

The shares are subject to a four-month-and-one-day hold period from the dates of issuances pursuant to securities laws in Canada and, where applicable, the exchange hold period.

The issuance of the shares pursuant to the loan is considered a related party transaction (as defined under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions ("MI 61-101")). The Company relied on certain exemptions from the requirement to obtain a formal valuation and minority shareholder approval, namely sections 5.5(a) and 5.7(a) of MI 61-101, as neither the fair market value of the subject matter of, nor the fair market value of the consideration for, the issuance of Shares exceeds 25% of the Company's market capitalization.

About Blue Star Gold Corp.

Blue Star is a mineral exploration and development Company focused in Nunavut, Canada. Blue Star's landholdings total 270 square kilometres of highly prospective and underexplored mineral properties in the High Lake Greenstone Belt. The Company owns the Ulu Gold Project, comprised of 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.

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