Mr. Jason Riley reports

BESSOR ANNOUNCES ENTERING OPTION FOR THE EASTER GOLD PROJECT

Bessor Minerals Inc., on April 3, 2024, entered into an option agreement with K2 Resources Inc., wherein K2 shall grant an option to Bessor to earn a 60-per-cent interest in the Easter gold project in Lincoln county, Nevada. With gold breaking out to recent new highs, Bessor is excited to move forward with the Easter gold project as an advanced-stage exploration asset with significant potential to grow from drilling. The execution of the option agreement is subject to the approval of the TSX Venture Exchange.

Highlights:

• Advanced-stage gold and silver exploration deposit;
• Significant untested exploration potential;
• Located 13.4 miles south of the city of Caliente, Nev.;
• Excellent location with easy access via paved and gravel roads, and jeep trails.

Property details

The Easter gold project is located in east-central Nevada in Lincoln county, nine air miles southwest of Caliente, Nev. The project area consists of 70 mineral claims covering 1,446 acres.

The Easter gold project property contains the historical mineral resource estimates as shown in the associated table.

The mineral resource estimates were the subject of a technical report prepared by SRK Consulting (U.S.) Inc. for Pilot Gold Inc., effective July 10, 2010, and readdressed to La Quinta Resource Corp. with an effective date of March 12, 2012. As at the date of this release, a qualified person for Bessor has not completed sufficient work to classify the historical estimate as current mineral resources or mineral reserves in accordance with National Instrument 43-101 -- Standards of Disclosure for Mineral Projects, and the corporation is not treating the historical estimate herein as current mineral resources. In order to verify the historical estimate, the corporation needs to retain a qualified person to review the historical data, review any work completed on the property since the date of the estimate and complete a new technical report.

The SRK mineral resource estimation was based on a geologic model of mineralization hosted within a 0.3 part per million (ppm) Au (gold) shell constructed using Leapfrog software. The grade shell was used to constrain the resource estimation within a block model constructed with 15-foot cubic blocks. The raw drill assays were capped prior to compositing into 15 ft bench composites. Gold was capped at 6.5 ppm and silver was capped at 70 ppm. The grade estimation used an inverse distance squared weighting algorithm. A two-pass estimation was run for both gold and silver. The first pass assigned grade to all blocks hosting a composite. The second pass was allowed to search within the grade shell to a maximum of 200 ft down dip, 150 ft along strike and 30 ft across strike and dip. A minimum of three and a maximum of eight composites were used, with a restriction of only two samples per octant to assign grade.

The historical resources were classified according to CIM (Canadian Institute of Mining, Metallurgy and Petroleum) guidelines as indicated and inferred mineral resources. The indicated mineral resources was defined by a wireframe solid constructed about the core of the mineralization where most drilling is spaced 25 ft to 50 ft apart. All blocks located outside of this solid were classified as inferred mineral resources.

This is an advanced-stage gold and silver exploration deposit with untested exploration potential both within and outside of the identified mineral resource. The gold-bearing zones are located within quartz-adularia veins, quartz stock work zones and silicified volcanic rocks of late Tertiary silicic volcanics in the Caliente Caldera complex.

The deposit remains unconfined down dip along its east and west flanks, and further infill drilling is needed to better delineate the limits of higher-grade mineralization. Similarly, the vein has not been tested where it projects above topography and becomes the dip-slope of a steep hillside. Drill testing of this exposure at higher elevations is likely to expand the historical resource.

Jason Riley, chief executive officer of the corporation, said: "We have evaluated many projects in our hunt for the right target that could significantly increase shareholder value. We are excited to move forward with the Easter gold project as it met all of our key criteria: an advanced exploration asset with a historical resource estimate, in a top jurisdiction and a pathway to grow with further drilling."

Option terms

Pursuant to the option agreement, in order to earn a 60-per-cent interest in the Easter gold project, Bessor must spend $5-million on work at the Easter gold project, deliver five million common shares in the capital of Bessor to K2 and pay a total amount of $1.8-million to K2. The first-year requirement is $400,000 cash, 2.5 million common shares and $1-million of work performed on the Easter gold project (commenced only), with the balance of the earn-in requirements spread over another three years.

The work obligations, and cash and common share payments that are payable by Bessor to K2 under the option agreement are set out in the associated table.

Halt

In accordance with the policies of the TSX Venture Exchange, as a result of the execution of the option agreement and the transaction being a fundamental acquisition pursuant the policies of the TSX-V, the common shares in the capital of the Bessor are halted, and will remain halted from trading pending receipt and review of acceptable documentation regarding the fundamental acquisition pursuant to Section 5.6(d) of TSX-V Policy 5.3.

Related party matters

The execution of the option agreement is not a related-party transaction pursuant to Multilateral Instrument 61-101 -- Protection Of Minority Security Holders In Special Transactions (MI 61-101), as K2 is not a related party of Bessor pursuant to MI 61-101.

While the execution of the option agreement is not a related-party transaction under MI 61-101, the transaction is a non-arm's-length party transaction pursuant to the policies of the TSX-V and is subject to TSX-V acceptance. The execution of the option agreement was unanimously approved by the directors of Bessor, with Mr. Riley and Vic Jang disclosing their interests in K2 in respect of the option agreement, and with Mr. Riley and Mr. Jang abstaining from voting on approval of the option agreement where required to do so pursuant to the requirements of the Business Corporations Act (Alberta).

Qualified person

Kieran Downes, PhD, PGeo, a qualified person as defined by National Instrument 43-101, has reviewed and approved the scientific and technical disclosure set out in this news release.

About Bessor Minerals Inc.

Bessor's focus is on exploration and development of the Redhill volcanogenic massive sulphide deposit in British Columbia, and, assuming TSX-V approval of the option agreement, exploration and development of the Easter gold project in Nevada. In addition, Bessor has a 1-per-cent net smelter return (NSR) on certain claims in the Blackwater mine operated by Artemis Gold Inc.

We seek Safe Harbor.