Mr. Brendan Purdy reports

CANADIAN GOLDCAMPS ENTERS INTO LOI TO ACQUIRE UP TO 70% INTEREST IN MURPHY LAKE PROPERTY LOCATED IN THE ATHABASCA BASIN, SASKATCHEWAN

Canadian Goldcamps Corp. has entered into a non-binding letter of intent dated Feb. 13, 2024, with F3 Uranium Corp., whereby the company will enter into a definitive option agreement with F3's wholly owned subsidiary F4 Uranium Corp. to earn an up-to-70-per-cent interest in F4's Murphy Lake property in the Athabasca basin, Saskatchewan. The property is located in the northeastern corner of the Athabasca basin 30 kilometres northwest of Orano's McLean Lake deposits and five kilometres south of ISOEnergy's Hurricane uranium deposit, and covers approximately 6.1 square kilometres of land.

To earn an initial 50 per cent in and to the property, the company must make the following cash payments, share issuances and property expenditures:

1. $100,000 within seven calendar days of signing the LOI;
2. $200,000 upon entering into of a definitive agreement;
3. $150,000 on or before the six-month anniversary of the definitive agreement;
4. $150,000 on or before the 12-month anniversary of the definitive agreement;
5. $150,000 on or before the 18-month anniversary of the definitive agreement;
6. $150,000 on or before the 24-month anniversary of the definitive agreement;
7. Following the next equity financing completed by the company for gross proceeds of not less than $6-million, the company will issue 9.9 per cent of its then issued and outstanding common shares to F4;
8. $5-million on or before the one-year anniversary of signing the definitive agreement;
9. $5-million on or before the two-year anniversary of signing the definitive agreement.

Upon the company earning a 50-per-cent interest in the property, both parties agree to participate in a joint venture for the further exploration and development of the property, and, if deemed warranted, to bring the property or a portion thereof into commercial production by establishing and operating a mine.

To earn an additional 20-per-cent interest in and to the property (for a total 70-per-cent interest in and to the property), the company must make the following cash payments and property expenditures:

1. $250,000 on or before the 30-month anniversary of signing the definitive agreement;
2. $250,000 on or before the 36-month anniversary of signing the definitive agreement;
3. $8-million on or before the three-year anniversary of signing the definitive agreement.

Upon the company exercising the option, F4 shall receive a 2-per-cent net smelter return royalty, provided that the company shall be responsible only for the percentage of the NSR royalty equal to its percentage interest in the property. Therefore, if the company obtains the initial 50-per-cent interest, it shall be responsible for 50 per cent of the NSR royalty; and if the company obtains the full 70-per-cent interest, it shall be responsible for 70 per cent of the NSR royalty.

About the Murphy Lake property

F4's 609-hectare Murphy Lake project is located in the northeastern corner of the Athabasca basin, 30 kilometres northwest of Orano's McLean Lake deposits, five kilometres south of ISOEnergy's Hurricane uranium deposit and four kilometres east of Cameco's La Rocque Lake uranium zone, where drill hole Q22-040 intersected 27.9 per cent U3O8 over 7.0 metres. The maiden drill program at Murphy Lake was concluded in late September of 2022 and consisted of 14 completed drill holes totalling 6,850 m. The scintillometer results from hole ML22-006 intersected up to 2,300 counts per second, which resulted in assay results of 0.065 per cent U3O8 over 2.5 m from 322.5 m to 324.5 m, including 0.242 per cent U3O8 over 0.5 m on the E1 electromagnetic conductor. Unconformity-associated, basement-hosted uranium mineralization was encountered along a strike length of 330 m on the E1 conductor between ML22-011 and ML22-013, and was associated with graphitic and sulphide-rich shear zones in an area overlain by approximately 260 m of Athabasca sandstone.

Qualified person

The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 and approved on behalf of F3 by Raymond Ashley, PGeo, president and chief operating officer of F3 Uranium, a qualified person. Mr. Ashley has verified the data disclosed.

About Canadian Goldcamps Corp.

Canadian Goldcamps is a Canadian-based junior exploration-stage company engaged in the evaluation, acquisition and exploration of uranium properties.

We seek Safe Harbor.