Mr. Ronald Goguen reports

COLIBRI CONCLUDES SALE OF ITS 23% JV INTEREST AT PITAYA PROJECT

Colibri Resource Corp. has been informed by its joint venture partner Agnico Eagle Mining that the Pitaya gold project located in the Caborca gold belt has been sold to a third party.

Colibri signed an agreement with Agnico Eagle Mining in 2019 whereby it agreed to sell its proportional 23-per-cent interest in the non-core project to Agnico or another buyer for a minimum of $500,000 (U.S.). In 2020, Colibri was advanced $300,000 (U.S.) from Agnico Eagle Mining which was secured by Colibri's ownership of the joint venture company.

Colibri will receive net proceeds of $500,000 (U.S.) from the sale less the outstanding loan principal and interest owed. Proceeds of the transaction will add non-dilutive capital to the company treasury and also improve the company balance sheet by zeroing out the corresponding debt liability.

The Pitaya gold project is located immediately east of Fresnillo PLC's Tajitos gold project (indicated and inferred resource of 1.1 million ounces of gold) and is approximately 17 kilometres south of Colibri's EP gold project. The EP project shares similar types of mineralization, alteration and geology to the Pitaya as well as other known regional gold deposits/mines such as Noche Buena (eight km southwest of EP), La Herradura (25 km west of EP), El Chanate (62 km southeast of EP) and La Choya (31 km north-northwest of EP). The highly prospective EP project comprises 4,766 hectares and is one of only a few significant-sized claim sets not owned by Fresnillo, which holds in excess of 200,000 hectares in the district.

About Colibri Resource Corp.

Colibri is a Canadian-based mineral exploration company listed on the TSX Venture Exchange (CBI) and is focused on acquiring and exploring prospective gold and silver properties in Mexico. The company holds six high-potential precious metal projects which have planned exploration programs planned for calendar 2023.

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