Mr. Ronald Goguen reports

COLIBRI SAMPLES 9.84 G/T AU ON THE PLOMO PROPERTY AT THE EP PROJECT, CABORCA GOLD BELT, SONORA

Colibri Resource Corp. has released the results of geological mapping and outcrop sampling at the Pavo Real target on the Plomo property, EP gold project, Caborca gold belt (CGB), northwestern Sonora. Results have confirmed and expanded the footprint of gold (Au) in tourmaline altered diorite at Pavo Real and include a high of 9.48 grams per tonne (g/t) Au.

Ron Goguen, president and chief executive officer of Colibri, commented: "We are very encouraged by the results of our inaugural exploration work program on the Plomo property, which we acquired in March. This work represents the first steps in the evaluation of Plomo's large and highly prospective land position within the EP gold project. Colibri will continue to aggressively advance towards a maiden drill program at Plomo."

Pavo Real history and results

Historical work at the Pavo Real target documents widespread tourmaline alteration, including tourmaline in northwest-trending structures reported to be traced over a 600-metre strike length and containing anomalous gold values including 5.82 g/t Au. Due diligence reconnaissance fieldwork, conducted earlier in year, confirmed the presence of tourmaline-quartz alteration (commonly forming overprinting stock work and breccia textures), and sampling confirmed the presence of Au with several grab samples greater than one g/t Au and a high-grade grab sample of 9.94 g/t Au.

A selected area at Pavo Real, approximately one-half kilometre by one-half kilometre, was mapped and 90 grab samples were collected for Au analyses. Au was detected in all but 11 of the samples, 38 of the samples returned values greater than 0.1 g/t Au, 13 samples returned values greater than 1.0 g/t Au with the highest-grade sample being 9.84 g/t Au. Mineralized samples (more than 0.1 g/t Au) are characterized by quartz-tourmaline breccia matrix and stockwork overprinting a quartz, sericite, tourmaline, pyrite (iron oxide) altered felsic host rock. The higher-grade samples also commonly include veinlets mapped as jasperoid, which in thin section was determined to be a very fine grained assemblage of limonite and hematite and interpreted to possibly be derived from a primary iron carbonate bearing vein assemblage. The mineralized tourmaline-bearing breccia and stockwork samples are massive to strongly foliated where foliation consistently has a north-northwest strike and moderate northeast dip. Northwest- and northeast-trending structures and associated apparent grade directional trends are evident on the Plomo property (as well as Evelyn). These structural orientations are important in the regional geological evolution and control the occurrence of major gold deposits in the Caborca gold belt.

EP project next steps

The company continues to evaluate both the Evelyn and Plomo properties of the EP gold project with the objective of advancing prospects and prioritizing drill targets. The company will continue to evaluate mineralized domains at the Pavo Real target, as indicated by mapping and sampling to date, and anticipates continued exploration to include geological mapping as well as trenching with a mechanical shovel. Assays are pending from geological mapping and sampling also recently completed at the Banco de Oro and La Bonancita targets. On the Evelyn side, the company is currently planning a reverse circulation (RC) drilling program to follow up on positive soil geochemistry results north and south of the main zone, a well as west of El Sahuaro.

About Plomo

The newly acquired Plomo property is contiguous with the company's Evelyn property and collectively the properties comprise the company's EP gold project, covering a total area of 4,766 hectares. The EP gold project is located in the 500-kilometre-long, northwest-trending Caborca gold belt, which includes the more-than-15-million-ounce La Herradura mine, located 30 kilometres west of Plomo, the more-than-two-million-ounce Noche Buena mine, located approximately eight kilometres southwest of Plomo, and the past-producing Soledad-Dipolos mine (more than three million ounces Au), located approximately 32 kilometres to the northwest.

Highlights of the Plomo property include:

• The historical database, totalling 1,853 surface rock samples, includes 524 samples greater than 0.1 g/t Au, 132 samples greater than 1.0 g/t Au and 15 high-grade samples greater than 10 g/t Au. Surface exploration, including prospecting, mapping and rock sampling since 2007, has resulted in the identification of nine target areas on the Plomo property.
• Underground sampling completed in the adit at the Banco de Oro prospect in 2008 is reported to have included 298.0 g/t Au over a chip length of 2.4 metres.
• The Plomo property has been the subject of only very limited exploration drilling, completed in 2008, with a total of 1,570 metres completed in 10 holes. Highlights of the drilling are 0.66 g/t Au over an intersection length of 11.65 metres and 0.92 g/t Au over an intersection length of four metres.
• The Plomo property has had small-scale artisanal mining, including pits, adits and placer mining dating back to the 18th century. The first recorded exploration was in 2006 and the property has been the subject of only episodic exploration since that time.
• Mapping completed by Colibri geologists confirmed vein-style mineralization consisting of veins, veinlets and vein stockworks, altered host rocks that include intense silicification, sericite, disseminated pyrite, and locally tourmaline-bearing stockworks and breccias.
• Sampling by Colibri completed during its due diligence evaluation confirmed the historical distribution of high-grade samples at Plomo and included 24 grab samples with values more than 1.0 g/t Au, including six samples with values more than five g/t Au. A total of 62 grab samples taken by Colibri during due diligence sampling returned Au assay values more than 0.1 g/t Au.

QA/QC (quality assurance/quality control)

Assays for the Plomo mapping and sampling program have been completed at ALS Laboratories, with sample preparation completed in Hermosillo, Sonora, and atomic absorption and fire assay analyses completed in Vancouver, Canada. Colibri employs industry standard QA/QC protocol, including the use of control samples (certified standards and blanks) and check assays. Jamie Lavigne, PGeo, has supervised the drilling program at Evelyn.

Qualified person

Jamie Lavigne, PGeo and a director for Colibri, is a qualified person as defined in National Instrument 43-101, and has reviewed and approved the technical information in this news release.

About Colibri Resource Corp.

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

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