Mr. Ronald Goguen of Colibri reports

COLIBRI AND SILVER SPRUCE RESUME EXPLORATION AT THE DIAMANTE PROPERTY

Colibri Resource Corp., along with its partner Silver Spruce Resources Inc., has resumed fieldwork at the Diamante property located in southeastern Sonora within the Sierra Madre belt of epithermal gold-silver deposits. The exploration crew has been dispatched to the property, and will be completing geological mapping and sampling over the next six- to eight-week period. Geological mapping will include a property-wide approach, as well as the more detailed evaluation of selected showings. Sampling will include outcrop sampling, as well as property-wide stream sediment sampling. The company anticipates initiating a drill program at Diamante during the fall at the conclusion of the fieldwork and after the seasonal rains.

Ron Goguen, president and chief executive officer, commented: "We have been focused on our Caborca gold belt properties over the last few months, and are pleased to be getting back to the Sierra Madre and our Diamante property. We will be further assessing existing targets and developing new ones with a grassroots approach. Furthermore, Colibri will be assessing and prioritizing targets and work programs across our complete property position in the Sierra Madre epithermal belt, which includes the Diamante, Mezquite and Jackie properties."

About the Diamante property

The Diamante property is located within a belt of epithermal gold-silver mineralization hosted by the Sierra Madre Occidental volcanic complex. Major gold mining operations in the area of the Diamante property include Alamos Gold's Los Mulatos mine and Agnico Eagle's El India and Pinos Altos mines. The Diamante project is located approximately 12 kilometres northeast of Minera Alamos's Santana Au development project, which is anticipated to commence commercial production before year-end. The property is located approximately 170 km southeast of Sonora state capital Hermosillo and approximately 10 km northwest of the town of Tepoca. The property is reached directly from Sonora state Highway 16.

The 1,057-hectare Diamante property is located adjacent to the company's Mezquite and Jackie properties, which cover 180 and 1,113 hectares, respectively, providing the company with a total of 2,351 hectares of exploration ground. The Diamante property hosts a number of historical showings and, combined with mineralization on the Mezquite and Jackie properties, exhibits the geological characteristics of epithermal low- to intermediate-sulphidation Ag-Au (lead-zinc), high-sulphidation gold-copper, and potential transition zones within and peripheral to porphyry-style Au-Cu mineralization. Colibri and Silver Spruce completed the first ever drill program on the Diamante property during 2022 at the prioritized targets El Pillado and La Prieta. Results included 2.48 grams per tonne Au and 56.7 g/t Ag over an intersection length of 9.0 metres from La Prieta and 0.26 g/t Au and 184.5 g/t Ag over an intersection length of 6.0 m from El Pillado. Locally high-grade base metal mineralization included the intersection of 5.87 per cent Zn and 5.31 per cent Pb over a 1.5-metre intersection with 0.31 g/t Au and 497 g/t Ag yielding an equivalent grade of 9.79 g/t Au.

Qualified person

Jamie Lavigne, PGeo, 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 press release.

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, all of which have planned exploration programs for calendar 2023.

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