Mr. Terry MacDonald reports

COPPER LAKE ANNOUNCES APPROVAL OF $200,000 OJEP GRANT AND RECEIPT OF EXPLORATION PERMIT

Copper Lake Resources Ltd. has been selected to receive grant financing of up to $200,000 under the Ontario Junior Exploration Program (OJEP) from the Ontario government. This amount will cover up to 50 per cent of eligible exploration costs, to a maximum of $200,000, in respect of expenditures incurred by the company during the period from April 1, 2023, to Feb. 15, 2024, on the Marshall Lake MT conductor project.

The company was also notified on Nov. 20, 2023, that its exploration permit application on the Marshall Creek project had been issued, for a period of three years. The Marshall Creek project area includes the East-West Build-Up conductor (see July 19, 2023, news release). The permit will allow the company to perform the planned LLEM (large-loop EM (electromagnetic)) survey to determine the extent of the conductor and identify drill targets, with drilling to immediately follow.

Financing update

The previously announced private placement (see Nov. 17, 2023, news release) is expected to close between Dec. 12, 2023, and late December, 2023. The net proceeds of the financing will be used for exploration at the company's Marshall Lake project and for general working capital purposes. Additionally, the use of proceeds does not include any proposed payments to non-arm's-length parties nor any payments to persons conducting investor relations activities.

Qualified person

Donald Hoy, MSc, PGeo, Copper Lake's vice-president of exploration, is the qualified person responsible for the technical content contained in this news release.

About Copper Lake Resources Ltd.

Copper Lake is a publicly traded Canadian mineral exploration and development company with interests in two projects both located in Ontario.

The Marshall Lake high-grade volcanogenic massive sulphide copper, zinc, silver and gold project, comprising an area of approximately 220 square kilometres located 120 km north of Geraldton, Ont., and is accessible by all-season road from the Trans-Canada Highway and just 22 km north of the main CNR rail line. Copper Lake has an 81.54-per-cent interest in the joint-ventured property, which consists of 233 claims and 52 mining leases. The project also includes 148 claim cells staked in 2018 and 2020 that are 100 per cent owned and not subject to any royalties, which add approximately 30 square km to the original property.

In addition to the original Marshall Lake property above, Marshall Lake also includes the Sollas Lake and Summit Lake properties, which are 100 per cent owned by the company and are not subject to any royalties. The Sollas Lake property consists of 20 claim cells comprising an area of four square km on the east side of the Marshall Lake property, where historical EM airborne geophysical surveys have outlined strong conductors on the property hosted within the same favourable felsic volcanic units. The Summit Lake property currently consists of 100 claim cells comprising an area of 20.5 square km, is accessible year-round and is located immediately west of the original Marshall Lake property. The Marshall Lake project is located in the traditional territories of the Aroland and Animbiigoo Zaagi igan Anishinaabek first nations.

Copper Lake has a 69.79-per-cent joint venture interest in the Norton Lake nickel, copper, cobalt, palladium and PGM (platinum group metal) property, located in the southern Ring of Fire area, and is approximately 100 km north of the Marshall Lake property. The Norton Lake property is located in the traditional territories of the Eabametoong (Fort Hope) and Neskantaga first nations.

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