Mr. Andrew Rees reports

GOLDEN CARIBOO CORRELATES KNOWN GOLD MINERALIZATION TO 1.8KM LONG GEOPHYSICAL ANOMALY

Significant correlations have been made during an initial study of limited surface mapping and trenching results along with data acquired from Osisko Development's 2016-2017 airborne mag and electromagnetic survey, which includes over 1,000 hectares of the Quesnelle gold quartz mine property of Golden Cariboo Resources Ltd.

Geotronics Consulting Inc., which visited the property in 2017 to conduct an induced polarization survey, reviewed the ground and airborne data. Highlights of the findings state: "What is immediately apparent in examining the magnetic and EM maps is that there is a strong northwest trend in the anomalies across the property. This completely agrees with the known geology, which shows faulting and lithological contacts as trending northwesterly. The magnetics also show the Main zone and the Halo zone to occur within a fairly strong northwesterly trending magnetic high within the property, and the North Hixon zone occurs along the northeastern edge of this same high. However, gold mineralization within the known zones occurs within an altered greenstone, which would generally not be expected to be magnetic. Therefore, the magnetic high may be caused by basaltic volcanic rocks or ultramafic rocks, possibly at depth, which are known to occur within a few kilometres to the southeast. It would appear that these rock types are related to the known gold mineralization, and therefore, the possibility exists that mineralization occurs along this entire strike length within the property, which is 1,850 metres.

"The magnetics also show an easterly trending lineation of magnetic lows across the northern part of the property, strongly suggesting that it is reflecting a fault which would therefore be crossing the northwesterly trending faults. Areas of cross-faulting are prime areas for the emplacement of mineralizing fluids, and this is evidenced by the known gold mineralization in this region.

"The EM survey shows a conductor trending northwesterly across the property to the west of known mineralization. It correlates directly with a resistivity low mapped within a 2017 IP resistivity survey, which was interpreted to be caused by a conductive rock type, probably being a phyllite."

Company director Andrew H. Rees commented: "The company was able to procure Osisko Development's geophysical data from public sources as they flew their 2016-2017 geophysical surveys over 1,000 hectares of Golden Cariboo's property without the company's prior knowledge or providing notification. The company's evaluation of Osisko's data appears to support their staking program, which almost entirely encircles Golden Cariboo's Quesnelle gold quartz mine property. The company is currently drilling at the property and is extremely encouraged with initial findings, in part utilizing knowledge gained from Osisko's geophysical data along with its own internal exploration efforts.

Golden Cariboo's exploration program, along with drilling, will include additional detailed reinterpretation of the existing airborne geophysical data set from Osisko Development with the incorporation of continuing surface mapping and rock geochemistry results at the Quesnelle gold quartz mine property.

The technical information in this news release has been reviewed by David Mark, PGeo, a qualified person with respect to National Instrument 43-101.

About Golden Cariboo Resources Ltd.

Golden Cariboo is rediscovering the Cariboo gold rush by proceeding with high-grade targeted drilling and trenching programs on its Quesnelle gold quartz mine project, which is almost fully encircled on three of four sides by Osisko Development. Historically, over 101 placer gold creeks on the 90-kilometre trend from the Cariboo Hudson mine north of the Quesnelle gold quartz mine have recorded production in excess of 2.6 million ounces of gold up to 1933 (Hall, 1986), and successful placer mining continues to this day.

Golden Cariboo's Quesnelle gold quartz mine property is four kilometres northeast of, and road accessible from, Hixon in central British Columbia. The property includes the Quesnelle quartz gold-silver deposit, which was discovered in 1865, in conjunction with placer mining activities, and produced 2,048 tonnes grading 3.14 grams per tonne gold and 4.18 g/t silver in 1932 and 1939, with an additional 217 tonnes of unknown grade reported in 1878 (B.C. Minfile, 2021). Hixon Creek, which dissects the Hixon gold claims, is a placer creek, which has seen limited, small-scale placer production since the mid-1860s. From Ministry of Mines reports prior to 1945, estimates of up to $2-million worth of placer gold were mined from Hixon Creek.

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