Mr. Frank Callaghan reports

GOLDEN CARIBOO EXPANDS REPLACEMENT STYLE MINERALIZATION AT ITS QUESNELLE GOLD QUARTZ MINE PROPERTY

Golden Cariboo Resources Ltd.'s team continues to identify and expand gold mineralization at the Main zone of its Quesnelle gold quartz mine property which hosts alteration and mineralization styles visually similar to that of Barkerville Gold Mines' Cariboo gold project near Hixon, B.C.

Assay results have been received for QGQ22-03 and approximately half of QGQ23-01, both of which targeted the extension to replacement-style mineralization intersected in QGQ22-02 which returned 0.69 gram per tonne gold over 22.3 metres (April 25, 2023, news release).

QGQ22-03 stepped back about 40 m to the northwest of QGQ22-02 to target the northern and downward projection of the Koch vein system and replacement mineralization. QGQ23-01 was drilled from the same pad as QGQ22-02 to target the up-dip extension of the same zone. The holes intersected replacement-style mineralization in an untested area between the Koch and Main shaft workings of the historical Quesnelle quartz mine. Significant results are tabulated herein.

QGQ23-01 intersected a quartz vein, possibly the Koch vein, at a stoped area or drift of the Koch workings recovering only 0.15 of the 3.1 m intercept, which ran 23.3 g/t gold. The replacement mineralization, which lies below this, increased in size and tenor up dip and to the south of the QGQ22-02 intercept, returning 4.65 g/t Au over 7.15 m and 1.12 g/t Au over 18.7 m with an intervening interval of only elevated gold of 0.08 g/t Au over 15.05 m. The remaining 129.85 m of the hole has yet to be split and assayed and includes additional zones of semi-massive sulphide replacement mineralization.

The mineralized zone diverged to the north, returning two separate intervals of 2.61 g/t Au over 1.85 m and 0.97 g/t Au over 1.55 m in QGQ22-03 with a lower interval of 0.98 g/t Au over 2.55 m.

The replacement mineralization is primarily hosted in sulphide-bearing fine-grained metamorphosed clastic sedimentary rocks, which are variably sericite altered and lie proximal to the greenstone-phyllite contact.

The Halo zone, discovered by trenching in 2022, exposed similar-style mineralization proximal to the greenstone-phyllite contact approximately 800 m northwest of the Main zone (May 18, 2023, news release).

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

About Golden Cariboo Resources Ltd.

Golden Cariboo Resources 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 to the Quesnelle gold quartz mine have recorded production in excess of 2.6 million ounces of gold up to 1933 and successful placer mining continues to this day. Golden Cariboo's Quesnelle gold quartz mine property is four km 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 g/t Au and 4.18 g/t Ag in 1932 and 1939, with an additional 217 tonnes of unknown grade reported in 1878. Hixon Creek, which dissects the Quesnelle gold quartz mine property, 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.

We seek Safe Harbor.