Mr. J. Frank Callaghan reports

GOLDEN CARIBOO COMMENCES 2024 DRILLING CAMPAIGN

Golden Cariboo Resources Ltd. has commenced drilling at its Quesnelle gold quartz mine project near Hixon, B.C., and has recently completed the first diamond drill hole (QGQ24-05) of its 2024 drilling campaign.

The Company is operating two shifts and under optimal conditions, is drilling approximately 100 meters per day.

Drill hole QGQ24-05 was drilled for 321m from the same pad as QGQ23-04 to target the greenstone-phyllite contact to the northwest of QGQ23-04 and possible mineralization on the west side of the contact. Logging and sampling of QGQ24-05 is in progress with over half completed to date. Samples are being shipped to the lab regularly for analysis. The drill is currently re-mobilizing to commence drilling of QGQ24-06.

T he balance of logging and sampling of drill hole QGQ23-04 (formerly referred to as QGQ23-01) from the Company's 2023 drill program has been completed. 122 samples were expedited to ALS Geochemistry in North Vancouver, BC for analysis. Results are pending.

Company President and CEO, Mr. J. Frank Callaghan commented "We are excited to have launched our 2024 drilling campaign. The Company has a 5-year exploration permit with approval to drill 270 surface diamond drill holes on 54 drill pads. I anticipate this will lead to an exciting time ahead as our exploration and management teams strive to put our third mine into production in British Columbia's prolific Cariboo mining region."

Mr. Callaghan commented further, stating "The Company acquired the QGQ Project due to its historic production, presence of a greenstone contact and its potential to host similar mineralization to the Bonanza Ledge Mine, which our team originally discovered and put into production at Osisko Development's Cariboo Gold Project. After Golden Cariboo's team put the Bonanza Ledge Mine into production and further developed the Cariboo Gold Project, it was acquired by Osisko Royalties for $330 million and is now owned and operated by Osisko Development. We feel that there is a similar opportunity to repeat our achievements at the QGQ Project and fundamentally believe that you make a mine, you don't find one."

About Golden Cariboo Resources Ltd.

Golden Cariboo Resources Ltd. 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 3 of 4 sides by Osisko Development (NSE-ODV/TSXV-ODV). Historically, over 101 placer gold creeks on the 90 km trend from the Cariboo Hudson mine north to the Quesnelle Gold Quartz mine have recorded production and successful placer mining continues to this day.

Golden Cariboo's Quesnelle Gold Quartz Mine property is 4 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. Hixon Creek, which dissects the Quesnelle Gold Quartz Mine property, is a placer creek which has seen small-scale placer production since the mid 1860's.

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