Mr. Gordon Friesen reports

GLACIER LAKE OPTIONS CLAIMS IN MUTOKO BELT

Glacier Lake Resources Inc.'s wholly owned subsidiary, Glacier Lake Resources BVI Ltd. (Subco), has entered into a property option and joint venture agreement with Milmath Mining Company (the vendor), an arm's-length party. Pursuant to the terms of the option agreement, Subco will be granted an option to acquire up to a 70-per-cent interest in and to a series of mineral tenures total approximately 1,200 hectares located in the Mutoko belt in Zimbabwe.

The option is exercisable by Subco arranging for the payment of $50,000 and the issuance of one million common shares of the company to the vendor, upon receipt of the approval of the TSX Venture Exchange, and incurring exploration expenditures of no less than $1-million prior to Dec. 31, 2026. Subco will also be responsible for all ongoing renewal, maintenance and inspection fees for the property prior to the exercise of the option.

Upon exercise of the option, Subco will hold a 70-per-cent interest in the property and will form a joint venture with the vendor for the further development of the property.

Completion of the grant of the option, and the issuance of the consideration shares, remains subject to the approval of the TSX Venture Exchange. The company is at arm's length from the vendor, and no finders' fees or commissions are payable in connection with the grant of the option. In addition to restrictions on resale imposed by applicable securities laws, the consideration shares will be subject to an additional escrow arrangement for a period of 36 months following issuance. Ten per cent of the consideration shares will be released from the escrow upon the grant of the option, with a further 15 per cent every six months thereafter.

We seek Safe Harbor.