Mr. Brett Richards reports

GOLDSHORE RESOURCES PROVIDES CORPORATE UPDATE

Goldshore Resources Inc. has shared a corporate update in regards to its continuing activities.

Highlights:

• The preliminary economic assessment (PEA) on the Moss gold project is progressing well and is on schedule for release mid Q4 2023.
• The PEA is being managed by an independent multidisciplinary team at Ausenco Engineering Canada Inc.
• Base Metallurgical Laboratories Ltd. (BaseMet) has completed a gold deportment study with positive results and additional heap leach metallurgical testwork is in progress at Kappes, Cassaday and Associates (KCA) to maximize potential gold recoveries.
• Independent review of the May 5, 2023, mineral resource estimate for the Moss gold project recently completed by SRK Consulting (Canada) Ltd. confirms that the resource meets the CIM guidelines for the reporting of inferred mineral resources.
• Independent review of project permitting paths by CSL Environmental & Geotechnical Ltd. confirms that the permitting process is on track for development with significant studies already completed and no major information or timeline hurdles expected.
• Goldshore continues to take a proactive approach to community engagement, with regular information sharing meetings with host indigenous communities and benefiting greatly from feedback on all aspects of the PEA process.
• The company has been approved to receive an Ontario Junior Exploration Program grant of $200,000.
• An additional greater than 8,000 hectares of new mineral claims have been staked 15 to 25 km north of the Moss gold project.

President and chief executive officer Brett Richards stated: "In the wake of this market turbulence, we continue to pursue our goals of establishing the economic viability of the Moss gold project; as well as increasing our footprint in the region in a responsible manner. We continue to see great potential for the Moss gold project to grow well beyond the scope of the PEA we are currently conducting, but appreciate we need to establish the project as an economically viable resource in its existing size, grade and metallurgy. Initial indications are extremely encouraging, and we are looking forward to releasing the complete economic results in mid Q4 2023."

PEA update

Ausenco has completed phase one of the continuing PEA for the Moss gold project. Phase one was an initial high-level review of various mining and milling rates and different plant processes that is conducted to select the optimal configuration for the detailed PEA (phase two). While not definitive in and of itself, phase one indicated that the most effective method to process mineralized material from the Moss gold project is conventional cyanide leaching with stockpiling of low-grade material for processing at the end of mine life. The phase one results also indicated that an alternate (though more complex) flotation-leach process with heap-leaching of low-grade material provided similar returns, but size and scope of this approach needs to be studied in the future for project scoping on a larger resource (in both geological domains).

During phase two, further testwork will be conducted to better define the cost and recovery profile entailed by the alternative of heap-leaching low-grade material. To this end, the company will soon commence column leach testing of mineralization with KCA, who are recognized leaders in heap leach technology.

Alternate processing options highlight the flexibility of the Moss gold project, and future testwork may unlock potential opportunity for upside on creating a different size scoped project in the future, with different recovery methods.

Mineral deportment study

Sixteen samples were submitted to BaseMet in Kamloops, B.C., for gold deportment studies that evaluated the gold associations, gold particle size distribution, degree of gold liberation and gold mineralogy. The samples are composites from shear and intrusion domains, plus combined composites, from the Main, Central and QES zones (the Moss pit), Moss Southwest zone and East Coldstream. Within the Moss pit, combined samples were prepared for the three zones as well as an overall pit composite.

In general, observed gold grains in all samples are ultrafine, predominantly in negative 20 microm size fraction. This is at the very bottom end where centrifugal gold concentrators operate, hence the low recoveries observed in the E-GRG test. The strong association with pyrite in several samples shows why flotation was successful and, with regrind, leach extractions improved significantly. The bulk mineralogy shows high amounts of quartz and plagioclase in all samples which corelate to the high competency and hardness seen in the comminution results.

Mineral resource audit

Following the inclusion of external comments within the technical report drafted by CSA Global, Goldshore retained SRK to conduct an independent review of the mineral resource estimate and its reliability. Dr. Gilles Arseneau, principal consultant at SRK, conducted an independent review of the May, 2023, mineral resource estimate reported by CSA. He also completed an in-depth review of the drill data and wireframes used for this estimate.

Dr. Arseneau concluded that, "The mineral resource reported by CSA Global effective May 5, 2023, meets the criteria under CIM guidelines for reporting inferred mineral resources."

Although Dr. Arseneau noted concerns with the historical drilling data, they were fewer than those noted by CSA, and he also noted that with further analysis it may be possible to reclassify part of the mineral resource as indicated mineral resources under CIM guidelines.

Goldshore has concluded that the mineral resource estimate is suitable for the purpose of advancing the current PEA.

Independent outlook for permitting

CSL are Goldshore's independent environmental site auditor as well as project managers for current baseline studies. CSL have considerable experience in this field through their work on the permitting for Impala's Lac des Iles mine, north of Thunder Bay. This positions them perfectly to manage the Section 20 environmental studies for the PEA. As part of this, CSL produced an independent position paper on the steps required to permit the Moss gold project.

CSL has used the rigour around site layout and engineering to identify additional baseline studies that will need to be undertaken and completed as part of the permitting and approvals process. This includes future engagement with indigenous communities on site layout as well as long lead time permits (federal and provincial).

Key permits that Goldshore will be seeking include: federally, an impact assessment and a fisheries habitat compensation plan, and various approvals, authorizations and licences; and provincially, a closure plan, various environmental compliance approvals and several standard work permits. All of these permits have been factored into internal planning timelines.

Chris Perusse, PGeo, president and senior geoscientist with CSL, noted: "There are no major informational or timeline hurdles to permitting the Moss gold project and a relatively straightforward path with Goldshore well on track with studies completed to date. There is no major lake remediation process, rather a diversion of the Wawiag River, which broadens into the very shallow Snodgrass Lake, around the proposed mine site."

Goldshore is taking a proactive approach to consultation with our host indigenous communities through regular meetings to share information and benefit from feedback on all aspects of the PEA process.

Hillcrest project

As part of the company's strategy for an exploration and development pipeline, Goldshore has acquired 390 cell claims covering 8,261 hectares in the Quetico subprovince, 15 to 25 km north of Moss. This has been named the Hillcrest project.

The Hillcrest project represents a blue-sky approach to gold exploration. Fault systems cutting the area appear to be deep-seated structures, plumbing the mantle, that were active in the same timeframe as the Timiskaming-type deformation zones which have a known, close association with gold mineralization within the Shebandowan belt (specifically, the high-grade Delta-1 and Tower gold deposits, held by Delta Resources and Thunder Gold, respectively). The interpreted tectonic regime predicts a relatively high density of subvertical second-order deformation zones which acted as fluid conduits. Lake sediment geochemistry is anomalous in gold and other pathfinder elements, which highlights the unrecognized prospectivity of the area.

The Hillcrest project is also prospective for critical minerals -- specifically, Alaska-type Ni-Cu-PGE plus or minus Au and lithium pegmatites -- as suggested by pre-staking prospecting conducted by Goldshore's geologists.

The current focus remains on the Moss gold project and field work is not planned on the Hillcrest project until 2024 to 2025.

Ontario Junior Exploration Program funding

The company applied for a $200,000 grant under Ontario's Junior Exploration Program (OJEP), which was approved on July 13, 2023. Goldshore has been using these funds to conduct geological mapping and geochemical sampling that is focused on potential copper-cobalt targets within the Moss gold project. The company has received approval for the full $200,000 grant under OJEP which consists of a 50-per-cent rebate on $400,000 of grassroots focused exploration expenses incurred in 2023.

The company mobilized field crews in May which have been actively exploring the northern tenement of the project targeting favourable geological horizons and alteration envelopes associated with VMS mineralization as identified at the Vanguard and North Coldstream deposits. The program will progressively move south exploring regional targets around the Moss deposit and Hamlin prospect identified through the earlier completed airborne geophysics survey including many unexplained EM anomalies.

The company looks forward to continuing its partnership with the Ontario government through OJEP and will be monitoring the program for additional opportunities for funding.

President and chief executive officer Brett Richards stated, "I would like send a note of thanks to the Minister of Mines, for the creation of the Ontario Junior Exploration Program funding, and for our acceptance to receive the generous grant to continue our field work."

Pete Flindell, vice-president of exploration for Goldshore, said: "Goldshore remains active with field mapping and geochemical sampling programs to prioritize scout drilling targets for when the drill rigs return later this year. At the same time, we are pursuing studies to determine the economic value of the Moss gold project. Initial results are highly encouraging, exceeding all of the company's economic metrics given to Ausenco as the framework for scoping the project."

Qualified persons

Peter Flindell, PGeo, MAusIMM, MAIG, vice-president -- exploration of the company, is a qualified person as defined by National Instrument 43-101 -- Standards of Disclosure for Mineral Projects. He has reviewed and verified the scientific and technical information contained in this news release.

Dr. Gilles Arseneau, PGeo, is an associate with SRK Consulting (Canada) Inc. SRK Consulting is an independent, global network of consulting practices in over 45 countries on six continents. Its experienced engineers and scientists work with clients in multidisciplinary teams to deliver integrated, sustainable solutions across a range of sectors -- mining, water, environment, infrastructure and energy. He has reviewed and verified the information regarding the mineral resource audit on the Moss gold project disclosed in this news release.

Robert Raponi, PEng, is a senior mining engineer specialist with Ausenco Engineering Canada Inc. He has reviewed and verified the information regarding the metallurgical and processing results on the Moss gold project disclosed in the news release.

Chris Perusse, PGeo, is president and senior geoscientist with CSL Environmental and Geotechnical Ltd. He has reviewed and verified the information regarding the independent outlook on permitting on the Moss gold project disclosed in the news release.

About Goldshore Resources Inc.

Goldshore is an emerging junior gold development company, and owns 100 per cent of the Moss gold project located in Ontario. Wesdome is currently a large shareholder of Goldshore, and the company is supported by an industry-leading management group, board of directors and advisory board. Goldshore is well positioned to advance the Moss gold project through the next stages of exploration and development.

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