Mr. William Wagener reports

GETCHELL GOLD CORP. ANNOUNCES FIRST TRANCHE CLOSING OF NON-BROKERED PRIVATE PLACEMENT

Getchell Gold Corp. has closed the first tranche of its previously announced non-brokered private placement offering by issuing 4,287,500 units at a price of 20 cents per unit for aggregate gross proceeds of $857,500.

Each unit consists of one common share and one-half of one warrant of the company. Each warrant entitles the holder to acquire one additional common share at a price of 35 cents per share for a period of two years from the date of closing.

The proceeds from the private placement will be used for exploration and development of the company's properties and general working capital.

In connection with the first tranche, the company paid finder's fees in the amount of $11,840, and issued an aggregate of 151,400 finder's shares and 134,900 finder's warrants. Each finder's warrant entitles the holder to acquire one additional common share of the company at a price of 35 cents per share for a period of two years from the date of closing.

The securities to be issued in connection with the first tranche are subject to a statutory four-month hold period expiring on Oct. 16, 2023, in accordance with applicable securities laws.

Two directors of the company participated in the first tranche in the amount of $35,000. The transactions with the directors and officers, who are insiders of the company, constitute a related party transaction as defined under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions. The company is relying on the exemptions under Section 5.5(a) and Section 5.7(1)(a) from the formal valuation and minority shareholder approval requirements of MI 61-101, as the fair market value of the units issued to the related parties and the consideration paid by the related parties under the first tranche does not exceed 25 per cent of the company's market capitalization, as determined in accordance with MI 61-101. The company did not file a material change report in respect of the related party transactions at least 21 days before the closing of the first tranche, as the details of the participation by related parties of the company were not settled until shortly prior to closing of the first tranche.

About Getchell Gold Corp.

The company is a Nevada-focused gold and copper exploration company trading on the Canadian Securities Exchange and OTCQB. Getchell Gold is primarily directing its efforts on its most advanced-stage asset, Fondaway Canyon, a past gold producer with a significant in-the-ground historic resource estimate. Complementing Getchell's asset portfolio is Dixie Comstock, a past gold producer with a historic resource, and two earlier-stage exploration projects, Star (copper-gold-silver) and Hot Springs Peak (Au). Getchell has the option to acquire 100 per cent of the Fondaway Canyon and Dixie Comstock properties, Churchill county, Nevada.

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