Mr. Jiang Yu reports

ST. JAMES GOLD CORP. CLOSES PRIVATE PLACEMENT

St. James Gold Corp. has closed the previously announced non-brokered private placement and has issued 3,633,335 units at a price of 15 cents per unit for gross proceeds of $545,000. Each unit comprises one common share and one-half of one common share purchase warrant, with each whole warrant entitling the holder to purchase one additional common share at 20 cents per share for a period of two years from the date of issue.

All securities issued in connection with the offering will be subject to a four-month statutory hold period and applicable U.S. legends.

The proceeds of the private placement will be used approximately as follows:

• To pay current payables (legal, audit) -- $86,000;
• To pay estimated cost of 2023 audit -- $65,000;
• To pay property payments and complete assessment work on the company's Newfoundland properties -- $45,000;
• To pay amounts due over the next six months under various settlement agreements -- $133,000;
• Reserve for creditor settlements -- $200,000;
• To pay estimated commission/finders -- $6,750;
• Private placement filing fees and related costs -- $9,250;
• Total fees: $545,000.

The company paid finders fees of $6,750 and issued 45,000 finders warrants with each warrant entitling the finder to purchase one additional common share at 20 cents per share for a period of one year from the date of issue.

Completion of the private placement remains subject to the approval of the TSX Venture Exchange.

About St. James Gold Corp.

St. James Gold Corp. is a publicly traded company listed on the TSX Venture Exchange under the trading symbol LORD, in the U.S. market listed on OTCQB under LRDJF and on the Frankfurt Stock Exchange under BVU3. The company is focused on creating shareholder value through the discovery and development of economic mineral deposits by acquiring prospective exploration projects with well-delineated geological theories; integrating all available geological, geochemical and geophysical data sets; and financing efficient exploration programs. The company currently holds: (i) 100-per-cent stake in 29 claims, covering 1,791 acres, in the Gander gold district in north-central Newfoundland located adjacent to New Found Gold Corp.'s Queensway North project; and (ii) a 100-per-cent stake in nine claims and an option to acquire a further 100-per-cent interest in 19 claims, covering a total 1,730 acres, in central Newfoundland located adjacent to Marathon Gold's Valentine Lake property.

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