Mr. Douglas Mason reports

MAGNUM GOLDCORP INC. ANNOUNCES NON-BROKERED PRIVATE PLACEMENTS

Magnum Goldcorp Inc., subject to regulatory approval, intends to proceed with a flow-through and a non-flow-through non-brokered private placement. Under the flow-through private placement, the company intends to raise up to $400,000 by the issuance of eight million flow-through shares at five cents per FT share. Under the non-flow-through private placement, the company intends to raise up to $300,000 by the issuance of 10 million non-flow-through units at three cents per NFT unit. Each NFT unit will consist of one common share and one share purchase warrant, with each warrant entitling the holder to purchase an additional common share for a period of two years at an exercise price of five cents in the first 12 months, and at an exercise price of 10 cents in the second 12 months. With respect to these private placements, the company may pay finders' fees in the amount of 10 per cent, payable in cash or NFT units, based on the sale of the FT shares and NFT units purchased by subscribers introduced to the company by such finders.

The company intends to use the proceeds from these private placements for further exploration on its LH property and for general working capital purposes.

Magnum has an approved two-year multiyear area-based (MYAB) work permit for its LH property issued by the Ministry of Energy and Mines and Petroleum Resources. Under this approval, Magnum proposes to drill an additional six diamond drill holes from two existing pads. Dependent upon results, an additional pad may be constructed from which additional holes may be drilled. The program is expected to commence in late June to early July, dependent upon snow melt conditions.

The proposed 2023 program emphasizes work in anticipation of determination of an initial resource estimate. Approximately 1,125 metres of drilling is proposed, anticipated to return additional moderate to high-grade, gold-bearing mineralized intercepts. The resulting cumulative gold-bearing mineralized volume is expected to extend over approximately 75 m east-west and to a vertical depth of approximately 50 m below surface along the LH vein system.

The LH underground workings exposed a pyrrhotite-enriched, gold-bearing vein system, subsequently confirmed by 24 diamond drill holes completed in 2015 (10), 2017 (five), 2019 (four) and 2022 (five) (see the company's news releases dated Aug. 18, 2015, Feb. 8, 2018, Nov. 25, 2019, and July 4, 2022, respectively). The company believes a strong positive correlation exists between pyrrhotite abundance and strongly elevated to highly anomalous gold values. As a result, prominent magnetic anomalies are interpreted to be spatially associated with, and correlated to, strongly elevated to high-grade gold content. Therefore, subsurface 3-D magnetic anomalies represent high-priority drill targets.

In addition, arsenopyrite is often a pathfinder for gold mineralization. Therefore, intercepts of semi-massive to massive pyrrhotite and/or arsenopyrite mineralization visually identified in drill core are expected to return strongly elevated to highly anomalous gold values on subsequent analysis.

This news release has been reviewed and approved by Rick Walker, PGeo, who is acting as the company's qualified person for the LH property project, in accordance with regulations under National Instrument 43-101.

The LH property is a gold exploration property consisting of 19 contiguous Crown granted claims and seven mineral claims, located approximately seven kilometres south of Silverton, B.C., on the east side of Slocan Lake. Access to the LH property is via Highway 6 for 1.1 km south of Silverton and then via Red Mountain Road for 1.6 km to the Hewitt Mine Road, then along the Hewitt Mine Road for approximately three km to the Branch 200 Road. The Branch 200 Road and, subsequently, the old mine road, can be utilized by all-terrain vehicles for approximately four km into the upper Fingland Creek drainage.

We seek Safe Harbor.