An anonymous director reports

NORTH VALLEY RESOURCES COMPLETES SPRING EXPLORATION PROGRAM ON COMSTOCK PROPERTY AND ANNOUNCES AMENDED AND RESTATED COMSTOCK AND BARNUM PROPERTY OPTION AGREEMENTS

North Valley Resources Ltd. has completed its 2023 spring exploration program on the Comstock property. The company had British Columbia-based Precision GeoSurveys perform a high-resolution airborne magnetometer and radiometric survey on the entire Comstock property. The final results and report on the survey are expected later in September.

Additionally, the company is pleased to announce that, on July 12, 2023, the company entered into an amended and restated option agreement with respect to the Comstock property with a director of the company. This A&R Comstock option agreement amends and restates the previously disclosed Comstock option agreement dated April 14, 2021, pursuant to which the company has the option to acquire an undivided 100-per-cent interest in the Comstock property from a director of the company (the optionor). The Comstock property comprises 19 contiguous claims covering 2,573 hectares in the Nicola mining district, approximately seven kilometres south of Merritt, B.C.

The company is also pleased to announce that, on July 12, 2023, the company entered into an amended and restated option agreement with respect to the Barnum property. This A&R Barnum option agreement amends and restates the previously disclosed Barnum option agreement dated June 15, 2020, as amended on April 14, 2021, pursuant to which the company has the option to acquire an undivided 100-per-cent interest in the Barnum property from a director of the company (the optionor). The Barnum property comprises seven contiguous claims covering 308 hectares in the Kamloops mining district, approximately 15 km east of Kamloops, B.C.

The company and the optionor have amended the Barnum property option agreement terms schedule such that the company will not have to make share or cash payments, or exploration expenditures prior to the company's second and third listing anniversaries. The company's milestone payments for the fourth-year listing anniversary have been changed to $550,000 in cash payment, a 600,000-share payment and $810,000 in exploration expenditures. No other terms of the option agreement have been amended.

The company and the optionor have amended the Comstock property option agreement terms schedule such that the company will not have to make share or cash payments on the company's second listing anniversary, and will have to reach exploration expenditures of $30,000 by the company's second listing anniversary. Additionally, the company will now have to make a share payment of 200,000 shares and reach exploration expenditures of $50,000 by the company's third listing anniversary. Also, on the company's fourth listing anniversary, the company will now have to make a $585,000 cash payment and reach exploration expenditures of $625,000. No other terms of the option agreement have been amended.

About North Valley Resources Ltd.

North Valley is a mineral exploration company focused on the identification, acquisition and exploration of mining properties. The company is primarily focused on exploring its optioned Comstock property that comprises 19 contiguous claims covering 2,573 hectares in the Nicola mining district, approximately seven km south of Merritt, B.C.

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