Mr. Bruce Smith reports

EXPLORATION LICENCE GRANTED ON THE HIGH-GRADE MOTAGUA NORTE PROJECT IN GUATEMALA

Radius Gold Inc.'s Cirilo I exploration licence, covering a 13.5-square-kilometre (4.5 km by three km) area, including the highly prospective Mila gold discovery in the Motagua Norte project area of Guatemala, has been granted by the Ministry of Mines of Guatemala.

The Mila prospect is an area of bonanza-grade quartz float, subcrop and outcrop discovered by the company's joint venture partner, Volcanic Gold Mines, during regional prospecting along the Motagua Norte schist belt in central Guatemala. A significant gold footprint has already been mapped out with approximately 100 rock chip samples spread over a 250-metre-by-570-metre area returning assays exceeding 10 grams per tonne gold, including 20 of over 100 g/t gold and a maximum of 692 g/t gold.

The abundance of high-grade quartz over a significant area point to an important high-grade gold system. A thorough geological assessment and continued prospecting by Volcanic throughout the licence area are continuing, and Volcanic intends to start trench and drill testing as soon as the necessary permitting procedures are completed.

The Cirilo I exploration licence is the first to be granted out of a set of four exploration licence applications that comprise the Motagua Norte project. The other three applications cover an additional 72.68 square km of the highly prospective Motagua Norte orogenic gold corridor. Volcanic is working with the permitting authorities and local government to expedite the permitting process.

Simon Ridgway, Volcanic Gold Mines president and chief executive officer, commented:

"This is an impressive discovery and Volcanic has worked hard for many months to complete all the necessary requirements to get concessions granted in Guatemala. It is no simple matter and I want to congratulate the team, both on the exploration front and on the social side. Now we can approach this discovery with a mind to testing the third dimension. The mineralized veins have size, continuity and high grades at surface. I'm excited to see a drill turning on the project."

About the Cirilo 1 exploration licence

The Cirilo 1 exploration licence grants local company Minerales Sierra del Pacifico SA, a wholly-owned subsidiary of Radius, the right to explore for gold and silver over a 13.5 square km (4.5 km by three km) licence area in the department of El Progreso in Guatemala. Volcanic has an option to earn a 60-per-cent interest in the Motagua Norte and Holly projects subject to spending $7-million on exploration of the properties within 48 months from the date drilling permits at Holly were granted (see news release Sept. 18, 2023). To date Volcanic has spent just over $4.5-million (U.S.) of the earn-in.

Technical information

Bruce Smith, MSc (geology), a member of the Australian Institute of Geoscientists, is Radius's qualified person as defined by National Instrument 43-101 -- Standards of Disclosure for Mineral Projects. Mr. Smith has 30 years of mineral exploration experience and has prepared and approved the technical information contained in this news release.

About Radius Gold Inc.

Radius has a portfolio of projects located in Mexico and Guatemala which it continues to advance, utilizing partnerships where appropriate in order to retain the company's treasury. At the same time, management is seeking out additional investment and project acquisition opportunities across the globe. Radius is a member of the Gold group of companies, led by Mr. Ridgway.

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