Mr. Kevin Bullock reports

SIGNAL GOLD COMPLETES THE SALE OF THE POINT ROUSSE PROJECT TO MARITIME RESOURCES CORP.

Signal Gold Inc. has completed the sale of the company's Point Rousse project on the Baie Verte peninsula in Newfoundland to Maritime Resources Corp. Under the transaction, Maritime has acquired 100 per cent of the common shares of Point Rousse Mining Inc., previously a wholly owned subsidiary of Signal Gold, which holds all related mineral licences, fixed assets and equipment, liabilities, rights, and obligations related to Point Rousse. As part of the sale, Signal Gold has received $3-million in cash and 23,970,218 common shares of Maritime, valued currently at approximately $1-million. Maritime has also assumed the related reclamation liabilities of Point Rousse.

"We are pleased to announce the completion of the sale of Point Rousse to Maritime Resources, as we believe the combination of Point Rousse with Maritime's Hammerdown project will generate significant value for all stakeholders and we are pleased to be a shareholder of Maritime going forward," said Kevin Bullock, president and chief executive officer, Signal Gold.

Signal Gold will retain all rights and obligations related to the Tilt Cove project, a prospective exploration-stage gold-copper project located within the Baie Verte mining district, Newfoundland, with approximately 15,000 hectares of prospective mineral lands and 35 kilometres of high-potential strike length, including the Nugget Pond Horizon, a geological unit that hosts the past-producing, high-grade Nugget Pond mine.

About Signal Gold Inc.

Signal Gold is advancing the Goldboro gold project in Nova Scotia, a significant growth project subject to a positive feasibility study which demonstrates an approximately 11-year open-pit life of mine (LOM) with average gold production of 100,000 ounces per annum and an average diluted grade of 2.26 grams per tonne gold (please see the "NI 43-101 Technical Report and Feasibility Study for the Goldboro Gold Project, Eastern Goldfields District, Nova Scotia" on Jan. 11, 2022, for further details). On Aug. 3, 2022, the Goldboro project received its environmental assessment approval from the Nova Scotia Minister of Environment and Climate Change, a significant regulatory milestone which enables the company to commence site-specific permitting processes, including the industrial approval and Crown land lease and mining lease applications. The Goldboro project also has potential for further mineral resource expansion, particularly toward the west along strike and at depth. A future study will consider upgrading and expanding potentially minable underground mineral resources as part of the longer-term mine development plan.

Adviser and counsel

Raymond James Ltd. is serving as Signal Gold's financial adviser in connection with the transaction. Signal Gold's legal counsel in connection with the transaction is Cassels Brock & Blackwell LLP.

This news release has been reviewed and approved by Mr. Bullock, PEng, president and CEO with Signal Gold, a qualified person under National Instrument 43-101 Standards of Disclosure for Mineral Projects.

We seek Safe Harbor.