Mr. Cor Coe reports

SITKA GOLD CORP. ANNOUNCES UP TO $1.2M PRIVATE PLACEMENT

Sitka Gold Corp. has arranged a non-brokered private placement of flow-through units (FT units) at a price of 11 cents per FT unit, for aggregate gross proceeds of up to $1.2-million.

Each FT unit will consist of one flow-through common share in capital of the corporation and one-half of one common share purchase warrant. Each whole warrant will entitle the holder thereof to purchase one non-flow-through common share at a price of 15 cents per common share for a period of 24 months from the date of issuance.

The securities offered pursuant to the offering will be subject to a statutory hold period of four months and a day from the date of issuance. Sitka has engaged Canaccord Genuity Corp. to act as its financial adviser for the offering. The company may pay a finder's fee on a portion of the gross proceeds of the offering. The offering remains subject to regulatory approval and the approval of the Canadian Securities Exchange.

The company intends to use the net proceeds of the offering for exploration work on its RC gold project in Yukon.

About Sitka Gold Corp.

Sitka Gold is a mineral exploration company headquartered in Canada. The company is managed by a team of experienced industry professionals and is focused on exploring for economically viable mineral deposits, with its primary emphasis on gold, silver and copper mineral properties of merit. Sitka currently has an option to acquire a 100-per-cent interest in the RC, Barney Ridge, Clear Creek and OGI properties in Yukon, and the Burro Creek gold property in Arizona. Sitka owns a 100-per-cent interest in its Alpha gold property in Nevada, its Mahtin gold property in Yukon and its Coppermine River project in Nunavut.

The company recently announced a National Instrument 43-101-compliant initial mineral resource estimate of 1.34 million ounces of gold beginning at surface and grading 0.68 gram per tonne (g/t) at its RC gold project in Yukon (see news release dated Jan. 19, 2023). A resource expansion diamond drilling program is currently under way.

The company is also planning additional drilling at its Alpha gold property in Nevada, where a new Carlin-type gold system was recently discovered. The company is focused on vectoring toward the high-grade core of this system, which is located on the Cortez trend, just 40 kilometres southeast of the Cortez mine complex of Barrick/Newmont.

The scientific and technical content of this news release has been reviewed and approved by Cor Coe, PGeo, director and chief executive officer of the company, and a qualified person (QP) as defined by National Instrument 43-101.

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