Mr. Simon Ridgway reports

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

Volcanic Gold Mines Inc.'s Cirilo I exploration licence, covering a 13.5-square-kilometre 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 Company geologists during regional prospecting along the Motagua Norte schist belt in Central Guatemala. A significant gold footprint has already been mapped-out with approximately one hundred rock chip samples spread over a 250 metre by 570 metre area returning assays exceeding 10 g/t gold, including twenty 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 throughout the licence area is ongoing, and the Company intends to start trench and drill testing as soon as the necessary permitting procedures are completed.

The Cirilo 1 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 km Superscript 2 of the highly prospective Motagua Norte orogenic gold corridor. The Company is working with the permitting authorities and local government to expedite the permitting process.

Simon Ridgway, Volcanic Gold Mines President and CEO, commented:

"This is an impressive discovery and the Company 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."

The Mila prospect is an area of high-grade quartz float, subcrop and outcrop covering a 250 metre by 570 metre area discovered by Company geologists. Approximately one hundred rock chip samples exceeding 10 g/t gold collected across the area to-date:

About the Cirilo 1 exploration licence

The Cirilo 1 exploration licence grants local company Minerales Sierra del Pacifico S.A., a wholly-owned subsidiary of Radius Gold Inc. (TSXV-RDU), the right to explore for gold and silver over a 13.5 km Superscript 2 (4.5 x 3 km) licence area in the department of El Progreso in Guatemala. Volcanic has an option to earn a 60% interest in the Motagua Norte and Holly projects subject to spending $7M on exploration of the properties within 48 months from the date drilling permits at Holly were granted (see News Release September 18, 2023). To date Volcanic has spent just over US$4.5 million of the earn-in.

Location map of the Motagua Norte project in Eastern Guatemala:

Click Image To View Full Size Technical Information Luc English PhD, who is a Chartered Geologist and Fellow of the Geological Society of London, is the Company's Qualified Person as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects. Dr English has reviewed and approved the technical information contained in this news release.

About Volcanic

Volcanic brings together an experienced and successfu l mining, exploration and capital markets team focused on building multi-million -ounce gold and silver resources in underexplored countries. Through the strategic acquisition of mineral properties with demonstrated potential for hosting gold and silver resources, and by undertaking effective exploration and drill programs, Volcanic intends to become a leading gold-silver company.

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