Mr. Simon Ridgway reports

VOLCANIC GOLD COMPLETES EARN-IN ON GUATEMALA PROPERTIES

Volcanic Gold Mines Inc. has fulfilled the modified option agreement (see news release Feb. 21, 2024) and earned a 60-per-cent interest in joint venture partner Radius Gold Inc.'s Holly and Motagua Norte properties in Guatemala by completing the required $7-million (U.S.) in exploration expenditures.

During the period July, 2021, to July, 2022, Volcanic invested over $4.5-million (U.S.) in exploration on the Holly project, the majority of that was spent on drilling, and the joint venture established a high-grade epithermal gold-silver inferred mineral resource of 410,000 ounces (oz) at 9.6 grams per tonne (g/t) gold equivalent (AuEq).

The resource was established on the La Pena vein, is open in all directions and is just one of many epithermal veins on the Holly property. Typical results of the drilling were exceptional high grade intercepts, such as 4.57 metres (m) at 54.24 g/t Au and 3,925 g/t silver (Ag) in hole HDD-21-027 and 6.52 m at 11.72 g/t Au and 340 g/t Ag in hole HDD-21-019 .

However, as has been previously stated, the joint venture has put exploration of the property on hold until there is advancement at the two significant precious metal deposits in Guatemala within 100 kilometres of Holly where developments are pending: the multimillion ounce Cerro Blanco gold deposit and the high-grade silver-lead-zinc deposit at Escobal.

Going forward, the companies will share holding costs of the properties in Guatemala 60/40 until there is clarity of the country's approach to mineral exploration and mining.

The Volcanic team is presently reviewing opportunities in other jurisdictions.

About Volcanic Gold Mines Inc.

Volcanic brings together an experienced and successful mining, exploration and capital markets team focused on building multimillion-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.

We seek Safe Harbor.