Mr. Simon Ridgway reports

VOLCANIC GOLD CLOSES UPSIZED PRIVATE PLACEMENT, RAISING $1.66 MILLION

Volcanic Gold Mines Inc.'s previously announced non-brokered private placement financing has closed, raising gross proceeds of $1,664,200. The company has issued 13,868,332 units at 12 cents per unit. Each unit consists of one common share of the company and one warrant which entitles the holder to purchase one additional common share at a price of 16 cents for two years following the closing. The warrants have an exercise acceleration clause such that, following the statutory hold period, if the closing price of the company's shares exceeds 25 cents for any 10 consecutive trading days, the company will have the right to accelerate the expiry date to 30 calendar days.

The proceeds of the private placement are intended to be used to finance the resumption of exploration activities on the Holly property located in Guatemala and for general working capital.

The company has paid finders' fees for a portion of the financing consisting of $23,712 in cash payments and 197,599 warrants which have the same terms as the unit warrants. Securities issued in the placement are subject to a resale restriction until Nov. 16, 2025. The private placement is subject to final approval by the TSX Venture Exchange.

About Volcanic Gold Mines Inc.

Volcanic brings together an experienced and successful mining, exploration and capital market 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.