Mr. David D'Onofrio reports

WHITE GOLD CORP. COMMENCES DIAMOND DRILLING AT THE BETTY FORD TARGET, WHITE GOLD DISTRICT, YUKON, CANADA

White Gold Corp. has commenced exploration diamond drilling at the Betty Ford target on the Betty property located in the White Gold district, west-central Yukon, Canada, approximately 65 kilometres southeast of the company's flagship White Gold project which comprises 16 million tonnes averaging 2.23 grams per tonne gold for 1,152,900 ounces of gold in the indicated resource category and 19 million tonnes averaging 1.54 g/t Au for 942,400 ounces of gold in the inferred resource category which remains open for expansion. The Betty property is located approximately 40 km east of Newmont Corp.'s Coffee gold deposit (indicated resources of 2.14 million oz gold and inferred resources of 230,000 oz gold) and 15 km northeast of Western Copper and Gold Corp.'s Casino porphyry deposit (measured and indicated resources of 14.8 Moz gold and 7.6 billion pounds copper and inferred resources of 6.3 Moz gold and 3.1 Blb copper). Planned drilling at Betty Ford in 2023 will continue to evaluate the zone of near-surface high-grade gold mineralization, which has previously returned intersections of 3.46 g/t Au over 50 metres (BETFD21D003) and 1.17 g/t Au over 48 m (BETFD21D001) during maiden drilling in 2021, and 8.94 g/t Au over 18.29 m (BETFD22RC004) and 1.50 g/t Au over 55.20 m (BETFD22D007) in follow-up drilling in 2022. The focus of the 2023 drill program is to test for a mineralized buried porphyry at depth and possible feeder contact/structure for the near-surface gold mineralization. This drill program forms part of the company's 2023 fully financed exploration program on its extensive and underexplored 350,000-hectare land package in the emerging White Gold district, Yukon, supported by strategic partners Agnico Eagle Mines Ltd. and Kinross Gold Corp.

"We have continued to successfully intersect high-grade gold mineralization extending over 175 m since the initial discovery diamond drill hole which returned significant high-grade gold mineralization of 3.46 g/t Au over 50 m and we are eager to continue to further evaluate the continuity and extensions of the broad zone of near-surface gold mineralization at the Betty Ford target this year. Our Betty property covers the eastern extension of the Coffee Creek fault which hosts Newmont's Coffee gold deposit and is also in close proximity to Western Copper and Gold's Casino copper/gold deposits, and it also hosts several other targets in addition to Betty Ford. Our systematic exploration approach continues to demonstrate the opportunity for discovering mineralization at surface in this large, underexplored district in a Tier 1 mining jurisdiction, which in addition to our existing large gold resources makes White Gold Corp. such a unique and exciting company," stated David D'Onofrio, chief executive officer.

Highlights:

• The Betty property is transected by the Coffee Creek fault which exerts important structural controls on Newmont's Coffee gold deposit 40 km along strike to the west.
• Gold mineralization at Betty Ford is hosted in a polylithic breccia unit along an east-west-striking splay structure located approximately 1.5 km south of and parallel to the Coffee Creek fault.
• Drilling at Betty Ford thus far has encountered broad zones of near-surface (less than or equal to 75 m vertical) gold mineralization which has been traced for approximately 175 m along strike.
• Previous drilling highlights include 3.46 g/t Au over 50 m in BETFD21D003, 8.94 g/t Au over 18.29 m in BETFD22RC004, 1.50 g/t Au over 55.15 m in BETFD22D007 and 1.17 g/t Au over 48 m in hole BETFD21D001.
• Four holes totalling 1,200 m are planned to further evaluate the zone of gold mineralization and also test for the presence of a mineralized buried porphyry at depth, as well as a possible feeder contact/structure for the near-surface gold mineralization.

Betty Ford target

The Betty property is transected by the Coffee Creek fault which exerts important structural controls on Newmont's Coffee gold deposit 40 km along strike to the west. Gold mineralization at the Betty Ford target is hosted in a polylithic breccia unit along an east-west-striking splay structure located approximately 1.5 km south of and parallel to the Coffee Creek fault. The target, which forms an approximately one km long east-west-trending gold-in-soil anomaly with gold values ranging from trace up to 1,961 parts per billion Au, was initially RAB (rotary air blast) drill tested by the company in 2018. RAB results were encouraging with hole BETFRDRAB18-002 intersecting near-surface gold mineralization averaging 1.08 g/t Au over 50.29 m from 4.57 m depth. During 2021 and 2022, the company completed 11 diamond drill holes totalling 2,297 m and two reverse circulation holes totalling 201 m to further test the target along an approximately 250 m strike length. This drilling has continued to intersect a broad zone of near-surface gold mineralization within a polylithic breccia host unit that returned 1.17 g/t Au over 48 m in hole BETFD21D001, 3.46 g/t Au over 50 m in BETFD21D003, 1.50 g/t Au over 55.15 m in BETFD22D007 and 8.94 g/t Au over 18.29 m in BETFD22RC004, including 21.73 g/t Au over 6.10 m. Thus far mineralization has been traced for approximately 175 m along strike and to a vertical depth of 75 m.

The planned 2023 diamond drilling program on the Betty Ford target comprises four holes totalling 1,200 m that are designed to test: 1) the presence of a mineralized buried porphyry at depth beneath the polylithic breccia unit; 2) a possible feeder contact/structure identified from VLF-EM (very-low-frequency electromagnetic) surveying; 3) a strong gold-in-soil anomaly in the area of an eastern gully and interpreted fault structure; and 4) controls on higher-grade gold mineralization such as that intersected in hole BETFD22RC004.

The Betty Ford target is located at the centre of the Betty property and forms an approximately one km long east-west-trending gold-in-soil anomaly with gold values ranging from trace up to 1,961 parts per billion Au. Bedrock exposure in this area is extremely limited and existing property-scale geology maps indicate the area is underlain predominantly by metasedimentary rocks comprising quartzite and muscovite and/or biotite schists. The Betty property is strategically located on the eastern extension of the Coffee Creek fault, which hosts Newmont's Coffee deposit.

In 2018, a six-hole RAB drilling program by the company tested the central portion of the soil anomaly and three holes encountered gold mineralization, including 0.94 g/t Au over 24.39 m in BETFRDRAB18-001, 1.08 g/t Au over 50.29 m in BETFRDRAB18-002 and 0.75 g/t Au over 13.72 m in BETFRDRAB18-003. Maiden diamond drilling in 2021 intersected a newly identified polylithic breccia unit that hosts significant near-surface gold mineralization (see company news release dated Nov. 17, 2021, available on SEDAR). Hole BETFD21D001 intersected an upper zone of 9.03 g/t Au over one m from six m down hole and 1.17 g/t Au over 48 m from 19 m down hole, while hole BETFD21D003, located 100 m to the east, intersected 3.46 g/t Au over 50 m from 33 m down hole, including a higher-grade core of 4.47 g/t Au over 30 m from 44 m. The 2022 diamond drilling and RC drilling was designed to further evaluate the Betty Ford target to determine the extent and continuity of mineralization.

The Betty property

The Betty property comprises 860 quartz claims which cover an area of 17,127 hectares and is strategically located contiguous to and 15 km northeast of Western Copper and Gold''s Casino porphyry deposit and 40 km east of Newmont's Coffee gold deposit.

The property hosts several early-stage exploration targets, including the Betty Ford, Betty White, Betty Grable, Betty Black and Mascot targets. The property was originally staked in 2010 and since that time has seen intermittent exploration. Early work from 2010 to 2013 was carried out by Ethos Gold Corp., which completed soil geochemistry surveys (coarse grid), airborne magnetic and radiometric surveys, the acquisition of high-resolution satellite imagery, trenching, and reverse circulation (RC) drilling. The majority of Ethos's work was focused on the Mascot target area, leaving large portions of the property underexplored. More recent work has included mapping and prospecting, infill soil geochemistry sampling, ground geophysical surveys (induced polarization-resistivity and magnetics-VLF-EM), lidar surveys, GT probe sampling, and RAB drilling in 2018. Significant historical RC and RAB drilling results include 2.62 g/t Au over 41.1 m in hole BETR12-022, 29.75 g/t Au over 3.1 m in BETR12-012 and 2.19 g/t Au over 10.7 m in BETR12-014 in Ethos RC drilling at the Mascot target, and 1.08 g/t Au over 50.29 m in hole BETFRDRAB18-002 in 2018 RAB drilling by the company at the Betty Ford target. Follow-up exploration maiden diamond drilling in 2021 and 2022 at the Betty Ford target has intersected a broad zone of near-surface gold mineralization within a polylithic breccia unit that has been traced for approximately 175 m along strike and to a vertical depth of 75 m. Drill results include 1.17 g/t Au over 48 m in hole BETFD21D001, 3.46 g/t Au over 50 m in BETFD21D003, 1.50 g/t Au over 55.15 m in BETFD22D007 and 8.94 g/t Au over 18.29 m in RC hole BETFD22RC004, including 21.73 g/t Au over 6.10 m. Maiden diamond drilling at the Mascot target in 2022 also delivered encouraging results, including 1.13 g/t Au over 14.80 m in BETMAS22D006 at the Page zone and 2.02 g/t Au over 8.60 m and 1.25 g/t Au over 17.35 m in BETMAS22D008 at the Davis zone.

The Betty property is underlain primarily by Late Devonian metasedimentary rocks of the Snowcap assemblage which have been intruded by the Middle Cretaceous Dawson Range granodiorite and diorite in the southern portion of the property. The structural geological setting of the property area is complex with four major fault arrays being recognized: 1) west-northwest-trending Yukon River shear zone (YRSZ); 2) east-west-trending Coffee Creek fault; 3) northwest-trending Big Creek fault; and 4) northeast-trending Dip Creek fault. The earliest faults are west- to west-northwest-trending, southerly verging thrust faults (later movement is dextral strike slip), including the Coffee Creek fault and Yukon River shear zone, and northwest-trending oblique second-order faults. Later fault systems include the northwest-trending Big Creek fault and the northeast-trending Dip Creek fault. Additional second- and third-order faults also developed at this time, possibly in the Mid- to Late Cretaceous. The most important structures controlling gold mineralization as outlined by soil geochemistry appear to be second- and third-order northeast-trending and west-trending structures. These areas include the Betty Ford, Betty White, Betty Grable and Mascot zones. More rarely gold mineralization appears to be associated with regional-scale structures as is the case with the Betty Black zone on the Coffee Creek fault. Based on soil geochemistry and structural interpretations, the property is prospective for several styles of mineralization, including orogenic gold, intrusion-related gold and porphyry copper (Au/Mo) mineralization.

About White Gold Corp.

The company owns a portfolio of 17,584 quartz claims across 30 properties covering approximately 350,000 hectares representing over 40 per cent of Yukon's emerging White Gold district. The company's flagship White Gold project hosts four near-surface gold deposits which collectively contain an estimated 1,152,900 ounces of gold in indicated resources and 942,400 ounces of gold in inferred resources. Regional exploration work has also produced several other new discoveries and prospective targets on the company's claim packages which border sizable gold discoveries, including the Coffee project owned by Newmont with indicated resources of 2.14 Moz at 1.23 g/t Au, and inferred resources of 230,000 oz at 1.01 g/t Au, and Western Copper and Gold's Casino project which has measured and indicated resources of 7.6 Blb Cu and 14.5 Moz Au and inferred resources of 3.3 Blb Cu and 6.6 Moz Au.

Qualified person

Terry Brace, PGeo and vice-president of exploration for the company, is a qualified person as defined under National Instrument 43-101 -- Standards of Disclosure for Mineral Projects and has reviewed and approved the content of this news release.

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