Mr. Ryan Kalt reports

RED LAKE GOLD INC. SUBSIDIARY ACQUIRES CLARENCE STREAM NORTH GOLD PROJECT

Red Lake Gold Inc.'s wholly owned subsidiary, Alma Gold Inc., has acquired the Clarence Stream North gold project, located in New Brunswick, Canada.

"We are excited to add the Clarence Stream North gold project, as we believe it advantageously positions our Alma Gold subsidiary as an early mover in an emerging and up-and-coming gold exploration camp in North America. This underexplored gold-hosting region in southwest New Brunswick is poised to join the ranks of the most active gold exploration camps in Canada, based on third party drill programs announced for the area. Alma Gold -- which we are taking steps to spin out -- now provides a robust multiproject gold exploration platform in Atlantic Canada, which we believe will benefit our shareholders in the years ahead. In addition, while the first half of the year faced COVID-19-related interruptions, we are looking forward to recommencing our gold exploration activities throughout the second half of 2020, funded in part by our recent financing that closed earlier this month," stated Ryan Kalt, chief executive officer of Red Lake Gold.

About the Clarence Stream North gold project

The Clarence Stream North gold project is located in southwestern New Brunswick, Canada. The project comprises two mineral licences covering 152 mining claims. The project is situated north of, and is immediately contiguous to, the Clarence Stream gold project, which is being advanced by Galway Metals Inc., and partially covers mineral rights over areas historically held by Galway Metals.

Galway Metals recently announced an expanded five-rig drill program, totalling 75,000 metres (see Galway Metals news release dated July 15, 2020), at its adjacent Clarence Stream gold project, supported, in part, by its recently closed $17.35-million financing (see Galway Metals news release dated June 25, 2020).

The Clarence Stream North gold project becomes Alma Gold's flagship gold exploration asset and is complemented by the Chambers Settlement gold project, which is also located in New Brunswick (see Red Lake Gold news release dated June 4, 2020).

The Clarence Stream North gold project was acquired through a Crown grant.

Exploration update

The corporation is also pleased to advise that it is in the process of planning exploration work across is portfolio of exploration projects, including Whirlwind Jack (Red Lake, Ont.), Fenelon North (Quebec) and Clarence Stream North (New Brunswick), as financed, in part, by the corporation's recently closed financing (see Red Lake Gold news release dated July 10, 2020). The corporation is looking forward to updating its shareholders with respect to these gold exploration activities in the near future.

Qualified person

Toby Hughes, PGeo, a qualified person as defined in National Instrument 43-101, has reviewed, and is responsible for, the technical information presented in this news release.

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