Mr. Neil Foran reports

MARGARET LAKE DIAMONDS PROVIDES CORPORATE UPDATE ON URANIUM PROPERTY ACQUISITION AND JOINT VENTURE

The TSX Venture Exchange has accepted the purchase option agreement between Margaret Lake Diamonds Inc. and Gold Express Mines Inc. dated Jan. 13, 2022, whereby the company has an option to acquire a 100-per-cent interest in the Mormon Lake uranium property, consisting of 20 unpatented mining claims, located near Payson, Ariz. Pursuant to the option agreement, the company has paid $30,000 and will be issuing 500,000 common shares as consideration for the property.

The company is investigating potential acquisitions of other uranium properties in the United States and Canada.

The company has made all payments in accordance with the joint venture agreement with Arctic Star Exploration Corp., and there is no plan for any further dilution of company's interest in the JV. The company is looking forward to seeing Arctic Star's plan to complete 10 holes at the diamond-bearing Sequoia kimberlite complex put into action. It is expected that the proposed drilling will help define the size of the complex, the microdiamond grade and geology. According to the news release of Arctic Star dated Feb. 28, 2022, after drilling at Sequoia is completed, the drill will likely be redeployed to discover new kimberlites. Phase 1 of the airborne survey completed coverage of 46 per cent of the property in late 2021. Arctic Star's geophysical consultants have selected over 33 possible kimberlite targets from a review of this work, and ground crews are expected to be deployed to follow these up. Phase 2 of the airborne survey is also expected to be completed. Margaret Lake plans to participate in the spring 2022 exploration program.

We seek Safe Harbor.