Mr. Mike Bandrowski of Big Ridge reports

BIG RIDGE GOLD ANNOUNCES NON-BINDING LETTER OF INTENT FOR THE OPTION OF THE DESTINY GOLD PROJECT TO CAPROCK MINING CORP.

Big Ridge Gold Corp. has entered into a non-binding letter of intent with Caprock Mining Corp. for the option of its 100-per-cent-owned Destiny gold property, located in Despinassay township, 75 kilometres northeast of Val d'Or, Que.

Terms of the transaction

Subject to a definitive option agreement, Caprock must make the following cash payments and share issuances to Big Ridge to earn a 100-per-cent interest in the Destiny gold property:

• Issue eight million common shares in the capital of Caprock on the closing date;
• Pay $100,000 in cash and issue $250,000 in shares on or before the first anniversary of the option agreement;
• Pay $250,000 in cash and issue $350,000 in shares on or before the second anniversary;
• Pay $400,000 in cash and issue $700,000 in shares on or before the third anniversary;
• Incur aggregate exploration expenditures of $2.45-million over the term of the option agreement;
• Upon earning 100-per-cent interest in the Destiny gold property, Big Ridge will retain a 1-per-cent net smelter return royalty on the property, subject to a $1-million buyback right in favour of Caprock.

Mike Bandrowski, president and chief executive officer of Big Ridge, commented: "We are excited to work with the Caprock Mining team and believe there is significant potential in the Destiny gold project. With the recent move in the price of gold and renewed attention coming into the precious metal exploration space, we believe this is the perfect time to see the Destiny gold project move forward. Caprock's exploration team has advanced several world-class projects in North America and is the right team to champion the Destiny gold project."

There can be no assurance that the company and Caprock will enter into a definitive option agreement in a timely fashion or at all, and the company will provide a further update on timing in due course. All shares of Caprock to be issued to the company under the option agreement will be subject to a four-month statutory hold period.

About Hope Brook gold project

The Hope Brook gold project is an advanced-stage, high-grade gold project that produced 752,162 ounces of gold from 1987 to 1997. Initial production consisted of an open pit before moving to underground mining. Hope Brook operated using both heap leach (1987 to 1990) and conventional cyanidation milling methods (1989 to 1997) with a later inclusion of flotation concentration to recover copper (1991). Government records indicate that gold recoveries from milling ranged between a low of 78.8 per cent in 1987 and a high of 85.9 per cent in 1989. Government and company annual reports indicate that gold recoveries ranged between a low of 82.1 per cent in 1994 and a high of 89.83 per cent in 1996 following a change of ownership. Copper flotation produced a concentrate at approximately 22 per cent copper and 34.3 grams per tonne gold for shipment in 1992.

Hope Brook hosts an indicated gold resource totalling 16.19 million tonnes grading 2.32 grams per tonne gold for 1.2 million ounces and inferred resources totalling 2,215,000 tonnes grading 3.25 grams per tonne gold for 231,000 ounces based on 0.4-gram-per-tonne and 2.0-gram-per-tonne cut-off grades for open-pit and underground resources, respectively, using a long-term gold price of $1,750 (U.S.).

The Hope Brook gold deposit is a high-sulphidation epithermal gold deposit hosted in the Proterozoic-aged Whittle Hill sandstone and is intruded by a late Proterozoic quartz-feldspar porphyry sill-dike complex of the Roti intrusive suite. The deposit is located adjacent to and within an extensive advanced argillic alteration envelope, which includes pyrophyllite, kaolinite, andalusite and alunite. The principal gold mineralization occurs in a buff-coloured massive, vuggy silicic alteration with an associated, less developed grey silicic alteration with pyrite, chalcopyrite and lesser bornite accessory minerals. Gold mineralization is also found with pyrite in units of advanced argillic alteration adjacent to or near silicic alteration horizons. The altered and mineralized zone is cut by mafic dikes whose contacts are often mineralized. All the altered and mineralized sequences and the intruded dikes have been folded.

Hope Brook is located 85 kilometres east of Port aux Basques, Nfld. The project has well-maintained infrastructure on site, including an operational 28-person camp, an 1,100-metre airstrip, ice-free docking facility and, importantly, connection to the provincial electrical power grid through an on-site substation.

About Big Ridge Gold Corp.

Big Ridge Gold is an exploration and development company managed by a disciplined and experienced team of officers and directors. The company is committed to the development of advanced-stage mining projects using industry best practices, combined with strong social licence from the company's local communities. Big Ridge owns an 80-per-cent interest in the Hope Brook gold project, located in Newfoundland and Labrador. Big Ridge also owns a 100-per-cent interest in the highly prospective Oxford gold project located in Manitoba and the Destiny gold project in Quebec.

Acknowledgment

Big Ridge acknowledges and appreciates the Newfoundland and Labrador Ministry of Natural Resources' financial support of the company's 2023 exploration programs through the junior exploration assistance (JEA) program.

We seek Safe Harbor.