Mr. Andrew Rees reports

GOLDEN CARIBOO CLOSES $500,000 PRIVATE PLACEMENT

Golden Cariboo Resources Ltd. has closed the private placement announced on March 3, 2023. Gross proceeds of $500,000 were raised through the issuance of 10 million units at five cents. Units consist of one common share and one-half share purchase warrant. Each whole warrant will be exercisable into one common share for three years at a price of 10 cents. Finders' fees of $21,000 and 210,000 warrants exercisable into one common share for three years at a price of 10 cents will be paid in connection with the private placement. The private placement is subject to TSX Venture Exchange approval and all securities are subject to a four-month hold period.

Insider participation of $25,000 in this private placement constitutes a related party transaction, as defined under Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions. Such participation is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of the units acquired by the insider nor the consideration for the units paid by such insider exceeds 25 per cent of the company's market capitalization.

Proceeds will be used for property acquisitions and for general working capital.

About Golden Cariboo Resources Ltd.

Golden Cariboo Resources is rediscovering the Cariboo gold rush by proceeding with high-grade targeted drilling and trenching programs on its Quesnel gold quartz mine project, which is almost fully encircled on three of four sides by Osisko Development.

Golden Cariboo's Quesnelle gold quartz mine property is four kilometres northeast of and road accessible from Hixon in central British Columbia. The property includes the Quesnel quartz gold-silver deposit, which was discovered in 1865 in conjunction with placer mining activities and produced 2,048 tonnes grading 3.14 grams per tonne gold and 4.18 grams per tonne silver in 1932 and 1939, with an additional 217 tonnes of unknown grade reported in 1878 (British Columbia Minfile, 2021). Hixon Creek, which dissects the Hixon gold claims, is a placer creek that has seen limited, small-scale placer production since the mid-1860s. From Ministry of Mines reports prior to 1945, estimates of up to $2-million worth of placer gold was mined from Hixon Creek.

We seek Safe Harbor.