Mr. Patrick Levasseur reports

BEAUCE GOLD FIELDS CLOSING A NON-BROKERED PRIVATE PLACEMENT

Beauce Gold Fields Inc. has closed a non-brokered private placement of 5.6 million units at three cents per unit for gross proceeds of $168,000.

Each unit will comprise one common share and one common share purchase warrant of the company, which will entitle the holder thereof to purchase one common share of the capital stock of the company at a price of seven cents for a period of 24 months from the date of closing of the placement. Securities issued under the placement are subject to a four-month-and-one-day hold period in accordance with applicable Canadian securities laws. The placement is subject to standard regulatory approvals, including the approval of the TSX Venture Exchange. The proceeds of the placement will be used: (i) to finance exploration; and (ii) for general corporate purposes.

In connection with the placement, the company will pay finders' fees of $4,800. It will also issue 160,000 warrants to the agents. The warrants will entitle the agents to purchase one common share of the capital stock of the company at a price of seven cents for a period of 24 months from the date of closing of the placement. All shares issued on those warrants exercise will be subject to a four-month-and-one-day hold period from the date of closing of the placement.

The company will use the proceeds from the private placement, for general working capital, and for exploration of its gold and phosphate properties.

No more than 10 per cent of the proceeds of the placement can be used for investor relations activities. No amount of the proceeds of the placement is for payments to non-arm's-length parties of the company, nor for payments to persons conducting investor relations activities.

About the Saint-Simon-les-Mines paleoplacer channel

The Saint-Simon-les-Mines paleoplacer channel represents the core of Canada's first gold rush district. Historical mining from the 1860s through the 1960s recovered significant coarse gold, including multiounce nuggets. The company's geological model suggests that gold mineralization within the paleoplacer system is concentrated within basal gravel horizons, saprolitic bedrock and fractured bedrock traps developed along the paleovalley floor.

Exploration target context

The current program follows the company's updated technical assessment of the Saint-Simon-les-Mines paleoplacer channel, which estimated an exploration target ranging between:

• 4,004,674 to 5,991,229 cubic metres;
• Grading 2.02 grams gold per cubic metre to 12.0 grams gold per cubic metre.

The exploration target is based on the interpretation of historical drilling, geological modelling of the Gilbert River paleovalley, polygonal volumetric calculations, and the evaluation of auriferous saprolite and basal sedimentary units completed by Jean Bernard, PGeo, an independent qualified person under National Instrument 43-101. Mr. Bernard has reviewed and approved the technical content of this release.

The potential quantity and grade of the exploration target are conceptual in nature. There has been insufficient exploration to define a mineral resource, and it is uncertain whether further exploration will result in the delineation of a mineral resource.

About Beauce Gold Fields Inc.

Beauce Gold Fields is focused on exploring and developing the historic placer gold district of the Beauce region of Southern Quebec. The company's objective is to trace historical placer gold workings back to potential bedrock sources and evaluate the potential for economic lode gold mineralization.

The company's flagship property is the Saint-Simon-les-Mines gold project, site of Canada's first gold rush, which predates the Yukon Klondike. The Beauce region hosted major historical placer gold operations from the 1860s through the 1960s and produced some of the largest gold nuggets recorded in Canadian mining history, including nuggets exceeding 50 ounces (source: SEDAR+, National Instrument 43-101 report -- Beauce, July 4, 2018, author B. Violette).

Beauce Gold Fields continues to explore anti-form structures that the company believes may have contributed gold to the extensive auriferous placer deposits of the Beauce region. The company's geological model is evaluating whether structural traps associated with anti-form folding and saddle-reef-style quartz mineralization may represent potential bedrock sources for gold found within the historical Beauce paleoplacer system.

We seek Safe Harbor.