Mr. Souhail Abi-Farrage reports

CAMEO TO DRILL 10-15 HIGH PRIORITY GOLD TARGETS AT KATORO, UNDERTAKE PRIVATE PLACEMENT

Cameo Resources Inc. has executed a drilling service agreement to initiate the first ever drilling campaign on its 100-per-cent-owned 19.58-square-kilometre Katoro gold property, located in the Geita region of the Lake Victoria goldfields of Tanzania.

Cameo has signed the agreement with Hetamis Mineral Services Ltd. of Dar es Salam, Tanzania. Hetamis offers a comprehensive suite of consulting services that encompass environmental, technical and operational aspects. Its team has provided consultancy services for all mineral-sector-related activities, including geology, mining, mineral processing and environmental services, delivering high-quality services to its clients.

The company plans to immediately proceed with phased drilling campaigns on the Katoro property to systematically evaluate the 80 drill targets generated from the geophysical exploration the company recently concluded. The first-phase drill holes were selected through a collaborative process with Hetamis and Dr. Didas M. Mabula, authors of the technical report on the investigation of gold mineralized zones using drone-mounted magnetic and induced polarization data set at the Katoro-Geita gold project, Sukumaland goldfields, North Tanzania. Hetamis has been tasked with initiating the drill campaign as early as the first or second week of February.

Brian Thurston, PGeo, stated: "In only 42 months, Cameo has taken unworked virgin ground and scientifically proven that it is a very prospective property to host Buckreef-style gold mineralization. The company has fast-tracked a drill campaign with 10 to 15 priority drill targets proposed for phase 1. The team has proven their commitment to shareholders, quickly delivering on this first ever drilling campaign using modern science as a guide. The results from the technical report indicate the high prospectivity for gold mineralization to be discovered on the Katoro property. The company is extremely encouraged by similarities between the Katoro property and the Tembo gold mine approximately seven km northeast and the Buckreef gold mine approximately 15 km northeast."

The first phase of drilling is planned to consist of between 10 and 15 drill holes selected from two of the five areas that were studied in the technical report. The three remaining areas will be tested in subsequent drill campaigns. The first-phase drill holes will target the northern project area's magnetic anomalies with east-west-trending magnetic lineaments that are believed to be highly prospective, typical of gold mineralization at the Tembo gold deposit of the Buckreef gold mine and the Nyamalimbe gold deposit. Coincidental induced polarization anomalies in this area have chargeability readings as high as 250 millivolts per volt believed to represent massive to semi-massive sulphide zones. The company has sampled massive to semi-massive sulphide material from mining operations less than one kilometre from the northern claim border that have returned gold values of 238.74 grams per tonne (8.42 ounces) gold and 169.22 g/t (5.97 oz) Au. Additional drilling will target the central property's intersections of northeast-southwest- and east-west-trending magnetic structures that may hold the most potential to discover mineralized zones and possible major gold-trapping structures. The proposed anomalies are all relatively shallow to a depth of 120 metres which mimic the mineralized depths at Tembo and Buckreef mines to the northeast.

Private placement

The company announces that it is undertaking a non-brokered private placement of up to $3-million, consisting of 10 million units at 30 cents. Each unit consists of one common share and one-half of a common share warrant. Each whole warrant is exercisable at 50 cents for a period of two years from closing. The company reserves the right to accelerate the expiry of the warrants if the shares of the company trade at or above 60 cents for a period of five days.

Proceeds will be used for exploration expenses and for general working capital.

Option grant

The company has granted two million options pursuant to the terms of its incentive stock option plan to directors, officers and consultants. These options are exercisable for two years at 30 cents and vest immediately.

Qualified person

Brian Thurston, PGeo, the company's technical adviser, a qualified person as defined by National Instrument 43-101 (Standards of Disclosure for Mineral Projects), has reviewed and approved the technical information in this news release.

About Cameo Resources Inc.

Cameo is a dynamic mineral exploration company dedicated to discovering and developing valuable mineral deposits. Cameo's Katoro property covers 19.58 square kilometres situated within the prospective Sukumaland greenstone belt within the Lake Victoria goldfield. One of the most important mining sites in Africa, Tanzania's LVGF holds several multimillion-ounce gold deposits and has continuing operations by some of the largest gold companies in the world. The concessions have not been explored by modern methods until now.

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