CRES Completes Sale of 40% Interest in Dog Bay Mineral Claims, Newfoundland

CREST RESOURCES INC.

Su it e 11 00 - 59 5 H o w e St r e e t , V a n c o u v e r , BC V6 C 2 T 5

T ( 6 0 4) 6 8 1- 3 1 7 0, F ( 6 0 4 ) 6 8 1- 3 5 5 2

NEWS RELEASE

CREST RESOURCES COMPLETES SALE OF 40% INTEREST IN DOG BAY MINERAL CLAIMS,

NEWFOUNDLAND

Vancouver, B.C. – October 16, 2020 - Crest Resources Inc. (“Crest” or the “Company”) (CSE: CRES) is

pleased to announce that further to its news release of October 5, 2020, the Company has completed the

sale of 40.323% interest in the Dog Bay gold property (the “Property”) to four arm’s length parties for

gross proceeds of $112,000. The Property is located in the Exploits Subzone in Central Newfoundland and

Labrador and was acquired by the Company by way of staking syndicate in June 2020.

About Crest Resources Inc.

Crest Resources Inc. is a British Columbia company listed on the Canadian Securities Exchange under the

symbol “CRES”. The Company’s principal business activity is the acquisition, exploration and evaluation of

mineral property assets in Canada, Australia and Peru and the investment in mineral exploration

companies and related mining technologies of merit. Crest is committed to creating significant

shareholder value through advancing a high -quality blended portfolio of resource development and

discrete technology plays that build on corporate knowledge and relationships and drive value outside of

the mining cycle, as well as direct investment in undervalued exploration plays at an early stage.

FOR FURTHER INFORMATION CONTACT:

Michael Collins

President and CEO

Crest Resources Inc.

Telephone: 604-681-3170

Neither the Canadian Securities Exchange nor its Regulation Service Provider (as the term is defined in the

policies of the Canadian Securities Exchange) accepts responsibility for the adequacy of accuracy of this

news release.

Forward-Looking Statements

This news release contains certain forward-looking statements, which relate to future events or future

performance and reflect management’s current expectations and assumptions. Such forward -looking

statements reflect management’s current beliefs and are based on assumptions made by and information

currently available to the Company. Readers are cautioned that these forward -looking statements are

neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results

to differ materially from those expected including, but not limited to, market conditions, availability of

financing, actual results of the Company’s exploration and other activities, environmental risks, future

metal prices, operating risks, accidents, labor issues, delays in obtaining governmental approvals and

permits, and other risks in the mining industry. All the forward -looking statements made in this news

release are qualified by these cautionary statements and those in our continuous disclosure filings

available on SEDAR at www.sedar.com. These forward-looking statements are made as of the date hereof

and the Company does not assume any obligation to update or revise them to reflect new events or

circumstances save as required by applicable law.