Blue Lagoon Completes First Tranche Of Private Placement

BLUE LAGOON RESOURCES INC.

CSE: BLLG FSE: 7BL OTC: BLAGF

NEWS RELEASE

BLUE LAGOON COMPLETES FIRST TRANCHE OF PRIVATE PLACEMENT

January 21, 2020 – Vancouver, British Columbia – Blue Lagoon Resources Inc. (the “Company”) (CSE: BLLG; FSE:7BL; OTC: BLAGF) is pleased to announce that it has completed the first tranche of its non-brokered private placement described in its news release dated January 3, 2020. In connection with the first tranche closing, the Company issued 566,666 common shares at a price of $1.50 per share for gross proceeds of $850,000.

The Company intends to use the funds to conduct mineral exploration work to advance its projects as well as for general working capital. The common shares will be subject to a hold period expiring four months and one day from the date of issuance.

For further information, please contact:

Rana Vig President and Chief Executive Officer Telephone: 604-218-4766 Email: [email protected]

The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.