Xcite Resources Inc Closes Acquisition of Turgeon Lake Property
XCITE RESOURCES INC. CLOSES ACQUISITION
OF TURGEON LAKE PROPERTY
Vancouver, British Columbia, April 21, 2023 – XCITE RESOURCES INC. (“Xcite” or the
“Company”)(CSE: XRI) is pleased to announce that it has closed its previously announced acquisition of
the Turgeon Lake Property (see the Company’s press release dated April 13, 2023). Pursuant to a purchase
and sale agreement (the “Agreement”) dated as of April 12, 2023 with Bullion Gold Resources Corp.
(“Bullion”), Xcite has acquired a 100% interest in the Turgeon Lake Property (the “Property”) , which is
comprised of 39 mining cells covering approximately 2,067 hectares in the Province of Quebec. Under the
Agreement, Xcite acquired the Property from Bullion by making a cash payment of $20,000 and by issuing
600,000 common shares of Xcite (each a “Share”, at a deemed price of $0.08625 per Share), representing
an aggregate purchase price of $71,750. The Shares were issued in accordance with Canadian securities
laws and are subject to a hold period that will expire on August 20, 2023. In addition, under the Agreement
Xcite granted Bullion a 2% net smelter returns royalty on the Property (the “NSR”), with Xcite having the
right to purchase one-half of the NSR (1%) from Bullion for $1,000,000.
The transaction is an arms-length transaction for the Company and does not constitute a fundamental change
or result in a change of control of the Company, within the meaning of the policies of the CSE.
On Behalf of the Board of Directors
Chris Cooper
Chief Executive Officer
604.307.8290
Forward-Looking Information
Certain statements in this news release are forward -looking statements, including with respect to future
plans, and other matters. Forward-looking statement s consist of statements that are not purely historical,
including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such
information can generally be identified by the use of forwarding-looking wording such as “may”, “expect”,
“estimate”, “anticipate”, “intend”, “believe” and “continue” or the negative thereof or similar variations.
The reader is cautioned that assumptions used in the preparation of any forward-looking information may
prove to be incorrect. Events or circumstances may cause actual results to differ materially from those
predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of
which are beyond the control of the Company, including but not limited to, business, economic and capital
market conditions, the ability to manage operating expenses, and dependence on key personnel. Such
statements and information are based on numerous assumptions regarding present and future business
strategies and the environment in which the Company will operate in the future, anticipated costs, and the
ability to achieve goals. Factors that could cause the actual results to differ materially from those in
forward-looking statements include, the continued availability of capital and f inancing, litigation, failure
of counterparties to perform their contractual obligations, loss of key employees and consultants, and
general economic, market or business conditions. Forward -looking statements contained in this news
release are expressly qu alified by this cautionary statement. The reader is cautioned not to place undue
reliance on any forward-looking information.
The forward-looking statements contained in this news release are made as of the date of this news release.
Except as required b y law, the Company disclaims any intention and assumes no obligation to update or
revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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The CSE has not reviewed, approved or disapproved the contents of this news release.