Golden Shield Issues Shares FOR Option Agreement

Head Office: Contact:

1090 West Georgia Street, Suite 700, Tel: 1 (778) 654 9665

Vancouver, British Columbia, [email protected]

V6E 3V7, Canada www .goldenshield.ca

GOLDEN SHIELD ISSUES SHARES FOR OPTION AGREEMENT

Vancouver, British Columbia, March 18, 2022 – Golden Shield Resources Inc. (CSE: GSRI)

(the “Company” or “Golden Shield”) announces that further to the disclosure in Golden Shield’s

listing statement dated February 11, 2022, an option agreement (as amended, the “Option

Agreement”) was entered into with Romanex Guyana Exploration Ltd. (“Romanex”) by a wholly-

owned subsidiary of Golden Shield. Pursuant to the Option Agreement, Romanex will be issued

1,212,074 common shares (the “Shares”)in the authorized share structure of Golden Shield at a

deemed value of $0.716 per common share, which is equal to the volume-weighted average

price of the common shares of Golden Shield for the first five days of trading on Canadian

Securities Exchange. The Shares will be subject to a four-month plus one day hold.

About Golden Shield

Golden Shield Resources was founded by experienced professionals who are convinced that

there are gold mines yet to be found in Guyana. The Company is well-financed and has three

wholly controlled high-grade gold projects: Marudi Mountain, Arakaka and Fish Creek.

For further information please contact:

Leo Hathaway

Executive Chair

Email: [email protected]

Telephone: +1 778-654-9665

This news release includes certain “Forward-Looking Statements” within the meaning of the United States Private

Securities Litigation Reform Act of 1995 and “forward-looking information” under applicable Canadian securities laws.

When used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target”, “plan”, “forecast”,

“may”, “would”, “could”, “schedule” and similar words o r expressions, identify forward-looking statements or

information. These forward-looking statements or information relate to, among other things: the exploration and

development of the Company’s mineral projects; and release of drilling results.

Forward-looking statements and forward-looking information relating to any future mineral production, liquidity,

enhanced value and capital markets profile of Golden Shield, future growth potential for Golden Shield and its

business, and future exploration plans are based on management’s reasonable assumptions, estimates, expectations,

analyses and opinions, which are based on management’s experience and perception of trends, current conditions

and expected developments, and other factors that management believes ar e relevant and reasonable in the

circumstances, but which may prove to be incorrect. Assumptions have been made regarding, among other things,

the price of gold and other metals; no escalation in the severity of the COVID-19 pandemic; costs of exploration and

development; the estimated costs of development of exploration projects; Golden Shield’s ability to operate in a safe

and effective manner and its ability to obtain financing on reasonable terms.

These statements reflect Golden Shield’s respective current views with respect to future events and are necessarily

based upon a number of other assumptions and estimates that, while considered reasonable by management, are

Head Office: Contact:

1090 West Georgia Street, Suite 700, Tel: 1 (778) 654 9665

Vancouver, British Columbia, [email protected]

V6E 3V7, Canada www .goldenshield.ca

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inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies.

Many factors, both known and unknown, could cause actual results, performance, or achievements to be materially

different from the results, performance or achievements that are or may be expressed or implied by such forward-

looking statements or forward-looking information and Golden Shield has made assumptions and estimates based on

or related to many of these factors. Such factors include, without limitation: the Company’s dependence on one mineral

project; precious metals price volatility; risks associated with the conduct of the Company’s mineral exploration

activities in Guyana; regulatory, consent or permitting delays; risks relating to reliance on the Company’s management

team and outside contractors; risks regarding mineral resources and reserves; the Company’s inability to obtain

insurance to cover all risks, on a commercially reasonable basis or at all; currency fluctuations; risks regarding the

failure to generate sufficient cash flow from operations; risks relating to project financing and equity issuances; risks

and unknowns inherent in all mining projects, including the inaccuracy of reserves and resources, metallurgical

recoveries and capital and operating costs of such projects; contests over title to propertie s, particularly title to

undeveloped properties; laws and regulations governing the environment, health and safety; the ability of the

communities in which the Company operates to manage and cope with the implications of COVID-19; the economic

and financial implications of COVID-19 to the Company; operating or technical difficulties in connection with mining or

development activities; employee relations, labour unrest or unavailability; the Company’s interactions with

surrounding communities and artisanal miners; the Company’s ability to successfully integrate acquired assets; the

speculative nature of exploration and development, including the risks of diminishing quantities or grades of reserves;

stock market volatility; conflicts of interest among certain directors and officers; lack of liquidity for shareholders of the

Company; litigation risk; and the factors identified in the Company’s public disclosure documents available on

www.sedar.com. Readers are cautioned against attributing undue certainty to forward-looking statements or forward-

looking information. Although the Company has attempted to identify important factors that could cause actual results

to differ materially, there may be other factors that cause results not to be anticipated, estimated or intended. The

Company does not intend, and does not assume any obligation, to update these forward -looking statements or

forward-looking information to reflect changes in assumptions or changes in circum stances or any other events

affecting such statements or information, other than as required by applicable law.