Margaret Lake Diamonds Acquires Option to Purchase Uranium Property - Mormon Lake, Payson, Arizona

VANCOUVER, BC / January 17, 2022 / Margaret Lake Diamonds Inc. ("MLD" or the "Company") (TSXV:DIA) (FKT:M85) (OTC PINK:DDIAF) is pleased to announce it has entered into a purchase option agreement with Gold Express Mines, Inc. ("GEM") whereby MLD has been granted sole and exclusive rights and the option to acquire a 100% interest (and the "Option") in the Mormon Lake Uranium property consisting of twenty (20) unpatented mining claims located near Payson, Arizona. The claims are reached by heading east from Payson on Arizona Highway No. 260 for 17 miles and then north a short distance on a solid unpaved dirt road.

The Company has received historical data from GEM indicating sampling and drilling work was undertaken on the claims in the early 1970’s. For example, Pan American Mines, Ltd. drilled 11 holes in a phase one program and an additional 8 drill holes in a phase two program. Results ranged from 0.12% U3O8 to 0.63% U3O8. The best interval reported was 1.34% U3O8 over an interval of 28.5 feet and at a depth of 56 feet below the surface.

The Company is not treating these historical results as current and has not completed sufficient work to verify such historical results. Furthermore, while the Company is not treating these historical results and numbers as confirmed to be accurate, it does believe the numbers to be reliable and may be of assistance to readers. The Company intends to initiate sampling and drilling programs to independently verify or disclaim these historically reported results.

Geology and Mineralization

According to past reports the rocks underlying the claims consist of dominantly pink siltstone and sandstone with a few narrow, light-grey interbeds. The basal part of the uranium-bearing layer is a limestone conglomerate with a quartzose matrix, often associated with grey impure sandstone. The layers may not be continuous for any great distance along the strike or down dip. Instead, interfingering and facial changes may be expected to occur. Whether this is stream channel-type mineralization or a deltaic form of mineralization is yet to be determined.

The mineralization is likely uraninite and the uranium-bearing layer, based on the historical descriptions, seems to have an east-west strike and is parallel to that of the overlying sandstones.

The Transaction

The purchase option has been granted to MLD for a period of ninety days at no cost. Should MLD exercise the purchase option it will issue 500,000 common shares to GEM (the "Consideration Shares") at current market price per share and make a cash payment of USD $30,000. In addition, GEM will retain a 2% (NSR) net smelter royalty on the existing claims and any other claims staked or acquired by MLD within a two-mile area of interest. Closing of the transaction is subject to approval of the transaction by the TSX Venture Exchange. Further details regarding the geology and mineralization of the Property will be disclosed as available.

Qualified Person

The technical content of this news release has been reviewed and approved by Jim Baughman, P.Geo., who is a Qualified Person (QP) as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects. The QP has not completed sufficient work to verify the historic information on the properties comprising the Mormon Lake Property, particularly regarding historical exploration and reported geological work. The information provides an indication of the exploration potential of the Property but may not be representative of expected results.

Director and Officer Changes

The Board of the Company wishes to announce the resignation of Mr Patrick Butler from the Board of the Company effective as of January 17, 2022. The Company thanks Mr Butler for his service and wishes him the best in all future ventures.

Additionally, the Board of the Company is pleased to announce the appointment of Mr Joel Warawa to the Board of Directors, replacing Mr Butler. Mr Warawa has extensive business experience working in both private and publicly traded enterprises. He specializes in brand awareness, marketing, business development, public relations, and investor communications. He has worked in numerous sectors such as automotive, consumer, and energy commodities including the mining sector. It is anticipated that Mr Warawa will also be named Vice President Corporate Development, effective February 1, 2022.

On behalf of the board

Margaret Lake Diamonds Inc. "Neil Foran" President/Chief Executive Officer, Director Tel: 778.321.4638 email: [email protected]

Disclaimer for Forward-Looking Information:

Certain statements in this release are forward-looking statements, which reflect the expectations of management. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations, or intentions regarding the future. Forward-looking statements in this press release relate to, among other things: completion of the proposed Arrangement. Actual future results may differ materially. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. There is no assurance any of the conditions for closing will be met. Forward-looking statements reflect the beliefs, opinions, and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by the respective parties, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these times. Except as required by law, the Company does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.