CRES Completes Sale of Middle Ridge South Gold Property in Central Newfoundland

CREST RESOURCES INC.

S u i t e 11 00 - 5 95 H o w e S t re e t , V a n c o u v e r , B C V6 C 2 T 5

T ( 6 0 4) 6 8 1- 3 1 7 0, F ( 6 0 4 ) 681 -3552

NEWS RELEASE

Crest Resources Completes Sale of Middle Ridge South Gold Property in Central

Newfoundland

Vancouver, B.C. – July 22, 2020 – Crest Resources Inc. (“Crest” or the “Company”) (CSE: CRES) is pleased

to announce that further to its news release of July 9, 2020, the Company and its co-vendors (together,

the “Vendors”) have completed the sale of a 100% interest, subject to a 2% net smelter returns royalty of

which the purchaser may purchase 1.0% of the NSR for $1,000,000 at any time, in the Middle Ridge South

gold property (the “Property”) located in Central Newfoundland to Mariner Resources Corp. (“Mariner”)

for consideration of $240,000 cash and 1,800,000 common shares of Mariner. The shares are subject to

a hold period expiring November 22, 2020.

The Company’s interest in the transaction as a Vendor is 85% and it has received $204,000 cash and

1,530,000 common shares of Mariner as consideration. The Company holds approximately 18.43% of the

issued and outstanding shares of Mariner based on 8,300,000 common shares outstanding. The above

transaction constitutes a “related party transaction” for the purposes of Multilateral Instrument 61-101,

Protection of Minority Security Holders in Special Transactions (“MI 61 -101”). Mariner is relying upon

exemptions from the requirement to obtain a formal valuation and seek minority shareholder approval

for the acquisition on the basis that the fair market value of Crest’s interest in the acquisition is less than

25% of Mariner’s current market capitalization.

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 an d Peru and the investment in mineral exploration

companies and related mining technologies of merit. The Company’s Canadian mineral property assets

include various land positions totalling 977 km2 (97,700 hectares) within the Exploits Subzone, the newest

emerging district -scale gold exploration and mining district in the province of Newfoundland and

Labrador.

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.