Leocor Gold enters into definitive agreement to acquire Hare Bay Resources Corp.

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Leocor Gold Inc.

Suite 303, 750 West Pender Street

Vancouver, BC V6C 2T7

LEOCOR GOLD ENTERS INTO DEFINITIVE AGREEMENT TO ACQUIRE

HARE BAY RESOURCES CORP.

Vancouver, British Columbia – December 24, 2020 - Leocor Gold Inc. (the “Company” or

“Leocor”) (CSE: LECR ; Frankfurt: LGO; US:LECRF ) is pleased to announce that it has

entered into a definitive share exchange agreement (the “ Definitive Agreement ”) with

Hare Bay Resources Corp. (“Hare Bay”), pursuant to which the Company will acquire 100%

of the issued and outstanding common shares in the capital of Hare Bay (the “Hare Bay

Shares”) in exchange for common shares of the Company (“ Company Shares”) at a ratio

of one Company Share for every one Hare Bay Share (the “ Transaction”). Upon closing, it

is ex pected that the Company will issue approximately 4,750,001 Company Shares to

shareholders of Hare Bay. The Definitive Agreement replaces the letter of intent between

the Company and Hare Bay with respect to the Transaction, which was announced in the

Company’s news release dated December 4, 2020.

Pursuant to the Definitive Agreement, as a condition precedent to closing the Transaction,

Hare Bay, White Metal Resources Corp. (“ White Metal”) and the Company have entered

into an assignment and assumption agr eement (the “ Assignment Agreement”) pursuant

to which Hare Bay will assign to the Company its option (the “ Option”) to acquire from

White Metal, 70% of the approximately 6,847-hectare Star Trek Gold Project, located in

Central Newfoundland (the “ Project”). The Project, as more particularly described below,

is located in the Gander Zone geological group, in rocks similar to those underlying New

Found Gold Corp.’s Queensway Gold Project located approximately 25 km to the west.

In order to exercise the Option, Leocor must:

(1) make $125,000 in cash payments to White Metal over two years , as follows: (1)

$50,000 on or before October 5, 2021; and (2) an additional $75,000 on or before

October 5, 2022;

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(2) issue 866,666 Company Shares to White Metal over two years , as f ollows: (1)

133,333 within 5 days after closing of the Transaction; (2) an additional 300,000 on

or before October 5, 2021; and (3) an additional 433,333 on or before October 5,

2022; and

(3) incur exploration expenditures of at least $900,000 over three years, as follows: (1)

$150,000 on or before October 5, 2021; (2) an additional $250,000 on or before

October 5, 2022; and (3) an additional $500,000 on or before October 5, 2023.

The Transaction is subject to a number of condition s precedent set forth in the D efinitive

Agreement, including: (i) execution of the Assignment Agreement ; (ii) approval of the

Transaction by the directors of the Company ; (iii) approval of the Transaction by the

directors and shareholders of Hare Bay; and (iii) receipt of requisite third party consents

and approvals, including any required approvals of the Canadian Securities Exchange.

“This addition increases our footprint of prospective ground in Newfoundland and

exposes Leocor to a second district beyond Baie Verte,” said Alex Klenma n, CEO of Leocor

Gold. “Star Trek is sizeable, along trend with some very high -profile projects and

discoveries and features some compelling data from the exploration done to date. It

meets our acquisition criteria and is a good fit for our expanding portf olio,” continued Mr.

Klenman.

The Project

The P roject contains three areas of interest, the Western, Central and Eastern Zones.

More than 50 gold occurrences have been discovered on the property through previous

trenching and grab samples. The Western Zone features gold mineralization outlined for

2km, with grab samples ** up to 3.5 grams-per-tonne (“g/t”) gold (“Au”) in quartz stock

work, with veins featuring epithermal features, arsenopyrite and trace amounts of stibnite

(see White Metal news releases dated December 18, 2019 and July 30, 2019) . The Eastern

Zone has been traced for 2km and displays characteristics of hydrothermal alteration, with

solidification, albite, and tourmaline. The Central Zone has seen trenching by Rubicon

Minerals, which focus ed on gold showings in epithermal veining, and which produced

highly anomalous values of gold, arsenic and antimony, and s ampling by White Metal

which produced grab samples ** up to 40 g/t Au (see White Metal ’s news release dated

July 30, 2019). **The surface grab samples described in this news release are selective by

nature and are unlikely to represent average grades of the Project.

In December 2019, White Metal completed a 402 line -kilometre, fixed -wing, high -

resolution aeromagnetic gradiometer, and dig ital VLF -EM survey. The airborne survey

mapped new and refine d known geological structures (faults and shear zones) of which

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northeast-trending structures are known to host gold and antimony mineralization. The

survey defined several new structures, includ ing a series of secondary east -west trending

structures, and numerous bedrock conductors suggestive of semi -massive to massive

sulphides. Together with historical data, this new information generated new targets for

ground truthing and follow-up exploration.

Termination of Shotgun Option Agreement

The Company also announces that it has decided not to pursue the acquisition of the

Shotgun Mineral Property located in the Lilooet Mining Division near Pemberton, British

Columbia (the “ Shotgun Property ”), and h as, accordingly, terminated its option

agreement with Michael Blady, Dev Rishy -Maharaj and Christopher R. Paul (collectively,

the “ Optionor”), pursuant to which the Company had the right to acquire 100% of the

Shotgun Property. The Company has provided notice of termination to the Optionor.

Qualified Person

The scientific, technical and historical information in this news release relating to the

Project is taken from White Metal’s news releases dated October 14, 2020, December 18,

2019 and July 30, 2019, copies of which are available under White Metal’s SEDAR profile.

The scientific and t echnical information in this news release has been reviewed and

approved by Wayne Reid, P. Geo., a director of the Company, who is a Qualified Person as

defined in National Instrument 43-101.

About Leocor Gold Inc.

Leocor Gold Inc. is a British Columbia -based resource company involved in the acquisition

and exploration of precious metal projects, with a current focus in Atlantic Canada.

Leocor is a reporting issuer in Brit ish Columbia, Alberta and Ontario . Leocor , through

outright ownership and earn -in agreements, currently controls over 1600 - hectares of

prime exploration ground in the prolific Baie Verte Mining District, proximal to known

deposits and currently producing mines, including Anaconda Mining’s Pine Cove Mine and

Stogertite deposit, and Rambler Metals’ Ming Mine.

Contact Information

Leocor Gold Inc.

Alex Klenman, Chief Executive Officer

Email: [email protected]

Telephone: (604) 970-4330

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Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is

defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy

or accuracy of this release.

Cautionary Statements Regarding Forward-Looking Information

This press release contains forward-looking information within the meaning of Canadian securities

laws. Such information includes, without limitation, information regarding the terms and

conditions of the Transaction. Although Leocor believes that such information is reasonable, it can

give no assurance that such expectations will prove to be correct. Forward looking information is

typically identified by words such as: “believe”, “expect”, “anticipate”, “intend”, “estimate”,

“postulate” and similar expressions, or are those, which, by their nature, refer to future events.

Leocor cautions investors that any forward-looking information provided by Leocor is not a

guarantee of future results or performance, and that actual results may differ materially from

those in forward looking information as a result of various factors, including, but not limited to: the

agreement of the parties to proceed with and complete the Transaction on the terms set out in the

Definitive Agreement or at all; the state of the financial markets for Leocor's securities; recent

market volatility; circumstances related to COVID-19; and other risks and factors that Leocor is

unaware of at this time.

The forward-looking statements contained in this press release are made as of the date of this

press release. Leocor disclaims any intention or obligation to update or revise any forward-looking

statements, whether as a result of new information, future events or otherwise, except as required

by law.