Gold Lion Amends Fairview Option Agreement

305-1770 Burrard St. Vancouver, British Columbia V6J 3G7

T: (778) 772-1751/ W: https://goldlionresources.com/

GOLD LION RESOURCES INC.

NEWS RELEASE

Gold Lion Amends Fairview Option Agreement

Vancouver, British Columbia / June 3 rd, 2020 – Gold Lion Resources Inc. (“Gold Lion ” or the

“Company”) (CSE: GL) (FWB: 2BC) announced today that it has amended its option agreement dated

December 10, 2018 (the “ Option Agreement ”) respecting its Fairview Property. Gold Lion and the

optionors have agreed to amend the Option Agreement so that, instead of Gold Lion being required t o

make a minimum of $125,000 of exploration expenditures on the Property in 2020, Gold Lion has instead

fulfilled this obligation by issuing an aggregate of 255,320 common shares of Gold Lion at a price of

$0.47 per share to the optionors. The issued shares are subject to a four month hold period in accordance

with applicable securities laws.

Oliver Friesen, Gold Lion’s CEO, is one of the optionors under the Option Agreement, and the 255,320

Gold Lion shares have been issued to him, at the direction of the optionors. Accordingly, the issuance of

the shares to Mr. Friesen is considered a “related party transaction” pursuant to Multilateral Instrument

61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). As a result of

the transaction and the issuance of the shares to Mr. Oliver , his holding of the shares of the Company has

increased from 0.004% to 0.91%. In reviewing and approving the transaction, Gold Lion ’s board of

directors considered a number of factors, including without limitation the Company’s ongoing exploration

activities on its other properties and the ability of the Company to conserve cash while maintaining the

Option Agreement in good standing . The Company’s board unanimously supports and un animously

approved the transaction, and there were no materially contrary views, disagreements or abstentions by

any director with respect to the transaction. The transaction is exempt from the requirement under MI 61-

101 to obtain a formal valuation pursuant to Section 5.5(b) of MI 61-101 (because Gold Lion’s shares are

not listed or quoted on the markets specified therein) and is exempt from the requirement under MI 61 -

101 to obtain minority shareholder approval pursuant to Section 5.7(1)(a) of MI 61 -101 (because the fair

market value of the transaction is not more than 25% of Gold Lion ’s market capitalization). The

Company has closed the transaction less than 21 days before the Company has filed a material change

report respecting the transaction. Closing the transaction in this shorter period is reasonable in the

circumstances because the amount of dilution to the Company’s shareholders was minimal , and

completing the amendment and closing the transaction expeditiously was in the best interests of the

Company and its shareholders.

About Gold Lion Resources Inc.

Gold Lion Resources Inc. is a mineral exploration company actively involved in the exploration of its

precious metal focused portfolio including the South Orogrande, Erikson Ridge, Robber Gulch, Cuteye

and the Fairview Properties located in Idaho and British Columbia . For more information please visit:

https://goldlionresources.com/.

2

ON BEHALF OF THE BOARD OF DIRECTORS

Borzoo Zare

CFO

T: +1 (778) 888-5315

The CSE and Information Service Provider have not reviewed and does not accept responsibility for the

accuracy or adequacy of this release.

Forward-looking Information Cautionary Statement

Except for statements of historic fact, this news release contains certain "forward -looking information"

within the meaning of applicable securities law. Forward-looking information is frequently characterized

by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other

similar words, or statements that certain events or conditions "may" or "will" occur. Forward -looking

statements are based on the opinions and estimates at the date the statements are made, and are su bject

to a variety of risks and uncertainties and other factors that could cause actual events or results to differ

materially from those anticipated in the forward-looking statements including, but not limited to delays or

uncertainties with regulatory ap provals, including that of the CSE. There are uncertainties inherent in

forward-looking information, including factors beyond the Company’s control. There are no assurances

that the business plans for Gold Lion Resources described in this news release will come into effect on the

terms or time frame described herein. The Company undertakes no obligation to update forward -looking

information if circumstances or management's estimates or opinions should change except as required by

law. The reader is cautione d not to place undue reliance on forward -looking statements. Additional

information identifying risks and uncertainties that could affect financial results is contained in the

Company’s filings with Canadian securities regulators, which are available at www.sedar.com.