AURO.V · 2023-02-15 12:00:00

Telephone: (604) 336 - 5919

Corporate Updates

Whitehorse Gold Corp.

1750

1066 West Hastings Street

Vancouver, BC, Canada V6E 3X1

Telephone: (604) 336

5919

www.whitehorsegold.ca

Whitehorse Gold

Clos

the Acquisition of

San Florencio Property

WHG

February 15, 2023

Vancouver, British Columbia

–

February 15

, 202

–

Whitehorse Gold Corp.

(“Whitehorse Gold” or the “Company”)

(TSXV: “WHG”; OTCQX: “WHGDF”)

is pleased

report

that it has closed

the

previously announced

acquisition of

the

private Bolivian

mining company which holds a 100%

interest in the San Florencio Property located in the

La Paz Department, Bolivia (the “SF Tin Company”),

further to its news release

of August

25 and December 29, 2022

. The San Florencio Property has

been subjected to various

degree

and scale

of historic mining, and was explored and drilled by Rio Tinto in

1999.

The San Florencio Property has a tin

zinc

silver

lead polymetallic mineral property,

or ATE (Temporary Special Authorization) in Bolivia.

erms of the Updated Agreement



Whitehorse Gold has paid US$1,100,000 (including US$100,000 for the initial drilling

program) to acquire a 100% interest in the SF Tin Company.



On the first anniversary of the agreement, Whitehorse Gold will pay a further

US$1,000,000.



On the second anniv

ersary of the agreement, Whitehorse Gold will pay a further

US$1,400,000.

Further to the Company's news release of December 29, 2022, no

shares of Whitehorse Gold will be issuable as part of this payment.

A finder’s fee

to an

rm's length finder

up to

US$

5,000

will be paid in this transaction.

Closing of the transaction

and the finder's fee remain

subject to the approval of the TSX

Venture Exchange.

About Whitehorse Gold

Whitehorse Gold is a mineral exploration and development company focusing

on tin projects in

Bolivia and a gold project near Whitehorse, Yukon, Canada. The Company has recently signed

agreements to acquire up to a 100% interest in the Porvenir Project and SF Tin Project, which

are 70 km southeast of Oruro, Bolivia. The Company’

s 100% owned Skukum Gold Project is

approximately 84 km south of Whit

ehorse by road. An independent mineral resource e

stimate

update

in respect of the Skukum Gold Project

was completed in October 2022.

On Behalf of Whitehorse Gold Corp.

signed

“Gordon Neal”

Gordon Neal, CEO & Director

For further information, please contact:

Investor Relations, Whitehorse Gold Corp.,

Phone: +1 (604)

336

5919

Email:

[email protected]

www.whitehorsegold.ca

Neither the 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 news release.

Cautionary Note Regarding Forward

Looking Statements

This news release contains forward

looking statements and forward

looking information (collective,

“forward looking statements”) within the meaning of applicable Canadian and U.S. securities legislation.

All

statements, other than statements of historical

fact included in this release, including, without limitation,

statements regarding

the terms of the Agreement

the payment of a

finder's fee and the appro

val of the

TSX Venture Exchange

are forward

looking statements. Estimates of mineral reserves and mine

ral

resources are also forward

looking information because they incorporate estimates of future developments

including future mineral prices, costs and expenses and the amount of minerals that will be encountered if

a property is developed. Forward

looking

statements are often, but not always, identified by words or

phrases such as “expects”, “is expected”, “anticipates”, “believes”, “plans”, “projects”, “estimates”,

“assumes”, “intends”, “strategies”, “targets”, “goals”, “forecasts”, “objectives”, “budgets

”, “schedules”,

“potential” or variations thereof or stating that certain actions, events or results “may”, “could”, “would”,

“might” or “will” be taken, occur or be achieved, or the negative of any of these terms and similar

expressions. Forward

looking s

tatements are based on the opinions, assumptions, factors and estimates

of management considered reasonable at the date the statements are made. The opinions, assumptions,

factors and estimates which may prove to be incorrect, include, but are not limited

to: that

the Company will

be able to pay all amounts payable pursuant to the Agreement and in connection with the

Transaction; the

TSX Venture Exchange will grant approval of the Transaction; market fundamentals will result in sustained

precious metals dem

and and prices; that there are no significant disruptions affecting operations

, including

labour disruptions, supply disruptions, power disruptions, security disruptions, damage to or loss of

equipment, whether due to flooding, political changes, title iss

ues, intervention by local landowners,

environmental concerns, pandemics (including COVID

19) or otherwise; that the Company will be able to

obtain and maintain governmental approvals, permits and licenses in connection with its current and

planned operati

ons, development and exploration activities, including at the Skukum Gold Project; that the

Company will be able to meet its current and future obligations; that the Company will be able to comply

with environmental, health and safety laws;

and the assumpt

ions underlying mineral r

esource estimates

and the realization of such estimates.

Forward

looking statements involve known and unknown risks, uncertainties and other factors which may

cause the actual results, performance or achievements of the Company to

differ materially from any future

results, performance or achievements expressed or implied by the forward

looking information. Such risks

and other factors include, among others:

the risk that the Company will not be able to pay all amounts

payable pursua

nt to the Agreement and in connection with the

Transaction; the TSX Venture Exchange will

not grant approval of the Transaction; social and economic impacts

of COVID

19; actual exploration results;

changes in project parameters as plans continue to be refi

ned; results of future Mineral Resource estimates;

future metal prices; availability of capital and financing on acceptable terms; general economic, market or

business conditions; uninsured risks; regulatory changes; defects in title; availability of perso

nnel, materials

and equipment on a timely basis; accidents or equipment breakdowns; delays in receiving government

approvals; unanticipated environmental impacts on operations and costs to remedy same; and other

exploration or other risks detailed herein a

nd from time to time in the filings made by the Company with

securities regulators. Although the Company has attempted to identify important factors that could cause

actual actions, events or results to differ from those described in forward

looking statem

ents, there may be

other factors that cause such actions, events or results to differ materially from those anticipated. There

can be no assurance that forward

looking statements will prove to be accurate and accordingly readers are

cautioned not to place

undue reliance on forward

looking statements.

Readers are cautioned not to place undue reliance on forward

looking statements. The Company

undertakes no obligation to update any of the forward

looking statements in this news release or

incorporated by refe

rence herein, except as otherwise required by law.

Additional information in relation to the Company, including the Company’s

most recent annual information

orm, can be obtained under the Company’s profile on SEDAR at

www.sedar.com

and on the Company’s

website at www.whitehorsegold.ca.

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