AUXX.V · 2022-12-30 12:00:00

Goldshore Announces Closing of $1 Million Private Placement

Financings

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE

SERVICES OR DISSEMINATION IN THE UNITED STATES

Goldshore

Announces

Closing of $1 Million

Private Placement

VANCOUVER

B.C.

December

, 2022

Goldshore

Resources

Inc

(TSXV:

GSHR

OTC

Markets

GSHRF

FSE

8X00

)

(“

Goldshore

” or the “

Company

”

)

is pleased to announce

that it

has closed

a non

brokered private

placement of

166

720

units

(each, a “Unit”) at a price of $0.

per Unit for gross

proceeds of $

041

680

(the

“Financing”). Each Unit issued in connection with

the Financing is comprised of one common share of the Company (each, a “Common Share”)

and one

half common share purchase warrant (each whole warrant, a “Warrant”).

Each Warrant

shall entitle the holder th

ereof to purchase one Common Share at an exercise price of

$0.40

any time up to

months from the closing of the

Financing

In connection with the

Financing

, the Company paid

finders’ fees of $500

eligible finder

, as

permitted by applicable securities laws and the rules of the

TSX Venture Exchange

The Company intends to use the proceeds raised from the Financing for future exploration work

on its Moss Lake gold deposit in Northwest Ontario, Canada and for

general working capital

purposes.

Certain insiders of the Company participated in the

Financing

and purchased an aggregate of

40,000

Units

. The insider participation in the

Financing

constitutes a related party transaction

pursuant to Multilateral Instrument 61

101

–

Protection of Minority Security Holders in Special

Transactions

(“

MI 61

101

”). The Company has relied on exemptions from the formal valuation

and minority shareholder approval requirements of MI 61

101 contained in sections 5.5(a) and

5.7(1)(a) of MI 61

101 in respect of related party participation in the

Financing

as neither the

fair

market value (as determined under MI 61

101) of the subject matter of, nor the fair market value

of the consideration for, the transaction, insofar as it involved related parties, exceeded 25% of

the Company’s market capitalization as determined unde

r MI 61

101.

The securities issued pursuant to the Financing will be subject to a four

month and one day hold

period under applicable securities laws in Canada.

Closing of the

Financing

is subject to final approval by the TSX Venture Exchange.

This pre

ss release is not an offer to sell or the solicitation of an offer to buy the securities in the

United States or in any jurisdiction in which such offer, solicitation or sale would be unlawful prior

to qualification or registration under the securities law

s of such jurisdiction. The securities being

offered have not been, nor will they be, registered under the United States Securities Act of 1933,

as amended

(the “

U.S. Securities Act

”) or any U.S. state securities laws

, and such securities

may not be offered or sold within the United States or to, or for the account or benefit of, U.S.

persons absent registration or an applicable exemption from registration requirements

of the U.S.

Securities Act

and applicable U.S. st

ate securities laws.

About

Goldshore

Goldshore is an emerging junior gold development company, and owns the Moss Lake Gold

Project located in Ontario. Wesdome Gold Mines Ltd. is currently a large shareholder of

Goldshore with an approximate 2

% equity

position in the Company. Well

financed and supported

by an industry

leading management group, board of directors and advisory board, Goldshore is

positioned to advance the Moss Lake Gold Project through the next stages of exploration and

development.

For More Information

–

Please Contact:

Brett A. Richards

President, Chief Executive Officer and Director

Goldshore Resources Inc.

+1 604 288 4416

M. +1 905 449 1500

brichards@goldshoreresour

ces.com

www.goldshoreresources.com

Facebook

: GoldShoreRes |

Twitter:

GoldShoreRes |

: goldshoreres

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 release.

Cautionary

Note

Regarding

Forward

Looking

Stat

ements

This news release contains “forward

looking information” within the meaning of applicable

Canadian securities legislation. “Forward

looking information” includes, but is not limited to,

statements with respect to the activities, events or developmen

ts that the Company expects or

anticipates will or may occur in the future, including

final approval from the TSX Venture

Exchange

. Generally, but not always, forward

looking information and statements can be

identified by the use of words such as “plans”,

“expects”, “is expected”, “budget”, “scheduled”,

“estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or the negative connotation thereof

or variations of such words and phrases or state that certain actions, events or results “may”,

“could”,

“would”, “might” or “will be taken”, “occur” or “be achieved” or the negative connation

thereof. These forward

‐

looking statements or information relate to, among other things: the

intended use of proceeds from the

Financing

Such forward

looking informa

tion and statements are based on numerous assumptions. Although

the assumptions made by the Company in providing forward

looking information or making

forward

looking statements are considered reasonable by management at the time, there can be

no assurance

that such assumptions will prove to be accurate and actual results and future events

could differ materially from those anticipated in such statements.

Important factors that could cause actual results to differ materially from the Company’s plans or

expectations include risks relating to market conditions and timeliness regulatory approvals.

Although the Company has attempted to identify important factors that could cause actual results

to differ materially from those contained in the forward

looking

information or implied by forward

looking information, there may be other factors that cause results not to be as anticipated,

estimated or intended. There can be no assurance that forward

looking information and

statements will prove to be accurate, as a

ctual results and future events could differ materially

from those anticipated, estimated or intended. Accordingly, readers should not place undue

reliance on forward

looking statements or information.

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