BAU.V · 2023-10-30 12:00:00

DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN Blue Star Announces Non-Brokered Private Placement

Financings

NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES AND

DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN

Blue Star Announces Non-Brokered Private Placement

Vancouver, British Columbia – October 30, 2023: Blue Star Gold Corp. (TSXV: BAU) (OTCQB: BAUFF) (FSE:

5WP0) (“Blue Star” or the “Company”) announces that, subject to the approval of the TSX Venture Exchange (the

“Exchange”), it intends to complete a non -brokered private placement of up to $2,500,000. Pursuant to the offering, the

Company will issue up to 6,250,000 flow-through shares (each, a “FT Share”) at $0.40 per FT Share for aggregate gross

proceeds of up to $2,500,000 (the “Private Placement”).

The FT Shares will qualify as flow-through shares for purposes of the Income Tax Act (Canada). The Company will renounce

said expenditures to the investors for the taxation year ending December 31, 2024.

All securities issued will be subject to a four-month and one day hold period pursuant to securities laws in Canada and, where

applicable, the Exchange. Finders’ fees may be payable to qualified parties. The Company intends to use the net proceeds

from the Private Placement to incur Canadian exploration expenses (the “ Qualifying Expenditures”) on its projects in

Nunavut prior to December 31, 2024.

About Blue Star Gold Corp.

Blue Star is a mineral exploration and development Company focused in Nunavut, Canada. Blue Star’s landholdings total

270 square kilometres of highly prospective and underexplored mineral properties in the High Lake Greenstone Belt. The

Company owns the Ulu Gold Project, comprised of the Ulu Mining Lease and Hood River Property, and the Roma Project.

A significant high-grade gold resource exists at the Flood Zone deposit (Ulu Mining Lease), and numerous high potential

exploration target areas occur throughout the Company's extens ive landholdings, providing Blue Star with excellent

resource growth potential.

Blue Star is listed on the TSX Venture Exchange under the symbol: BAU, the U.S. OTCQB Venture Market under the

symbol: BAUFF, and on the Frankfurt Exchange under the symbol: 5WP0. For information on the Company and its projects,

please visit our website: www.bluestargold.ca.

For further information, please contact:

Grant Ewing, P. Geo., CEO

Telephone: +1 778-379-1433

Raffi Elmajian, Corporate Communications Manager

Telephone: +1 778-379-1433

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.

Suite 507, 700 West Pender Street

Vancouver, BC V6C 1G8

Tel: +1.778.379.1433

The securities referred to in this news release have not been, nor will they be, registered under the United States Securitie s Act

of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons

absent U.S. registration or an applicable exemption from the U.S. registration requirements.

This news release does not constitute an offer for sale of securities for sale, nor a solicitation for offers to buy any securities. Any

public offering of securities in the United States must be made by means of a prospectus containing detailed informatio n about

the company and management, as well as financial statements.