Blue Lagoon Completes $1 Million Private Placement

BLUE LAGOON RESOURCES INC.

CSE: BLLG

FSE: 7BL

OTC: BLAGF

NEWS RELEASE

BLUE LAGOON COMPLETES $1 MILLION PRIVATE PLACEMENT

January 31, 2020 – Vancouver, British Columbia – Blue Lagoon Resources Inc. (the “Company”) (CSE:

BLLG; FSE:7BL; OTC: BLAGF) is pleased to announce that it has completed the second tranche of its non-

brokered private placement (the “Offering”) described in its news release dated January 3, 2020. In connection

with the second tranche closing, the Company issued 100,000 common shares at a price of $1.50 per share for

gross proceeds of $150,000.

“This $150,000 trance completes our previous closing of $850,000 at $1.50, bringing the total raised in this current

round to exactly what was announced - $1 Million at $1.50 per share,” said Rana Vig, President and CEO.

The Company intends to use the funds to conduct mineral exploration work to advance its properties as well as

for general working capital. The securities issued will be subject to a hold period expiring four months and one

day from the date of issuance.

For further information, please contact:

Rana Vig

President and Chief Executive Officer

Telephone: 604-218-4766

Email: [email protected]

The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.