BLLG.CN · 2020-02-23 12:00:00

Metal Mountain Shareholders Approve Transaction With Blue Lagoon

Shareholder Meetings

FSE: 7BL

CSE: BLLG

OTCQB: BLAGF

___________

METAL MOUNTAIN RESOURCES SHAREHOLDERS

APPROVE TRANSACTION WITH BLUE LAGOON

February 23, 2020 – Vancouver, British Columbia – Blue Lagoon Resources Inc. (the “Company”) (CSE:

BLLG; FSE: 7BL; OTCQB: BLAGF) is pleased to announce that shareholders of Metal Mountain Resources Inc.

(“Metal Mountain”) approved the business combination with Blue Lagoon, with 99.97% of shares represented at

the meeting voting in favour of the transaction. Blue Lagoon and Metal Mountain will now proceed with the final

steps required to close the transaction, which is currently scheduled to be completed on or before March 27, 2020.

Pursuant to the transaction, Metal Mountain will on closing amalgamate with a newly-incorporated subsidiary of

the Company to form one corporation that will be a wholly-owned subsidiary of the Company. The shareholders of

Metal Mountain will receive 0.97266 common shares in the capital of the Company in exchange for every four

outstanding common shares of Metal Mountain held by them.

The Company is also pleased to announce that it has entered into a definitive agreement with A.G. Partners

Holdings Ltd. to acquire its 27.44% share interest in Gavin Mines Inc. concurrently with the closing of the Metal

Mountain transaction. Gavin Mines holds 100% of the Dome Mountain mine. Metal Mountain holds a 50.84%

interest in Gavin Mines Inc. Upon completion of the acquisition of the additional Gavin Mines shares, Blue

Lagoon will directly and indirectly control 78.28% of the outstanding shares of Gavin Mines Inc.

For further information, please contact:

Rana Vig

President and Chief Executive Officer

Telephone: 604-218-4766

The CSE has not, in any way, passed upon the merits of the Transaction and associated transactions and has not, in any way,

approved or disapproved of the contents of this press release.

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

Certain information contained herein constitutes “forward-looking information” under Canadian securities legislation.

Forward-looking information includes, but is not limited to, statements with respect to the Transaction and the completion

thereof. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “will” or

variations of such words and phrases or statements that certain actions, events or results “will” occur. Forwa rd-looking

statements are based on the opinions and estimates of management as of the date such statements are made and they are subject

to known and unknown risks, uncertainties and other factors that may cause the actual results to be materially different from

those expressed or implied by such forward-looking statements or forward-looking information, including the receipt of all

necessary regulatory and shareholder approvals. Although management of the Company have attempted to identify important

factors that could cause actual results to differ materially from those contained in forward-looking statements or 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 such statements will prove to be accurate, as actual results and future events could differ materially from

those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and

forward looking information. The Company will not update any forward-looking statements or forward-looking information

that are incorporated by reference herein, except as required by applicable securities laws.