BOL.V · 2020-07-21 12:00:00

Bold Ventures Settles Debt and Provides Update

Marketing Announcement

BOL.V Bay Adelaide Centre-East Tower Tel: 416 864 1456

22 Adelaide Street West, Suite 3600 Fax: 416 865 6636

Toronto, Ontario, M5H 4E3

boldventuresinc.com

NEWS RELEASE - For Immediate Release

Bold Ventures Settles Debt and Provides Update

Toronto, Ontario, July 21, 2020 – Bold Ventures Inc. (BOL: TSX.V) (the

“Company” or “Bold”) reports that as announced on June 18, 2020, Bold

entered into an advertising and investor awareness campaign with Dig

Media Inc., dba Investing News Network (“INN”). The Company intends to

issue shares to INN in exchange for the advertising and investor awareness

campaign services. The term of the engagement is six months with the

option to renew on the same terms for an additional six months. The cost of

the campaign is $19,000 payable as to $2,000 in cash, which has been paid,

and $7,500 in common shares of the Company when the advertising

campaign commences with a further $2000 in cash and $7500 in common

shares of the Company payable September 8, 2020. Per TSX Venture

Exchange (“TSXV”) Policy 4.3 (Section 6.1), the deemed price of the

securities to be issued will be determined after the date services are

provided to the Company in each period and be based upon the

undiscounted market price of the Company’s common shares at the

relevant time. The initial share issuance of 150,000 shares for the

settlement of $7500 of the services provided to date is based on the

closing price of $0.05 for the Company’s common shares on July 14, 2020.

Insider Debt Settlement

The Company is also pleased to announce that it has entered into

agreements to settle an aggregate of $85,028.38 of debt owed to two (2)

BOL.V Bay Adelaide Centre-East Tower Tel: 416 864 1456

22 Adelaide Street West, Suite 3600 Fax: 416 865 6636

Toronto, Ontario, M5H 4E3

boldventuresinc.com

insiders of the Company in consideration for the issuance of 1,700,567

common shares of the Company at a price of $0.05 per share. One of the

insiders has released the Company from a debt totaling $22,500.00 for no

consideration. The debt settlement eliminates an aggregate of

$107,528.38 of debt of the Company as at June 30, 2020. The

disinterested directors of the Company have approved the debt

settlements with the respective insiders and their associates and

affiliates. The insider debt settlement is subject to TSXV approval. The

securities to be issued will be subject to a hold period of four months and

a day.

The insider debt settlements are exempt from the valuation and minority

shareholder approval requirements of Multilateral Instrument 61-101

(“MI 61-101”) by virtue of the exemptions contained in sections 5.5(a)

and 5.7(1)(a) of MI 61-101 in that the fair market value of the

consideration for the securities of the Company to be issued to insiders

does not exceed 25% of its market capitalization.

The Farwell Gold and Base Metals project

Subject to closing its private placement financing and upon receipt of the

Dighem Airborne (1987) interpretative report undertaken by Scott Hogg

and Associates Ltd. (see news release dated June 1, 2020), the company

plans to mobilize prospecting, mapping and sampling personnel to the

project. The initial three areas of focus will be the Farwell Sulphide Zone

(“FSZ”), the Koala Gold Area (“KGA”) and the Tundra Gold Horizon

(”TGH”). (See Farwell Maps at www.boldventuresinc.com and refer to

Bold news release dated June 1, 2020).

The Farwell Property is located approximately 55 km northwest of

Wawa, Ontario. The claims are road accessible via the Paint Lake Rd.

(Eagle River Mine service road) and consist of 103 Cell claims, 6 Multi-

Cell claims and 6 Boundary claims comprising approximately 7,770 ha or

19,200 acres. Wesdome Gold Mines Mishi Open Pit operation and the

Magnacon Mill, both part of the larger Eagle River Complex that includes

BOL.V Bay Adelaide Centre-East Tower Tel: 416 864 1456

22 Adelaide Street West, Suite 3600 Fax: 416 865 6636

Toronto, Ontario, M5H 4E3

boldventuresinc.com

the Eagle River underground gold mine, lie 5 km south of the Farwell

claim group. The Eagle River Mine is situated approximately 25 km to the

south of the subject claims.

The claims are host to several gold and base metal anomalies and

occurrences that have yet to be fully explored. The latest recorded

exploration work on the property occurred in 2009. For additional

project information please visit the Bold website

www.boldventuresinc.com and select the Farwell, Ontario Project Details

(See Bold news releases dated March 26, 2020 and April 30, 2020).

Bold has the option to earn a 100% interest in the Farwell claims by

paying the aggregate sum of $225,000 in cash option payments, issuing

an aggregate of 1,650,000 common shares of Bold and completing a total

of $1,000,000 of exploration work on the claims over a four year period.

The Company has paid the vendors $20,000 cash and 200,000 shares

that was due on signing and the parties have executed the formal Option

Agreement (see Bold news release dated March 26, 2020). The first

year’s optional exploration work expenditure is $90,000. The vendors

will retain a 3% net smelter royalty in the Farwell Property. Bold will

have the right to buy back a 1.5% net smelter royalty in consideration for

the payment of $2 million. The Company also has the right of first refusal

to purchase the remaining 1.5% NSR.

The Traxxin Gold Project

In 2016 Traxxin Resources Inc. discovered the Traxxin Main Zone. In late

2016 and early 2017, Joint Venture partners, Lac des Mille Lacs First

Nation (LdMLFN) and Bold Ventures Inc. staked the Traxxin Extension

claims to cover the northern extension of the interpreted structure

related to the gold discovery. Having explored the property via

prospecting, sampling and mapping, the claim group was reduced in size

with no plans to continue at that time. Subsequently, after negotiating the

current Traxxin Option Agreement with Traxxin Resources Inc., the joint

BOL.V Bay Adelaide Centre-East Tower Tel: 416 864 1456

22 Adelaide Street West, Suite 3600 Fax: 416 865 6636

Toronto, Ontario, M5H 4E3

boldventuresinc.com

venture partners have combined the remaining Traxxin Extension Claims

with the Traxxin claims to form the Traxxin Gold Project.

The Traxxin Gold Project is located 130 km west of Thunder Bay, Ontario.

The claims are road accessible via Trans Canada Highway 11. Local

infrastructure includes rail, power and an experienced mineral

exploration workforce and mining supply, all located within hours of the

property. Combined with the Traxxin Extension claims held by Bold and

LdMLFN, the claim group is comprised of 151 claim and boundary cells

with a total area of approximately 2,224 hectares or 5,496 acres.

Bold’s technical team has proceeded with a detailed review and

interpretation of the historical work carried out on the Traxxin property

as recently as 2018. The planning for this project will include further drill

testing of the Traxxin “Main Zone” that has returned consistent gold

values over a 300 m long gold horizon and remains open along strike (in

both directions) and at depth. Exploring the extensions to the “Main

Zone” will be a priority.

Additional surveys are being considered to evaluate the gold potential

outside of the main zone. These considerations include prospecting,

sampling, mapping and geochemical/geophysical surveys.

LdMLFN and Bold (“the Optionee”) have the option to earn a 100%

interest over a three-year period by paying the aggregate sum of

$150,000 cash, issuing an aggregate of 1,000,000 common shares of Bold

and completing a total of $250,000 of exploration work on the claims

over a three year period. On signing of the formal Option Agreement a

payment of $20,000 cash and 200,000 common shares will be paid to the

vendor. The vendor will retain a 2% Net Smelter Royalty (NSR) of which

the Optionee has the right to purchase a 1% NSR for $1 million leaving a

1% NSR in favour of the vendor.

BOL.V Bay Adelaide Centre-East Tower Tel: 416 864 1456

22 Adelaide Street West, Suite 3600 Fax: 416 865 6636

Toronto, Ontario, M5H 4E3

boldventuresinc.com

The Company is currently planning the 2020 field programs. As a result

of the COVID 19 virus concerns, management has been in discussions

with its contractors and consultants to confirm that the necessary

protocols are in place to ensure optimum protection for personnel during

fieldwork. It should be noted that possible delays and or interruptions

related to the affects of the virus could occur.

The technical information in this news release was reviewed and approved by

Gerald D. White, B.Sc., P. Geo., a qualified person (QP) for the purposes of NI

43-101.

The Non-Brokered Private Placement

On June 18, 2020 the C ompany announced a non -brokered private

placement offering of up to 4,000,000 working capital units (the “ WC

Units”) of the Company at a price of $0.05 per WC Unit for up to

$200,000 (the “WC Offering”).

Each WC Unit comprises one (1) common share of the Company priced at

$0.05 and one (1) common share purchase warrant (each a “ WC

Warrant”), with each WC Warrant entitling the holder to acquire one (1)

common share at a price of $0.10 until two (2) years following the

Closing of the WC Offering. The proceeds from the WC Offering will be

used for general working capital, property acquisition, exploration and

expenses of the offering.

Concurrently on June 18, 2020, the Company also announced a non -

brokered private placement offering of up to 4,000,000 Flow -Through

Shares ( “FT Shares” ) at a price of $0.075 per FT Share for up to

$300,000 (“FT Offering”). The proceeds of the FT Offering will be used to

explore the Company’s properties and will qualify as Canad ian

Exploration Expenses.

BOL.V Bay Adelaide Centre-East Tower Tel: 416 864 1456

22 Adelaide Street West, Suite 3600 Fax: 416 865 6636

Toronto, Ontario, M5H 4E3

boldventuresinc.com

In connection with the WC Offering and the FT Offering (collectively the

“Offering”), the Company may pay a finder’s fee to qualified finders in

consideration for their assistance with the Offering. The finder’s fees may

be payable in cash or securities of Bold at the discretion of the Company

and in accordance with the rules of the TSXV.

All securities to be issued pursuant to the Offering are subject to a

statutory four-month and one day hold period and regulatory approval.

Please visit the Bold website at www.boldventuresinc.com and see our