BOL.V · 2020-07-31 12:00:00

Bold Ventures Signs Formal Option Agreement to Acquire Traxxin Gold Project and Extends and Increases Non-Brokered Private Placement

Financings Mergers & Acquisitions Property Options & Staking

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 Signs Formal Option Agreement to

Acquire Traxxin Gold Project and Extends and

Increases Non-Brokered Private Placement

Toronto, Ontario, July 31, 2020 – Bold Ventures Inc. (BOL: TSX.V) (the

“Company” or “Bold”) is pleased to report that it has signed the formal

Option Agreement to acquire the Traxxin Gold Project, subject to

regulatory approval. As previously announced on June 18, 2020, Bold

will have the option to earn a 100% interest in the claims over a three-

year period by paying an aggregate 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. The Optionors shall be

entitled to a Net Smelter Royalty (NSR) in the amount of 2% of which

Bold will have the right to buy back (1%) of the 2% NSR for $1,000,000

leaving a 1% NSR in favour of the Optionors.

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

Lac des Mille Lacs First Nation, the claim group is comprised of 151 claim

and boundary cells with a total area of approximately 2,224 hectares or

5,496 acres.

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

Bold’s technical team has completed its due diligence review and has

commenced planning the summer-fall field program. Immediate work

will include re-logging and sampling of the 2017-2018 diamond drill

program, formal interpretation of the two airborne geophysical surveys

and a ground Induced Polarization survey. The three surveys were

completed between 2017-2019. Geological interpretation and modeling

will generate drill targets for further exploration of the main zone as well

as to prioritize potential drill targets located outside of the main zone.

Drill testing of the various locations will follow.

The Non-Brokered Private Placement

The Company also wishes to announce that it is extending the previously

announced private placement (see Bold news release dated June 18,

2020) of working capital units (“WC Units”), increasing the WC Units

offering to $250,000 with the offering of up to 5 ,000,000 WC Units at a

price of $0.05 per WC Unit (the “WC Offering”) and changing the flow -

through offering to a flow -through units offering (the “FT Units”)

(collectively the “ Offering”). The Offering will be extended for a further

thirty (30) days.

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 unt il 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 s, exploration an d

expenses of the Offering.

Concurrently, the Company is offering up to 4,000,000 FT Units at a price

of $0.075 per FT Unit for up to $300,000 ( “FT Offering”). Each FT Unit

comprises one (1) common share of the Company and one -half (½) of

one (1) common sh are purchase warrant. Each full warrant (a

“Warrant”) entitles the holder to acquire one (1) common share at a

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

price of $0. 10 for two (2) years f ollowing the closing of the FT Offering.

The proceeds of the FT Offering will be used to explore the Company’s

properties and will qualify as Canadian Exploration Expenses.

In connection with 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 secu rities 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