CCMC.V · 2022-10-21 12:00:00

Xander Resources Acquires 100 Claims West of CNC’s Crawford Project

Mergers & Acquisitions Property Options & Staking

Vancouver, British Columbia / October 21, 2022 – Xa nder Resources Inc. (“Xander” or the

“Company”) (TSXV: XND) (OTCQB: XNDRF) (FSX: 1XI) is pleased to announce that it has entered

into an option agreement (the “ Option ”) to acquire (the “ Acquisition ”) 100% interest in certain 100 mineral

claims (the “ Claims ” and the “ Property ”) located in Timmins, Ontario.

The property consists of 100 separate mineral claim blocks comprising over 21 square kilometres that a re

located contiguous to the west of the Company’s exi sting Timmins North claims. Historical work at the

property includes airborne geophysical survey work (Geotech's helicopter-borne VTEM (versatile time

domain electromagnetic)) which has delineated six ( 6) drill targets in line with the existing high-pri ority

electromagnetic anomalies within the property (often indicative of sulphide mineralization) and numerous

major and minor structures.

With the acquisition of these claims, the Company’s Timmins North Block now consists of 336 claims that

are not only near Canada Nickel Company’s (CNC) Cra wford Project, where CNC has completed a

preliminary economic assessment only 20 months afte r the commencement of exploration drilling that

indicates 25-year mine with an after-tax NPV 8% of $1.2 billion, but also adjacent and along trend with

CNC’s recently identified Reid Discovery which has already through early exploration delineated a

mineralized footprint 90% as large as Crawford.

The company's plan over the coming months is to build on the geophysical work completed through further

geophysical mapping and interpretation, sampling, and other techniques in order to launch a comprehensive

drill program following its upcoming near-term drill program on the prior optioned claims comprising the

North Block.

Deepak Varshney, Xander CEO, said, "We are very ple ased to have been able to add these claims to our

portfolio. Our goal is to build a significant nicke l footprint in this district and acquiring these cl aims,

particularly in light of the recent large-scale discovery by CNC at its Reid property, will help us successfully

move forward with that objective.”

Figure 1 - Location of Xander's Claims in the Timmins Camp

The Transaction

Pursuant to the Agreement, the Company will grant t o the Vendors a 3% net smelter returns royalty and

will provide the following commitments to the Vendors, or its assigns to earn an undivided 100% intere st

in the Property:

(a) $50,000 cash to the Vendor upon the execution date of the Agreement or as soon as practicable

thereafter;

(b) 9,000,000 common shares of the Company (the “ Shares ”) to be issued to the Vendors at a deemed

price of $0.035 per Share within five days of Exchange approval to the transaction;

the Agreement, in cash and/or Shares, at the election of the Company, at a deemed value according

to the greater of the 10-day volume-weighted average price (“ VWAP ”) or discounted market;

(d) A further $100,000 to the Vendor or its assigns on or before 12 months from the execution date of

the Agreement, in cash and/or Shares, at the election of the Company, at a deemed value according

to the greater of 10-day VWAP or discounted market price;

(e) A further $100,000 to the Vendor or its assigns on or before 18 months from the execution date of

the Agreement, in cash and/or Shares, at the election of the Company, at a deemed value according

to the greater of 10-day VWAP or discounted market price;

(f) A further $100,000 to the Vendor or its assigns on or before 24 months from the execution date of

the Agreement, in cash and/or Shares, at the election of the Company, at a deemed value according

to the greater of 10-day VWAP or discounted market price.

The Company has agreed to incur not less than $500, 000 of qualified exploration expenditures, includin g

1,500 metres of diamond drilling on the Property wi thin two (2) years of the Closing Date, of which no t

less than $50,000 will be incurred within one (1) y ear following the Closing Date. Up to a maximum of

$400,000 of exploration expenditures may be satisfied through payments of cash or stock at the election of

the Company.

The Acquisition and transactions contemplated, including the issuance of the Shares, are subject to the final

approval of the Exchange. The Shares will be subjec t to the applicable hold periods in accordance with

securities laws in Canada and the Exchange policies.

Qualified Person

The technical content of this news release has been reviewed and approved by Mr. Andrew Tims, P.Geo.,

a qualified person as defined by National Instrumen t 43-101 Standards of Disclosure for Mineral

Projects (“ NI 43-101 ”).

About Xander Resources Inc.

Xander Resources Inc. is a Canadian mineral acquisi tion and exploration company based in Vancouver,

BC, Canada focused on developing accretive gold and battery metal properties within Canada. The

company currently has a focus on projects located within the Provinces of Ontario and Quebec.

Xander is exploring for commercially exploitable mi neral deposits and is currently focused on deposits

located in Val-d’Or, Quebec, including the Senneville Claim Group which comprises over 100 sq. km and

is contiguous in the south to Probe Metals’ new discovery, and contiguous in the north to Monarch Mining,

in close proximity to Eldorado Gold’s (formerly QMX Gold) projects, and east of the North American

Lithium Deposit, Great Thunder Gold‘s Chubb Lithium property and East of the Sayona Quebec's Authier

Lithium Deposit, all in the Val-d’Or Mining Camp, p lus its newly acquired nickel-sulphide project in

Timmins, Ontario near Canada Nickel’s MacDiarmid and Crawford Projects.

We seek Safe Harbor

ON BEHALF OF THE BOARD OF DIRECTORS

Deepak Varshney, P.Geo., President and CEO

For more information, please email [email protected] , or visit www.xanderresources.ca .

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of

the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-looking statements:

This news release may include "forward-looking info rmation" under applicable Canadian securities

legislation. Such forward-looking information refle cts management's current beliefs and are based on a

number of estimates and/or assumptions made by and information currently available to the Company that,

while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors that

may cause the actual results and future events to differ materially from those expressed or implied by such

forward-looking information. Readers are cautioned that such forward-looking information are neither

promises nor guarantees and are subject to known and unknown risks and uncertainties including, but not

limited to, general business, economic, competitive , political and social uncertainties, uncertain and

volatile equity and capital markets, lack of availa ble capital, actual results of exploration activiti es,

environmental risks, future prices of base and other metals, operating risks, accidents, labour issues, delays

in obtaining governmental approvals and permits, and other risks in the mining industry.

The Company is presently an exploration stage compa ny. Exploration is highly speculative in nature,

involves many risks, requires substantial expenditu res, and may not result in the discovery of mineral

deposits that can be mined profitably. Furthermore, the Company currently has no reserves on any of it s

properties. As a result, there can be no assurance that such forward-looking statements will prove to be

accurate, and actual results and future events coul d differ materially from those anticipated in such

statements.

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