Churchill Announces Acquisition of 100% Interest in Taylor Brook Properties

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Churchill Announces Acquisition of 100% Interest in Taylor Brook Properties

TORONTO, August 31, 2023 (GLOBE NEWSWIRE) – Churchill Resources Inc. (“Churchill” or

the “Company”) (TSXV: CRI) is pleased to announce that it has exercised two existing options

to acquire a 100% interest in certain mineral properties with prospective potential nickel and

located immediately adjacent to the Company’s licenses at Taylor Brook (the "Properties"). The

Company entered into two option agreements on August 30th, 2020 (the “Option Agreements")

with Terrence Russell and Darrin Hicks, respectively (collectively, the “Vendors”) to acquire a

100% interest in the Properties, subject to a 2.0% net smelter royalty (“the Russell and Hicks

NSRs”) on metals and minerals on the Properties in favour of the Vendors (the “Transaction”).

The Company may buy back 1.0% of the NSR for $1.0 million and retains the first right to the

remaining royalties.

Since entering into the Option Agreement , the Company has issued an aggregate of 358,772

common shares (“Common Shares”) and paid $72,500 to Russell, and an aggregate of 188,772

Common Shares and paid $72,500 to Hicks.

Paul Sobie, CEO of Churchill stated “We are very pleased to exercise these options in the key

nickel-bearing Layden Gabbronorite area at Taylor Brook , as we now own 100% in all nine

licenses that make up the project. Work to date continues to show the nickel potential at Layden,

and we are looking forward to some deeper drilling in the near-term.”

The Common Shares issued pursuant to the final tranche of Common Shares owning under the

terms of the Option Agreements is subject to a statutory hold period of four months and one day

from the date of issuance.

About Churchill Resources Inc.

Churchill is managed by career mining industry professionals and currently holds four exploration

projects, namely Taylor Brook in Newfoundland, Florence Lake in Labrador, Pelly Bay in Nunavut

and White River in Ontario. All projects are at the evaluation stage, with known mineralized Nickel-

Copper-Cobalt showings at Taylor Brook, Florence Lake and Pelly Bay, and significantly

diamondiferous kimberlitic intrusives at White River and Pelly Bay. The primary focus of Churchill is

on the continued exploration and development of the Taylor Brook and Florence Lake Nickel

Projects.

Further Information

For further information regarding Churchill, please contact:

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Churchill Resources Inc.

Paul Sobie, Chief Executive Officer

Tel. +1 416.365.0930 (o)

+1 647.988.0930 (m)

Email [email protected]

Alec Rowlands, Corporate Consultant

Tel. +1 416.721.4732 (m)

Email [email protected]

FORWARD LOOKING STATEMENTS: This press release contains forward-looking statements, within the meaning of

applicable securities legislation, concerning the Company’s business and affairs. In certain cases, forward -looking

statements can be identified by the use of words such as ‘‘plans’’, ‘‘expects’’ or ‘‘does not expect’’, “intends” ‘‘budget’’,

‘‘scheduled’’, ‘‘estimates’’, “forecasts’’, ‘‘intends’’, ‘‘anticipates’’ or variations of such words and phrases or state that

certain actions, events or results ‘‘may’’, ‘‘could’’, ‘‘would’’, ‘‘might’’ or ‘‘will be taken’’, ‘‘occur’’ or ‘‘be achieved’’.

These forward -looking statements are based on current expectations, and are naturally subject to uncertainty and

changes in circumstances that may cause actual results to differ materially. Although Volt believes that the expectations

represented in such forward -looking statements are reasonable, there can be no assurance t hat these expectations

will prove to be correct. Forward -looking statements involve significant risks and uncertainties, should not be read as

guarantees of future performance or results, and will not necessarily be accurate indications of whether or not such

results will be achieved. A number of factors, including those discussed above, could cause actual results to differ

materially from the results discussed in the forward -looking state ments. Any such forward -looking statements are

expressly qualified in their entirety by this cautionary statement. All of the forward-looking statements made in this press

release are qualified by these cautionary statements. Readers are cautioned not to place undue reliance on such

forward-looking statements. Forward-looking information is provided as of the date of this press release, and the

Company assumes no obligation to update or revise them to reflect new events or circumstances, except as may be

required under applicable securities legislation.

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts

responsibility for the adequacy or accuracy of this news release.