Churchill Announces Acquisition of 100% Interest in White River Diamond Property, Ontario

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Churchill Announces Acquisition of 100% Interest in White River Diamond

Property, Ontario

TORONTO, March 6, 2023 (GLOBE NEWSWIRE) – Churchill Resources Inc. (“Churchill” or the

“Company”) ( TSXV: CRI ) is pleased to announce that it has exercised an existing option to

acquire a 100% interest in certain mineral properties with prospective diamond targets plus

potential nickel and lithium targets located immediately west of the town of White River, Ontario

(the "Properties"). A subsidiary of the Company entered into an option agreement on February

9th, 2017 (the “Option Agreement") with Rudolph Wahl and Frederick Lowndes (collectively, the

“Vendors”) to acquire a 100% interest in the Properties, subject to a 2.0% net smelter royalty

(“NSR”) on metals and minerals and a 3.0% gross over-riding royalty (“GOR”) on diamonds found

on the Properties in favour of the Vendors (the “Transaction”). The Company may buy back 1.0%

of the NSR for $1.0million and 1.5% of the GOR for $2.0m, and retains the first right to the

remaining royalties.

The Vendors recently transferred 816 mineral claims to Churchill’s subsidiary, Churchill Diamond

Corporation, bringing the total property to 1,224 claims that comprise Churchill’s White River

Project with an area of 28,700ha . Since entering into the Option Agreement, the Company has

issued an aggregate of 2,850,000 common shares (“Common Shares ”) to the Vendors and

incurred the required cumulative exploration expenditures in connection with the Properties .

Churchill carried out one season of exploration on the project in 2017 since entering into the

Option Agreement.

Paul Sobie, CEO of Churchill stated “We are very pleased to exercise the option at White River

which features known diamond -bearing kimberlitic rocks in an extremely attractive setting just

south of the Trans -Canada Highway between the towns of Marathon and White River. The

property is intruded by a number of mafic-ultramafic dykes swarms including kimberlitic dykes, of

which some may have magmatic nickel-copper-cobalt potential given the Tyco Project of

Palladium One Mining Inc. some 30km north. Several of the Companies ’ 2017 till samples

returned highly anomalous numbers of sulphide grains which will be followed up when exploration

activities resume. In addition , we’ll assess the hard rock pegmatitic lithium potential of the

property.”

In connection with the exercise of the option to acquire the Properties, the Company has agreed

to settle an outstanding debt in the amount of $ 50,000 (the “ Debt”), representing an annual

advance royalty owning to the Vendors under the terms of the Option Agreement, by issuing an

aggregate of 625,000 Common Shares at a price of $0.08 per Common Share to the Vendors

(the “Shares for Debt Transaction ”). The Board of Directors has determined it is in the best

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interests of the Company to settle the outstanding Debt by the issuance of the Common Shares

in order to preserve the Company’s cash for ongoing operations.

Closing of the Shares for Debt Transaction is subject customary closing conditions, including the

prior approval of the TSX Venture Exchange (“TSXV”). The Company intends to close the Shares

for Debt Transaction as soon as practicable following receipt of the approval from the TSXV. The

Common Shares to be issued pursuant to the Shares for Debt Transaction will be 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 Ni ckel-

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:

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’’, ‘‘anti cipates’’ 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 the Company believes that the

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

expectations will prove to be correct. Such statements include statements with respect to: (i) the receipt of the approval

for the Shares for Debt Transaction from the TSX V; and (ii) the intended timing of the closing of the Shares for Debt

Transaction. 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 statements. Any such forward -looking statements are expressly qualified in

their entirety by this cautionary statement.

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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.