Golden Shield Announces C$3.5 Million Brokered Private Placement

Golden Shield Announces C$3.5 Million

Brokered Private Placement

THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES FOR

DISSEMINATION IN THE UNITED STATES

(CSE:GSRI)

VANCOUVER, British Columbia, March 22, 2023 /CNW/ – Golden Shield Resources Inc. (CSE: GSRI)

(OTCQB: GSRFF) (Frankfurt: 4LE0) (“Golden Shield” or the “Company”) announced today that it has

entered into an agreement with Canaccord Genuity Corp. (the “Agent”), pursuant to which the Agent will

act as an agent for the Company on a ‘best efforts’ agency basis in connection with a private placement

of up to 20,000,000 units (the “Units”) of the Company at a price of C$0.175 per Unit (the “Offering

Price”) for gross proceeds to the Company of up to C$3,500,000 (the “Offering”). Each Unit will consist

of one common share in the capital of the Company (a “Common Share”) and one-half of one Common

Share purchase warrant (each whole Common Share purchase warrant, a “Warrant”). Each Warrant will

entitle the holder thereof to purchase one Common Share of the Company (a “Warrant Share”) for a

period of 24 months following the closing date of the Offering at an exercise price of C$0.25 for the 12

month period following the Closing Date (as defined below) and thereafter the exercise price will increase

to C$0.35 for the remaining term of the Warrants.

The net proceeds of the Offering will be used for exploration of the Company's flagship Marudi property,

including diamond drilling, aircore drilling, trenching, pitting, hand augering, mapping and sampling, and

for general working capital of the Company.

The Units will be offered for sale by way of private placement pursuant to applicable exemptions from

the prospectus requirements in all of the Provinces of Canada. The Agent will also be entitled to offer the

Units for sale in the United States pursuant to available exemptions from the registration requirements

of the United States Securities Act of 1933, as amended, and in those other jurisdictions outside of

Canada and the United States provided it is understood that no prospectus filing or comparable obligation

arises in such other jurisdiction.

The Offering is scheduled to close on or about April 12, 2023 (the “Closing Date”) and is subject to

certain conditions including, but not limited to, the receipt of all necessary approvals including the

approval of the Canadian Securities Exchange (the “CSE”).

Completion of the Offering remains subject to the receipt of all necessary regulatory approvals, including

the approval of the CSE. The securities issued pursuant to the Offering will be subject to a four-month

hold period from the Closing Date.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the

United States, nor shall there be any sale of the securities in any jurisdiction in which such offer,

solicitation or sale would be unlawful. The securities being offered have not been, nor will they be,

registered under the United States Securities Act of 1933, as amended (the “1933 Act”) or under any

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U.S. state securities laws, and may not be offered or sold in the United States absent registration or an

applicable exemption from the registration requirements of the 1933 Act, as amended, and applicable

state securities laws.

About Golden Shield

Golden Shield Resources was founded by experienced professionals who are convinced that there are

many more gold mines yet to be found in Guyana. The company is well-financed and has three wholly

controlled gold projects: Marudi Mountain, Arakaka and Fish Creek. Golden Shield continues to evaluate

other gold opportunities in Guyana.

SPECIAL NOTE REGARDING FORWARD LOOKING STATEMENTS

This news release includes certain “Forward-Looking Statements” within the meaning of the United

States Private Securities Litigation Reform Act of 1995 and “forward -looking information” under

applicable Canadian securities laws. When used in this news release, the words “anticipate”, “believe”,

“estimate”, “expect”, “target”, “plan”, “forecast”, “may”, “would”, “could”, “schedule” and similar words or

expressions, identify forward-looking statements or information. These forward-looking statements or

information relate to, among other things: the intended use of proceeds from the Offering and the

expected closing date of the Offering.

Forward-looking statements reflect Golden Shield’s respective current views with respect to future

events and are necessarily based upon a number of other assumptions and estimates that, while

considered reasonable by management, are inherently subject to significant business, economic,

competitive, political and social uncertainties and contingencies. Many factors, both known and unknown,

could cause actual results, performance or achievements to be materially different from the results,

performance or achievements that are or may be expressed or implied by such forward -looking

statements or forward-looking information and Golden Shield has made assumptions and estimates

based on or related to many of these factors. Such factors include, without limitation: the Company’s

dependence on one mineral project; precious metals price volatility; risks associated with the conduct of

the Company’s mining activities in Mexico; regulatory, consent or permitting delays; risks relating to

reliance on the Company’s management team and outside contractors; risks regarding mineral resources

and reserves; the Company’s inability to obtain insurance to cover all risks, on a commercially reasonable

basis or at all; currency fluctuations; risks regarding the failure to generate sufficient cash flow from

operations; risks relating to project financing and equity issuances; risks and unknowns inherent in all

mining projects, including the inaccuracy of reserves and resources, metallurgical recoveries and capital

and operating costs of such projects; contests over title to properties, particularly title to undeveloped

properties; laws and regulations governing the environment, health and safety; operating or technical

difficulties in connection with mining or development activities; employee relations, labour unrest or

unavailability; the Company’s interactions with surrounding communities and artisanal miners; the

Company’s ability to successfully integrate acquired assets; the speculative nature of exploration and

development, including the risks of diminishing quantities or grades of reserves; stock market volatility;

conflicts of interest among certain directors and officers; lack of liquidity for shareholders of the Company;

litigation risk; and the factors identified under the caption “Risk Factors” in Golden Shield’s management

discussion and analysis. Readers are cautioned against attributing undue certainty to forward-looking

statements or forward-looking information. Although Golden Shield has attempted to identify important

factors that could cause actual results to differ materially, there may be other factors that cause results

not to be anticipated, estimated or intended. Golden Shield does not intend, and does not assume any

obligation, to update these forward-looking statements or forward-looking information to reflect changes

in assumptions or changes in circumstances or any other events affecting such statements or

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information, other than as required by applicable law.

SOURCE Golden Shield Resources Inc.

For further information:

Leo Hathaway

Executive Chairman

Email: [email protected]

Telephone: +1 778-654-9665