Redstar Gold Corp. Announces $7 Million Non-Brokered Private Placement

409 West Granville Street, Suite 1500, Vancouver, BC V6C 12M, Canada -- Tel 604.488.0051 | Toll Free 1.877.488.0046

TSX. V: RGC www.redstargold.com

THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE

UNITED STATES

Redstar Gold Corp. Announces $7 Million Non-Brokered

Private Placement

Vancouver, Canada, August 4, 2020 – Redstar Gold Corp. (TSX.V: RGC, US: RGCTF, FRA: RGG) ( "Redstar" or the

"Company") is pleased to announce the commencement of a non -brokered private placement offering (the

“Offering”) of up to 87,500,000 common shares (each a “Share”) at a price of C$0.08 per Share for aggregate

gross proceeds of up to C$7,000,000.

On July 23, 2020, Redstar announced that it had entered into an agreement to acquire Heliodor Metals Limited

(“Heliodor”) in exchange for 86.5 million Redstar common shares. One of the conditi ons precedent to

completion of that acquisition is that Redstar raise at least C$6,000,000 in a private placement. This Offering is

intended to satisfy that closing condition.

Redstar intends to use the proceeds of the Offering to fund exploration program s and for general corporate

purposes.

Redstar may pay finders’ fees in connection with the Offering, and all securities issued in the Offering will be

subject to a statutory Canadian hold period expiring four months and one day after closing and, where applicable,

additional resale restrictions imposed by other selling jurisdictions. Completion of the Offering is subject to a

number of conditions, including receipt of regulatory approvals and approval of the TSX Venture Exchange.

None of the securities to be issued in the Offering will be or have been registered under the United States

Securities Act of 1933, as amended (the “1933 Act”), and none may be offered or sold in the United States absent

registration or an applicable exemption from the registration requirements of the 1933 Act. This press release

shall not constitute an offer to sell or a solicitation of an offer to buy, nor s hall there be any sale of the Shares

offered in the Offering in any state where such offer, solicitation or sale would be unlawful.

2020 Exploration Plans

Redstar is in the advanced stages of finalizing its 2020 exploration plans for its flagship Unga project, including a

6,600 to 10,000 metre diamond drilling program with an exploration budget of between C$3.0M and C$5.0M.

Redstar intends to focus this program on four advanced targets at SH-1, Aquila, Apollo -Sitka and Centennial

Zones.

Pending completion of the Heliodor acquisition, Redstar plans to spend approximately $300,000 on mapping and

geophysics on Heliodor’s three Mexican properties in the northern portion of Sonora State in late 2020 and, if

those results are promising, it is considering a $900,000 drill program at the beginning of 2021.

About Redstar Gold Corp

Redstar is a well -financed junior exploration and development company with a supportive institutional

shareholder base, no debt and is focused on advancing its high grade Unga Gold Project in southern Alaska which

comprises a property that covers 240km2 across two islands. The 100% controlled Unga Gold Project includes the

SH-1 Zone , which is an intermediate sulfidation, high- grade epithermal gold deposit located within a district

scale system hosting an entire suite of deposit types from gold-copper porphyry, through high-grade epithermal

409 West Granville Street, Suite 1500, Vancouver, BC V6C 12M, Canada -- Tel 604.488.0051 | Toll Free 1.877.488.0046

TSX. V: RGC www.redstargold.com

gold, to gold & silver rich polymetallic that have either been drilled or sampled at surface. On Unga Island, these

include: SH-1 and Aquila high-grade gold zones, both on the Shumagin Trend; the former Apollo-Sitka mine which

was Alaska’s first underground gold mine with high-grade historic gold production; and the Zachary Bay porphyry

gold-copper district. The supergene-enriched, disseminated gold mineralization at the Centennial Zone is located

on neighbouring Popof Island within four kilometres of the infrastructure and services available at Sand Point

village (Figure 1).

The Unga Gold Project enjoys a moderate climate at latitude 55 degrees North which provides for year -round

tidewater that hosts extensive infrastructure including a deep -water port with weekly vessels from Anchorage

and Seattle and is served by daily flights from Anchorage landing on a mile long, paved airstrip on Popof Island.

In addition to the Unga Project, Redstar has an investment in NV Gold Corp. (TSXV: NVX) and 30% of the Newman

Todd Gold Project, in Red Lake, Ontario, Canada.

For additional information please contact:

Jacques Vaillancourt

Chairman

Redstar Gold Corp

Tel: +44 780 226 8247

Email: [email protected]

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

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

Forward-Looking Information. This release includ es certain statements that may be deemed "forward -looking

statements". Forward-looking statements are statements that are not historical facts and are generally, but not

always, identified by the words "expects", "plans", "anticipates", "believes", "inten ds", "estimates", "projects",

"potential" and similar expressions, or that events or conditions "would", "may", "could" or "should" occur.

Forward-looking statements in this press release include Redstar’s expectations that the transactions

contemplated in its agreement with the shareholders of Heliodor will be completed, that it can successfully raise

at least C$6 million or its projected target of C$8 million, the success of the Offering and the timing of the Offering

and the Heliodor acquisition, its ex ploration plans for 2020 and 2021 and the cost of its planned programs in

Alaska and Mexico. Although the Company believes the expectations expressed in such forward -looking

statements are based on reasonable assumptions, such statements are not guaranteeing of future performance

and actual results may differ materially from those in the forward -looking statements. Factors that could cause

the actual results to differ materially from those in forward-looking statements include market prices, exploitation

and exploration successes, and continued availability of capital and financing, and general economic, market or

business conditions. Investors are cautioned that any such statements are not guarantees of future performance

and actual results or developments may differ materially from those projected in the forward-looking statements.

Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on

the date the statements are made. Except as required by applicable securities laws, the Company undertakes no

obligation to update these forward -looking statements in the event that management's beliefs, estimates or

opinions, or other factors, should change.