Margaret Lake Diamonds provides corporate update on name change and Nickel properties

Margaret Lake Diamonds provides corporate update on name change and Nickel properties

VANCOUVER, BC / February 24, 2022/ Margaret Lake Diamonds Inc. ("MLD" or the "Company")

(TSXV:DIA) (FKT:M85) (OTC PINK:DDIAF) announces that it will not be continuing with its

exploration efforts on the Old Nick and Letain projects and will instead be focusing on further exploration

and business development efforts on other opportunities. The Company will not be pursuing any monetary

amount paid towards the properties.

The Company also announces today that, further to its press release of February 15, 2022 it has postponed

the implementation of its name change to "Uranium Ninety Two Exploration Ltd.” (the "Name Change").

The Name Change, for the time being, will no longer be effective and its implementation will be subject to

the receipt of all required approvals (including the approval of the TSX Venture Exchange) for the

proposed transaction with Gold Express Mines, Inc. ("GEM") for its interest in the Mormon Lake Uranium

property consisting of twenty (20) unpatented mining claims located near Payson, Arizona.

The ISIN number and the CUSIP number and trading symbols of the Company remain unchanged.

On behalf of the board of Margaret Lake Diamonds Inc.

"Neil Foran"

Neil A. Foran

President & CEO

For further information, please contact:

Joel Warawa

VP of Corporate Communications

(780) 667-6016

Forward-Looking Statements

This press release contains forward-looking information or forward-looking statements (collectively

"forward-looking information") within the meaning of applicable securities laws. Forward-looking

information is typically identified by words such as: "believe", "expect", "anticipate", "intend", "estimate",

"potentially" and similar expressions, or are those, which, by their nature, refer to future events. The

Company cautions investors that any forward-looking information provided by the Company is not a

guarantee of future results or performance, and that actual results may differ materially from those in

forward-looking information as a result of various factors. The reader is referred to the Company's public

filings for a more complete discussion of such risk factors and their potential effects, which may be

accessed through the Company's profile on SEDAR at www.sedar.com