Finalizes Acquisition of 29 Claims Encompassing 725 Hectares IN Newfoundland – the Grub LINE Property

ST. JAMES GOLD CORP. (TSX-V: LORD)

FINALIZES ACQUISITION OF 29 CLAIMS

ENCOMPASSING 725 HECTARES IN

NEWFOUNDLAND – THE GRUB LINE

PROPERTY

Vancouver, British Columbia, May 18th, 2022 (GLOBE NEWSWIRE) -- St. James Gold

Corp. (the “Company”) (TSXV: LORD) (OTCQB: LRDJF) (FSE: BVU3) is pleased to

announce that it has finalized its acquisition of 100% of all 29 claims for the Grub Line property,

located in Newfoundland, Canada.

Adjacent to several licenses held by New Found Gold and geologically situated within the

Gander River Ultramafic Complex along the contact with Davidsville Group sediments, the Grub

Line property sits 8 km east of the original Keats discovery and 3 km west of the Town of

Gander on the island of Newfoundland, Canada. The p roperty includes 29 map-staked claims

covering 725 hectares in a favorable area for volca nogenic massive sulphide mineralization and

orogenic-style gold mineralization.

The previously announced acquisition of 100% intere st in the Grub Line property followed

recent news by New Found Gold Corp. announcing assa y results designed to expand the new

gold zone nearby the Keats discovery and its ongoin g 400,000-meter diamond drill program at

its Queensway Project. St. James was pleased with t he increased proliferation of activity in the

region, leading to the fast-tracked acquisition of all 29 claims, despite the project standing at the

second year of its four-year option agreement

Figure 7. Location of the Grub Line Property adjacent to New Found Gold Corp. Queensway

property

As stated by “Jay” Jiang Yu, President and Chairman of the Board of St. James Gold, “I

previously spoke about my ambition to unlock the value of our Newfoundland property holdings

in this region of intense recent gold exploration. The completion of our acquisition of 29 claims

encompassing 725 hectares represents an important step on our journey to an increased presence

in the area and allows us to further maximize shareholder value.”

George Drazenovic, CEO, St. James Gold, stated, “ Acquiring a 100% interest in the claims

allows us to better position the company to raise capital and to accelerate the project’s timelines.

We understand the importance of continued exploration of the Grub Line property over the long

term to better extrapolate its potential. The recen t activity within this area signifies that we are

optimally positioned in Newfoundland and this acquisition underlines the Company’s belief that

there is more to come from the project.”

The reader is cautioned that the mineralization on a nearby or adjacent property does not

necessarily indicate that any mineral resources may be discovered on the Quinn Lake or the Grub

Line properties, or if discovered, that it would be economically recoverable. Readers should

distinguish information from an adjacent property and the Company’s properties.

About St. James Gold Corp.

St. James Gold Corp. is a publicly traded company l isted on the TSX Venture Exchange under

the trading symbol “LORD”, in the U.S. Market liste d on OTCQB under "LRDJF" and on the

Frankfurt Stock Exchange under “BVU3”. The Company is focused on creating shareholder

value through the discovery and development of econ omic mineral deposits by acquiring

prospective exploration projects with well-delineat ed geological theories; integrating all

available geological, geochemical, and geophysical datasets; and financing efficient exploration

programs. The Company currently holds: (i) 100-per-cent of 29 claims, covering 1,791 acres, in

the Gander gold district in north-central Newfoundl and located adjacent to New Found Gold

Corp.'s Queensway North project; and (ii) an option to acquire a 100-per-cent interest in 28

claims, covering 1,730 acres, in central Newfoundla nd located adjacent to Marathon Gold's

Valentine Lake property; and (iii) an option to acquire up to an 85-per-cent interest in the Florin

Gold Project, covering nearly 22,000 contiguous acr es in the historical Tintina gold belt in

Yukon.

For more corporate information please visit: http://stjamesgold.com/

For further information, please contact:

George Drazenovic, Chief Executive Officer

Tel: 1 (800) 278-2152

Email: [email protected]

Forward Looking Statements

This news release contains forward-looking statemen ts and forward-looking information within

the meaning of Canadian securities laws (collective ly, “forward-looking statements”). Forward

looking statements in this news release relate to, among other things: completion of the Offering;

the timing and size of the Offering; the timing and receipt of approval from the TSXV for the

Offering; the expected use of the net proceeds of t he Offering and all other statements that are

not historical facts, particularly statements that express, or involve discussions as to,

expectations, beliefs, plans, objectives, assumptio ns or future events or performance of the

Company. Often, but not always, forward-looking statements can be identified through the use of

words or phrases such as “will likely result”, “are expected to”, “expects”, “will continue”, “is

anticipated”, “anticipates”, “believes”, “estimated”, “intends”, “plans”, “forecast”, “projection”,

“strategy”, “objective” and “outlook”. Forward-looking statements contained in this news release

are made based on reasonable estimates and assumptions made by management of the Company

at the relevant time in light of its experience and perception of historical trends, current

conditions and expected future developments, as wel l as other factors that are believed to be

appropriate and reasonable in the circumstances. Fo rward-looking statements contained in this

news release are made as of the date of this news r elease and the Company will not update any

such forward-looking statements as a result of new information or if management’s beliefs,

estimates, assumptions or opinions change, except as required by law. There can be no assurance

that forward-looking statements will prove to be ac curate, as actual results and future events

could differ materially from those anticipated in s uch statements. Accordingly, the reader is

cautioned not to place undue reliance on forward-looking statements.

Forward-looking statements involve known and unknow n risks, uncertainties, and other factors,

many of which are beyond the Company’s control, whi ch could cause actual results,

performance, achievements, and events to differ mat erially from those that are disclosed in or

implied by such forward-looking statements. Such ri sks and uncertainties include, but are not

limited to, the impact and progression of the COVID -19 pandemic and other factors outlined in

the Company’s Annual Information Form dated July 26 , 2021 (the “ AIF ”) filed under the

Company’s profile on SEDAR at www.sedar.com . The Company cautions that the list of risk

factors and uncertainties described in its AIF on S EDAR are not exhaustive and other factors

could materially affect its results.

New factors emerge from time to time, and it is not possible for the Company to consider all of

them or assess the impact of each such factor or the extent to which any factor, or combination of

factors, may cause results to differ materially fro m those contained in any forward-looking

statement. Any forward-looking statements contained in this news release are expressly qualified

in their entirety by this cautionary statement.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES

PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES O F THE TSX

VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE AD EQUACY OR

ACCURACY OF THIS RELEASE.