Idaho Champion Announces Closing of Second Tranche Non-Brokered Private Placement

Idaho Champion Announces Closing of Second

Tranche Non-Brokered Private Placement

Not for distribution to United States Newswire Services or for dissemination in the

United States

Toronto, ON – February 26, 2020 - Idaho Champion Gold Mines Canada Inc.

(CSE: ITKO) (“Champion” or the "Company"), a discovery -focused gold

exploration company, announces that it has closed the second tranche of the

private placement offering announced on January 13, 2020. As part of the closing

of this second tranche, the Company issued 2,398,306 units for gross proceeds

of $191,864.48.

On January 13, 2020, Champion announced a non-brokered private placement of

up to 12,500,000 units at a price of $0.08 per unit for gross proceeds of up to

$1,000,000. Each unit consists of one (1) common share and one (1) non -

transferrable purchase warrant (a “Warrant”). Each Warrant will entitle the holder

to purchase one additional common share at a price of $0.15 for a period of 60

months from date of the issue.

Directors and Officers participated in this financing for an aggregate of $23,739,

representing 296,741 units.

The proceeds of the financing will be used for funding an exploration program at

the Baner Gold and Champagne Projects in Idaho, USA and for general working

capital purposes.

This financing is subject to regulatory approval and all securities to be issued

pursuant to the financing are subject to a four-month hold period under applicable

Canadian securities laws. The Company may pay finders’ fees consisting of 8%

cash and 8% non-transferable warrants in connection with the financing, subject

to compliance with the policy of the Canadian Securities Exchange (the “CSE”).

Completion of the private placement and payment of any finders’ fees remain

subject to the receipt of all necessary regulatory approvals, including the approval

of the CSE.

Baner Gold Project

The Baner Gold Project is located near Elk City, Idaho County, Idaho. In 2018

Idaho Champion made a gold discovery at the Baner Creek project with near-

surface oxide gold mineralization in drilling over a 500-meter strike length. During

2020, the Company anticipates continued exploration on the Baner Gold project.

The Baner Project is located within the Orogrande shear zone (OSZ), a 20-

kilometer-long and up to 1-kilometer wide regional shear zone located in Central

Idaho. The OSZ resembles a series of grabens composed of metamorphosed

Proterozoic belt sedimentary rocks, Cretaceous Idaho batholith intruded by

Tertiary rhyolites and dacitic dikes. The BC claim block covers a series of parallel

shear zones on the eastern margin of the OSZ. Hydrothermal alteration is spatially

associated with the OSZ and con sists of silicification, seritization, and

chloritization. Mineralization is hosted by three types of broadly defined deposit

types; Tertiary epithermal deposits, Cretaceous intrusive related gold systems

and orogenic shear zone deposits hosted within the batholith. Mineralization

includes disseminated low-grade precious metal mineralization in associated

stockwork veins, hydraulic breccias and extensive widespread alteration; high-

grade gold associated with discreet structurally controlled quartz veins and

silicified zones.

The Baner/Sally Project is in the central Idaho Gold Belt, 8 km south of the of Elk

City, Idaho. The Elk City is an historic gold mining region dating back to the 1860s

and once supported more than 20 underground mines and extensive plac er

operations. During the 1930’s there were three cyanide gold mills along Crooked

River processing open pit and underground sulfide ore. Exploration in the district

during the 1980’s and 1990’s included Cypress-Amax, Kinross Gold, and Bema

Gold primarily focused on near-surface bulk-tonnage gold potential. Premium

Exploration conducted extensive drilling, soil sampling, and airborne and surface

geophysics in the 2010 era. Currently a Finnish gold producer, Endomines is

developing the Friday project at Orogrande into an underground gold operation

and is constructing a gold processing mill.

ABOUT IDAHO CHAMPION

Idaho Champion is a discovery-focused gold exploration company that is

committed to advancing its 100% owned highly prospective mineral properties

located in Idaho, United States. The Company’s shares trade on the CSE under

the trading symbol “ITKO”. Idaho Champion is vested in Idaho with the Baner

Project in Idaho County, the Champagne Project located in Butte County near

Arco, and four cobalt properties in Lemhi County in the Idaho Cobalt Belt. Idaho

Champion strives to be a responsible environmental steward, stakeholder and a

contributing citizen to the local communities where we operate. Idaho Champion

takes our social license seriously and employ local community members and

services in our operations.

ON BEHALF OF THE BOARD

“Jonathan Buick”

Jonathan Buick, President and CEO

For further information, please visit the Company’s SEDAR profile at

www.sedar.com or the Company’s corporate website at www.idahochamp.com.

For further information please contact:

Nicholas Konkin, Marketing and Communications

Phone: (416) 477 7771 ext. 205

Email: [email protected]

Cautionary Statements

Neither the Canadian Securities Exchange nor its regulation services provider has reviewed or

accepted responsibility for the adequacy or accuracy of this press release

This press release may include forward-looking information within the meaning of Canadian

securities legislation, concerning the business of the Company. Forward-looking information is

based on certain key expectations and assumptions made by the management of the Company.

Although the Company believes that the expectations and assumptions on which such forward-

looking information is based on are reasonable, undue reliance should not be placed on the

forward-looking information because the Company can give no assurance that they will prove to

be correct. Forward-looking statements contained in this press release are made as of the date

of this press release. The Company disclaims any intent or obligation to update publicly any

forward-looking information, whether as a result of new information, future events or results or

otherwise, other than as required by applicable securities laws.