CRES Subsidiary Completes Private Placement

CREST RESOURCES INC.

Su it e 11 00 - 59 5 H o w e St r e e t , V a n c o u v e r , BC V6 C 2 T 5

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NEWS RELEASE

CREST RESOURCES SUBSIDIARY COMPLETES PRIVATE PLACEMENT

Vancouver, B.C. – July 7, 2020 ‐ Crest Resources Inc. (CSE: CRES) (the “Company”) is pleased to announce

that Exploits Gold Corp. (“Exploits”), the Company’s 49.83% (post-financing) owned subsidiary, has

completed a non-brokered private placement to raise gross proceeds of $ 376,850 through the issuance

of 2,098,002 common shares priced at $0.15 per share and 310,750 flow-through common shares priced

at $0.20 per share. The proceeds from the flow -through portion of the financing will be used on field

work and reporting on Exploits’ 100% owned Jonathan’s Pond and Mt. Peyton gold properties located in

Newfoundland and Labrador and t he proceeds from the non flow -through portion will be used for

exploration work, project acquisition and general working capital.

The following non-arm’s length parties participated in the financing: Michael Collins, the President, Chief

Executive Officer and a director of the Company and the Chief Executive Officer and a director of Exploits,

purchased 100,000 common shares ($15,000) and 75,000 flow-through common shares ($15,000); Jason

K. McLaughlin, a director of the Company, purchased 133,334 common shares ($20,000); Bryce A. Clark,

the Chief Financial Officer of the Company, pu rchased 75,000 flow-through common shares ($ 15,000);

Sandra Wong, the Corporate Secretary of the Company, purchased 40,000 common shares ($6,000); and

Aubrey Budgell, a significant shareholder of Exploits, purchased 135,000 common shares ($20,250) both

directly and indirectly.

ABOUT CREST RESOURCES INC.

Crest Resources Inc. is a proud British Columbia company listed on the Canadian Securities Exchange

under the symbol CRES. The Company’s principal business activity is the acquisition, exploration and

evaluation of mineral property assets in Canada , Australia and Peru and the investment in mineral

exploration companies and related mining technologies of merit.

FOR FURTHER INFORMATION CONTACT:

Michael Collins

President and CEO

Crest Resources Inc.

Telephone: 604-681-3170

The Canadian Securities Exchange has neither approved nor disapproved the contents of this news release and

accepts no responsibility for the adequacy or accuracy hereof.

Forward-Looking Statements

This news release contains certain forward-looking statements, which relate to future events or future performance

(including, but not limited to, the overall size of the Offering, the proposed use of proceeds and the expected closing

of any further tranches thereof) and reflect management’s current expectations and assumptions. Such forward -

looking statements reflect management’s current beliefs and are based on assumptions made by and information

currently available to the Company. Readers are cautioned that these forward -looking statements are neither

promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially

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from those expected including, but not limited to, market conditions, availability of financing, actual r esults of the

Company’s exploration and other activities, environmental risks, future metal prices, operating risks, accidents, labor

issues, delays in obtaining governmental approvals and permits, and other risks in the mining industry. All the

forward-looking statements made in this news release are qualified by these cautionary statements and those in our

continuous disclosure filings available on SEDAR at www.sedar.com. These forward-looking statements are made as

of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events

or circumstances save as required by applicable law.