Glacier Lake Options Claims IN Mutoko Belt

GLACIER LAKE OPTIONS CLAIMS IN MUTOKO BELT

Vancouver, British Columbia – September 20, 2023 – Glacier Lake Resources Inc. (TSXV:

GLI) (the “Company”) is pleased to announce that its’ wholly-owned subsidiary, Glacier Lake

Resources BVI Ltd. (“Subco”), has entered into a property option and joint venture agreement

(the “Option Agreement”) with Milmath Mining Company (the “Vendor”), an arms-length party.

Pursuant to the terms of the Option Agreement, Subco will be granted an option (the “Option”) to

acquire up to a seventy percent interest in and to a series of mineral tenures (the “Property”) total

approximately 1,200 hectares located in the Mutoko Belt in Zimbabwe.

The Option is exercisable by Subco arranging for the payment of $50,000 and the issuance of

one million common shares of the Company to the Vendor, upon receipt of the approval of the

TSX Venture Exchange, and incurring exploration expenditures of no less than $1,000,000 prior

to December 31, 2026. Subco will also be responsible for all ongoing renewal, maintenance and

inspection fees for the Property prior to the exercise of the Option.

Upon exercise of the Option, Subco will hold a seventy percent interest in the Property and will

form a joint venture with the Vendor for the further development of the Property.

Completion of the grant of the Option, and the issuance of the Consideration Shares, remains

subject to the approval of the TSX Venture Exchange. The Company is at arms-length from the

Vendor, and no finders’ fees or commissions are payable in connection with the grant of the

Option. In addition to restrictions on resale imposed by applicable securities laws, the

Consideration Shares will be subject to an additional escrow arrangement (the “Escrow”) for a

period of thirty-six months following issuance. Ten percent of the Consideration Shares will be

released from the Escrow upon the grant of the Option, with a further fifteen percent every six

months thereafter.

For additional information please feel free to contact:

Gordon Friesen, Director

Glacier Lake Resources Inc.

Tel: 604-889-1241

Email: [email protected]

The TSX Venture Exchange has in no way passed upon the merits of the Option and has neither approved nor

disapproved the contents of this press release. Neither the TSX Venture Exchange nor its Regulation Services Provider

(as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy

of this release.

Forward Looking Information

Information set forth in this document may include forward-looking statements. While these statements reflect

management's current plans, projections and intents, by their nature, forward-looking statements are subject to

numerous risks and uncertainties, some of which are beyond the control of the Company. Readers are cautioned that

the assumptions used in the preparation of such information, although considered reasonable at the time of preparation,

may prove to be imprecise and, as such, undue reliance should not be placed on these forward-looking statements.

There is no assurance the transactions noted above will be completed on the terms as contemplated, or at all. The

Company’s actual results, programs, activities and financial position could differ materially from those expressed in or

implied by these forward-looking statements.