Sky GOLD Corp. Completes Acquisition of STAR Lake, Horne and Laurier Properties IN Northwestern Ontario

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SKY GOLD CORP. COMPLETES ACQUISITION OF STAR LAKE, HORNE AND LAURIER

PROPERTIES IN NORTHWESTERN ONTARIO

May 1, 2023 , Vancouver, BC, Canada – SKY GOLD CORP. (“Sky” or the “Company” )

(TSXV:SKYG) (US:SRKZF) is pleased to announce that the TSX Venture Exchange has

accepted for filing with respect to its previously announced arm-length acquisitions of the Star

Lake, Horne and Laurier properties located in northwestern Ontario.

Star Lake Property:

As previously announced in the Company’s March 23, 2023 news release, the Company will

issue 1,250,000 shares, pay $225,000 in cash to the vendors and incur exploration

expenditures of $1,000,000 over a 4 -year period. The Company will additional ly grant a 2.0%

NSR to the vendors of whic h 0.5% can be bought back from the vendors before the 5 th

anniversary date for the sum of $500,000 . The remaining 1.5% of the NSR can be bought back

from the vendors before the 10th anniversary for the sum of $2,500,000. Advanced royalty

payments of $20,00 0 are due annual ly to the vendors on each anniversary from , at minimum,

the 5th year until the 10th year of the agreement.

This is an arm’s -length acquisition and th ere are no finder’s fees associated with this

acquisition.

Horne and Laurier Properties:

As previously announced in the Company’s April 12, 2023 news release, the terms for each

acquisition are identical and Company will issue 1,000,000 shares and pay $225,000 in cash for

each property to the vendors and incur exploration expenditures of $ 800,000 over a 4 -year

period on each of the properties . The Company will additionally grant a 2.0% NSR to the

vendors of which 1.0% can be bought back from the vendors before the 5 th anniversary for

$500,000. The remaining 1.0% of the NSR can be bought back before the 10 th anniversary, for

the sum of $2,500,000. Advance Royalty Payments of $20,000 are due annually on each

anniversary from, at minimum, the 7th year to the 10th year of the agreement.

These are arm’s -length acquisitions and th ere are no finder’s fees associated with th ese

acquisitions.

ON BEHALF OF THE BOARD

“Mike England”

Mike England, CEO, PRESIDENT & DIRECTOR

FOR FURTHER INFORMATION PLEASE CONTACT:

Telephone: 1-604-683-3995

Toll Free: 1-888-945-4770

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the

TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release

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Forward Looking Statements

Certain statements in this release are forward-looking statements, which reflect the expectations

of management regarding the matters described herein. Forward -looking statements consist of

statements that are not purely historical, including any statements regarding beliefs, plans,

expectations, or intentions regarding the future. Such statements are subject to risks and

uncertainties that may cause actual results, performance, or developments to differ materially

from those contained in the statements, including with respect to the completion of all aspects of

the acquisition including completion of the share issuance, payments and work expenditures .

No assurance can be given that any of the events anticipated by the forward-looking statements

will occur or, if they do occur, what benefits th e Company will obtain from them. These forward -

looking statements reflect management's current views and are based on certain expectations,

estimates and assumptions which may prove to be incorrect. A number of risks and

uncertainties could cause our actua l results to differ materially from those expressed or implied

by the forward -looking statements, including factors beyond the Company's control. These

forward-looking statements are made as of the date of this news release.