Thor Gold Riverbed -FOR IMMEDIATE RELEASE-

Thor Gold Riverbed

-FOR IMMEDIATE RELEASE-

Reykjavik, August 2 4, 2020 – St-Georges Eco -Mining Corp. (CSE: SX) (OTC: SXOOF) (FSE:

85G1) is pleased to release the initial fire assays results from the preliminary surface exploration

campaign conducted on the Thor Gold Project in or der to prepare th is summer’s shallow drilling

campaign.

The Company’s exploration team collected grab samples from the dry riverbed on both sides of the river

running to the west of the historical work areas (See Fig 1.) A total of eight samples were cut from the

outcrops.

Figure 1. Project historical work locations and current targeted area in Red.

All grab samples have shown the presence of gold with assays results ranging from 0.001 g/t to 37.4 g/t.

The grab samples collect ed from th e outcro p are , by nature , selected samples and are not

necessarily representative of the mineralization hosted on the property.

Three of the grab samples located between 50 and 150 meters of the h istorical workings are d eemed

significant e nough to warrant some a djustment to the previously planned shallow drilling grid for th is

summer’s campaign. These grab samples yielded the following results (Table 1):

Silver g/t Copper % Gold g/t Lead

Sample 003 5.9 g/t 0.015% 11.75 g/t Not significant

Sample 007 0.6 g/t 0.014% 2.47 g/t Not significant

Sample 008 69.3 g/t 0.216% 37.4 g/t 4.37%

Table 1. Fire Assays Results

Quality Control

Samples were collected and bagged by the SX geological team and transported in secure b ags directly

from the site to Iceland Resources’ secured warehouse facilities in Keflavik. From there, two Q/C blank

samples were added to the other eight samples, and the batch traveled by plane to ALS Global

Laboratories (ISO/IEC 17025 accredited) in Lou ghrea, Ireland. All samples were tested using four acid

trace ana lysis (ME-ICP61). Samples that yielded precious metals content in excess of 10 ppm were

analyzed a second time via gravity separation and fire assay finish.

About Thor Gold

The Thormodsdalur Gold Project is located about 20km east of the city cente r of Reykjavík and

south-east of Lake Hafravatn. The project was discovered in 1908. The property produced a gold

concentrate from 1911 to 1925, which was shipped to Germany for processing. Over 300 meters

of tunnels explor ed and mined one or more quartz v eins and wall rock below open cuts a t the

surface.

Studies between 1996 and 2013 identified the project mineralization as a low sulfidation system

hosted by basi c to intermediate flows of Pliocene to Miocene age. The host cont ains banded

chalcedony and gingur o within a fault z one up to five meters in width. To date, the iden tified

gold trend has a known strike length of 700 meters determine d by drill intercepts. Petrographic

analysis of the vein material identified gold occurri ng in its free form and as part o f an

assemblage with pyrite and chalcopyrite. Petrographic and XRD studies show an evolution of the

vein system from the zeolite assemblage to quartz-adularia and, lastly, to minor calcite.

Thirty-two holes have been drilled within the license area, for a total of 2439 meters. Gold values

vary from less than 0.5 g/t t o a maximum of 415 g/t. (These values were obtained from selec ted

random intervals and cannot be construed to be representative of any particular thickness or

overall length.) Th e best interce pts from the diamo nd dril ling are 33 .5m of 8.0 g/t Au (true

thickness) and 5.2m of 35.4 g/t Au (true thickness).

Gary McLearn, A professional geoscientist (Ontario APGO #2900) and an Independent Qualified

Person as defined by National Instrument 43-101, has prepared and supervised the preparation and

has approved the scientific and technical disclosure in the news release.

Mr. Herb Duerr, P. Geo. (AIPG, CPG #11498 ), a St-Georges' director, has also review ed the

scientific a nd techn ical content of this release. Mr. Duerr is a qualified person as defined by

National Instrument 43-101 Standards of Disclosure for Mineral Projects.

ON BEHALF OF THE BOARD OF DIRECTORS

“Vilhjalmur Thor Vilhjalmsson”

Vilhjalmur Thor Vilhjalmsson

President and CEO

About St-Georges

St-Georges is developing new technologies to solve some of the most common environmental problems

in the mining industry.

The Company controls directly or indirectly, through rights of first refusal, all of the active mineral

tenures in Iceland. It also explores for nickel on the Julie Nickel Project & for industrial minerals on

Quebec’s North Shore and for lithium and rare metals in Northern Quebec and in the Abitibi region.

Headquartered in Montreal, St-Georges’ stock is listed on the CSE under the symbol SX, on the US OTC

under the Symbol SXOOF and on the Frankfurt Stock Exchange under the symbol 85G1

The Canadian Securities Exchange (CSE) has not reviewed and does not accept responsibility for the adequacy or

the accuracy of the contents of this release.