Red Pine Makes New Discovery - Hits 5.2 g/t Gold over 6.31 m Including 15.7 g/t over 1.07 m and 12.4 g/t over 0.78 m Beneath the Surluga NI 43-101 Resource

TORONTO, May 12, 2020 - Red Pine Exploration Inc. (TSX-V: RPX) ("Red Pine" or the "Company") announces the discovery of a new mineralized gold zone, beneath the Surluga Deposit¹, during its on-going exploration program at its Wawa Gold Project, located 2 kilometres southeast of Wawa, Ontario. Hole SD-20-289 successfully intersected the Jubilee Shear Zone (host of the Surluga Deposit), 350 metres down-plunge of the current resource boundaries, with a significant intercept of 5.2 g/t gold over 6.31 metres (true width) at a depth of 570 metres. Hole SD-20-287 intersected 4.1 g/t gold over 0.94 metres (true width) below 450 metres depth.

These new drilling results indicate that high-grade gold mineralization extends at depth, well beyond the footprint of the current resource of the Surluga Deposit, and that the resource can be expanded (Figure 1).

The 2020 exploration program is funded and drilling is expected to restart in the next 2 weeks. Remaining drilling assays from the Winter 2020 program and results of the upcoming down-hole IP survey will be announced as they are received.

Quentin Yarie, Chief Executive Officer of Red Pine stated, "Following the results from holes 285A and 286, today’s results from hole 289 represent more definitive evidence that the higher-grade core of the Surluga Deposit extends well beyond the footprint of the current resource. Finding this extension, early in our exploration program, validates the accuracy of our predictive modelling of the Jubilee Shear Zone. Our next holes will test the area up- and down-plunge of this discovery to quantify the extension and grade of the discovery in hole 289. Targeting will be supported by the interpretation of the borehole IP geophysical program that is starting this week.”

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/4852519c-ca72-4431-8807-62e6458e8e4e

Table 1. Highlights of reported drill results

Table 2. Coordinates of reported holes

Holes SD-20-287 and SD-20-289 were targeting the down-plunge extension of the southernmost limit of the Surluga Deposit resource.

Hole SD-20-287 intersected a large diabase dyke in the upper 20 metres of the Jubilee Shear Zone. There is evidence of stronger alteration and mineralization at the lower contact of the diabase dyke with the Jubilee Shear suggesting that the dyke could occupy a zone of higher-grade mineralization within the structure. The higher-grade gold results in hole 287 came from a 0.7-metre quartz vein in which specks of visible gold were observed. A 10.28 metre-wide halo of low-grade gold mineralization characterized by spaced quartz veins, disseminated pyrite, and weak-moderate biotite/sericite was also intersected in the Jubilee Shear Zone, further down-hole of the diabase dyke.

Hole SM-20-288 was testing the expected limits of the projected plunge of the Surluga Deposit resource. No zones of strong alteration or mineralization were observed in that hole.

Hole SD-20-289 intersected gold 40 metres away from the gold intercept in Hole SD-20-286 (Figure 2). In the Jubilee Shear Zone, it hit a 7 metres zone characterized by stronger quartz veining associated with pervasive dissemination of pyrite, locally arsenopyrite, and moderate to strong biotite/sericite alteration. The upper part of the zone is cut by a 4 metre-wide lamprophyre dyke. High-grade gold mineralization is associated with alteration assemblages variably comprised of biotite/sericite-quartz veining-pyrite and sericite-quartz veining-arsenopyrite. A 12.3 metre-wide halo of low-grade gold mineralization characterized by spaced quartz veins, disseminated pyrite, and weak-moderate biotite/sericite alteration is located below the higher-grade zone in SD-20-289. Below the Jubilee Shear Zone, a new shear zone was intersected with pyrite mineralization and spaced quartz veining. Assays are pending for that shear zone and will be released when received.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/8b7c52f0-b3eb-4ce2-b820-f180d74fad5a

On-site Quality Assurance/Quality Control (“QA/QC”) Measures
Drill core samples were transported in security-sealed bags for analyses to Activation Laboratories Ltd. in Ancaster, Ontario. Individual samples are labeled, placed in plastic sample bags and sealed. Groups of samples are then placed into durable rice bags and then shipped. The remaining coarse reject portions of the samples remain in storage if further work or verification is needed.

Red Pine has implemented a quality-control program to comply with best practices in the sampling and analysis of drill core. As part of its QA/QC program, Red Pine inserts external gold standards (low to high grade) and blanks every 20 samples in addition to random standards, blanks, and duplicates.

Qualified Person
Quentin Yarie, P Geo. is the qualified person responsible for preparing, supervising and approving the scientific and technical content of this news release.

About Red Pine Exploration Inc.
Red Pine Exploration Inc. is a gold and base-metals exploration company headquartered in Toronto, Ontario, Canada. The Company's common shares trade on the TSX Venture Exchange under the symbol "RPX".

Red Pine has a 64.5% interest in the Wawa Gold Project with Citabar LP. holding the remaining 35.5% interest. Red Pine is the operating manager of the Project and is focused on expanding the existing gold resource on the property.

For more information about the Company visit www.redpineexp.com

Or contact:

Quentin Yarie, CEO, (416) 364-7024, qyarie@redpineexp.com

Or Mia Boiridy, President, (416) 364-7024, mboiridy@redpineexp.com

¹Wawa Gold Project resource of 1,307,000 tonnes @ 5.47 g/t gold for 230,000 ounces in the indicated category and 2,716,000 tonnes @ 5.39 g/t gold for 471,000 ounces in the inferred category (National Instrument 43-101 Technical Report for the Wawa Gold Project, Brian Thomas P.Geo. Golder Associates Ltd, effective July 16, 2019)

Neither 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.

This News Release contains forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “may”, “should”, “expects”, “plans”, “anticipates”, “believes”, “estimates”, “predicts”, “potential” or “continue” or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors that may cause our or our industry’s actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements.

Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.