Silk Road Completes Acquisition of Gold Properties at Kirkland Lake

Calgary, June 9, 2022 - Silk Road Energy Inc. (TSXV: SLK.H) reports that it has closed on the acquisition of the Amikougami and Otto gold exploration properties following approval by a majority of disinterested shareholders at a Special Meeting of Shareholders held on June 6, 2022.

Silk Road shareholders approved the issuance of 8,999,983 shares at 5 cents per share to acquire the Kirkland Lake properties (for more details, see January 12, 2022 news release). Silk Road shareholders also approved the disposition of the company's interests in four natural gas properties, as well as approving a revised stock option plan. As a result of this acquisition, Silk Road now has 27,592,781 shares outstanding.

As a result of these transactions, Silk Road now owns three gold properties in the Kirkland Lake mining camp. This includes the Four Nations-Grenfell property transaction (for more detail, see April 20, 2022 news release).

"Shareholders have voted overwhelmingly in favour of pursuing these opportunities in gold exploration," said Director, Michael Judson.

Amikougami is located 4000 metres from Agnico-Eagle's Macassa Mine. The Amikougami and Otto gold properties consist of 16 patented mining claims including five mining licenses. The combined area for both properties is 192.56 hectares. Due to changes following the advent of new staking technology, some of the Amikougami claims overlap Agnico Eagle's claims. The Otto property is located approximately nine kilometres to the southwest of the Macassa Mine.

The Four Nations-Grenfell property, which includes five claim blocks comprising 5.2 square kilometres in the Grenfell Township, is located approximately 8.5 kilometres due west from the Macassa Mine near Kirkland Lake, Ontario. The property hosts multiple gold occurrences according to historical work files submitted to the Ontario Government. There has also been drilling conducted on the property that intersected gold mineralization.

These transactions are subject to final TSX and regulatory approval.

For more information please contact:
Michael C. Judson, Director,
Silk Road Energy Inc.
T. +1-514-865-5496

Website: www.silkroadenergyinc.com

Cautionary Statements

This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes", an or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would" , "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward-looking statements relate, among other things, to: approval of the Private Placement and obtaining a full revocation order. This forward-looking information reflects the Company's current beliefs and is based on information currently available to the Company and on assumptions the Company believes are reasonable. These assumptions include, but are not limited to: the market acceptance of the Private Placement; the ability of the Company to obtain a full revocation order and the receipt of all required approvals in connection with the foregoing. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: general business, economic, competitive, political and social uncertainties; general capital market conditions and market price for securities; and the delay or failure to receive board, shareholder, court or regulatory approvals. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Readers are cautioned that the foregoing list of factors is not exhaustive. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. Except as required by law the Company does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change.

Neither the TSX Venture Exchange, including the NEX Board, nor the Canadian Securities Exchange have approved nor disapproved the contents of this news release.

The Units and the securities comprising the Units have not been and will not be registered under the United States Securities Act of 1933, as amended and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirement. This news release shall not constitute an offer to sell or the solicitation of an offer to buy any securities nor shall there be any sale of securities in the Unites States, or any other jurisdiction, in which such offer, solicitation or sale would be unlawful.

Not for distribution to U.S. Newswire Services or for dissemination in the United States. Any failure to comply with this restriction may constitute a violation of U.S. Securities laws.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/127111