BULGOLD Announces Grant of Stock Options

TORONTO, July 20, 2023 (GLOBE NEWSWIRE) -- BULGOLD Inc. (TSXV: ZLTO) (the “Company” or “BULGOLD”) announces that the Company has granted stock options (the “Options”) today to purchase up to 1,840,000 common shares of the Company (the “Common Shares”) to the undernoted persons in the number set out opposite their names, valid for a period of five (5) years from the date of initial grant at an exercise price of C$0.30 per Common Share. The Options will vest on the following schedule: (i) one-third immediately upon grant, (ii) one-third after one (1) year from initial grant, and (iii) one-third after two (2) years from initial grant.

Mihaela Maria Barnes	Director	300,000
Laurie Marsland	Director	150,000
Colin Jones	Director	150,000
Vanessa Cook	Director	150,000
Jeff Pennock	Management	300,000
Jim Crombie	Management	150,000
Sean Hasson	Management	150,000
Danko Zhelev	Employee	150,000
Andrew Newbury	Consultant	20,000
Brett Davis	Consultant	20,000
Dick Tosdal	Consultant	20,000
Mathias Knaak	Consultant	20,000
Joe Crummy	Consultant	125,000
Dimitri Constantinides	Consultant	125,000
Sofia Toteva	Consultant	10,000
Total Grant		1,840,000

The stock options have been granted to directors, officers, employees, and consultants of the Company under the terms of the Company’s stock option plan and are subject to regulatory approval.

About BULGOLD Inc.

BULGOLD is a gold exploration company focused on the exploration and development of mineral exploration projects in Eastern and Central Europe. The Company controls 100% of two quality quartz-adularia epithermal gold projects located in the Bulgarian portion of the Western Tethyan Belt: the Kutel Gold Project and the Kostilkovo Gold Project. Management of the Company believes that its assets show potential for high-grade, good-metallurgy, low-sulfidation epithermal gold mineralisation. The Company also holds an option to acquire a 100% interest in the Lutila exploration licence located in central Slovakia which is prospective for low-sulfidation epithermal gold mineralisation.