Blackwolf Enters LOI to acquire Optimum Ventures Ltd, Appoints McLeod Executive Chairman and Lekstrom CEO and Director

VANCOUVER, BC / ACCESSWIRE / June 20, 2023 / Blackwolf Copper and Gold Ltd. ("Blackwolf", or the "Company") (TSXV:BWCG)(OTC:BWCGF) is pleased to announce the appointment of Robert McLeod as Executive Chairman and Morgan Lekstrom as CEO and Director. Concurrently, Blackwolf also announces it has entered a non-binding letter of intent (the "LOI") for a proposed transaction whereby Blackwolf will acquire all the issued and outstanding shares of Optimum Ventures Ltd. ("Optimum") (TSXV: OPV). The LOI contemplates that the shareholders of Optimum will receive 0.65 of a Blackwolf common share for each Optimum common share held, which will result in the Optimum shareholders collectively owning approximately 26% of the resultant company's outstanding common shares (on a non-diluted basis and prior to any issuances of securities by either company prior to closing). Following the successful closing of this transaction, Andrew Bowering will be appointed to the board of Directors of Blackwolf.

Robert McLeod, as Executive Chairman, will be responsible for guiding the board, directing exploration programs, co-developing the strategic direction and working closely with the incoming CEO on transformational growth opportunities. Alongside Rob, Morgan Lekstrom will start immediately as CEO and Director of Blackwolf. Blackwolf's board believes that the skill set combination of Rob and Morgan will create synergies leading to near term significant growth catalysts for the Company and shareholders.

Executive Chairman, Rob McLeod commented, "As Blackwolf enters an accelerated growth period with significant investments from Frank Giustra coupled with the addition of mining executive Andrew Bowering to the board and significant shareholder upon closing, we have significantly expanded our expertise in engineering, marketing and corporate development. I have known Morgan for many years and watched him grow into a mining leader that I believe will be a strong part of fostering significant growth for Blackwolf. We believe Blackwolf is exceptionally well positioned to "Lead the pack" in the Golden Triangle with the right team and strong investor base. With two great projects in Alaska, and Optimum's property in BC on trend from our Cantoo Project and located next to the high-grade Premier Mine that is currently in development, this is an exciting time as we kick off our inaugural drill program at the Cantoo gold-silver Project in the coming month. We are also forward planning for Optimum's Harry Project with drilling envisioned to start later in the 2023 season. Finally, Morgan's strategic thinking and industry experience will help enhance and create long term shareholder value through value added acquisitions like this one. Blackwolf is now well positioned to foster significant growth for years to come."