Blue Lagoon Submits Final Mining Permit Application - Seite 3

Since submitting the application for screening in September 2022, the Company has completed two phases of diamond core drilling totalling 41 holes and 12,327 meters in Phase 2 2022, and 10 holes and 2909 meters in Phase 1 2023. This drilling confirmed that the Boulder Vein System mineralization is at least double the resource strike length and double the down dip extent proving strong potential for defining 1M+ oz gold resource along the Boulder Vein System through systematic infill drilling (see press release May 24, 2023). Potential cash flow from expected production in 2024 would help to finance infill drilling and a new and larger resource.

The Company has not made a decision to proceed to production at this time and will evaluate its production decision once all permit requirements are in place. Any production decision in advance of obtaining a feasibility study of mineral reserves demonstrating economic and technical viability of the project is associated with increased uncertainty and risk of failure.

The scientific and technical disclosure in this news release was approved by William Cronk, P.Geo,

a Qualified Person as defined in NI 43-101 and a consultant to the Company.

For further information, please contact:

Rana Vig
President and Chief Executive Officer
Telephone: [phone]
Email: [e-mail]

The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. Statement Regarding Forward-Looking Information: This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that Blue Lagoon Resources Inc. (the "Company") expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include results of exploration activities may not show quality and quantity necessary for further exploration and exploitation of minerals deposits, market prices, and continued availability of capital and financing, permitting and other approvals, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.