Mr. Roger Moss reports

LABRADOR GOLD ANNOUNCES START OF DRILLING AT KINGSWAY

Labrador Gold Corp. has begun drilling at its Kingsway project near Gander, Newfoundland. The Kingsway project is located within the highly prospective Gander gold district along strike to the northeast of New Found Gold Corp.'s gold discovery announced earlier this year.

Drilling started in the area around the Cracker showing where up to five drill holes are planned. Holes are targeting VLF-EM conductors associated with an altered mineralized gabbro and anomalous gold in soil samples. Historical results from the Cracker showing include grab samples from trenching ranging from 1.8 grams per tonne gold to 61.73 g/t Au and channel samples ranging from less than five parts per billion to 1.89 g/t Au.

Drilling will then proceed approximately two kilometres southeast to test coincident gold in soil and Mag-VLF-EM targets along two interpreted secondary structures trending northeast and north-northeast. Gold concentrations in soil samples range from below detection up to 281 ppb (0.281 g/t) with six samples assaying more than 100 ppb Au (greater than 0.1 g/t Au). The higher concentrations are associated with the two structures.

The third drilling area is located a further 2.6 km to the southeast near the Appleton No. 2 showing close to the intersection of a northwest-trending structure with the north-northeast structure targeted in area two. Gold in soil anomalies range from below detection up to 686 ppb (0.67g/t Au) and are associated with a strong northeast-trending conductor.

The last two areas for drilling are further to the northeast approximately 4.8 km and seven km northeast of the Cracker occurrence. The first area is in an area of complicated structure that is currently being covered with the CSAMT survey (see news release dated Oct. 8, 2020). Gold in soil samples range from below detection up to 547 ppb Au. A single historical till sample in the area assayed 1,093 ppb Au (1.09 g/t) and contained 60 gold grains. This area will be drilled following receipt of results from the CSAMT survey.

The final area covers an interpreted north-northeast trending splay of the Appleton fault zone. Gold in soil samples range from below detection to 1,618 ppb (1.62 g/t Au).

"The start of drilling on the Kingsway project is a major milestone that we have worked hard to achieve this field season," said Roger Moss, president and chief executive officer of the company. "The last drilling on the property was in the nineties, so we are excited to drill this prospective region after a more than twenty year hiatus."

Roger Moss, PhD, PGeo, president and CEO of Labrador Gold, a qualified person in accordance with Canadian regulatory requirements as set out in NI 43-101, has read and approved the scientific and technical information that forms the basis for the disclosure contained in this release.

The company gratefully acknowledges the Newfoundland and Labrador Ministry of Natural Resources' junior exploration assistance (JEA) program for its financial support for exploration of the Kingsway property.

About Labrador Gold Corp.

Labrador Gold is a Canadian-based mineral exploration company focused on the acquisition and exploration of prospective gold projects in Eastern Canada. In early March, 2020, Labrador Gold acquired the option to earn a 100-per-cent interest in the Kingsway project in the Gander area of Newfoundland. The property is along strike to the northeast of New Found Gold's discovery of 92.86 g/t Au over 19 metres on their Queensway property. (Note that mineralization hosted on adjacent or nearby properties is not necessarily indicative of mineralization hosted on the company's property). In early July, 2020, the company signed an option agreement to acquire a third licence to add to the property package which now covers approximately 77 square km. Infrastructure in the area is excellent located just 18 km from the town of Gander with road access to the project, nearby electricity and abundant local water. The Hopedale gold property covers much of the Florence Lake greenstone belt that stretches over 60 km. The belt is typical of greenstone belts around the world but has been underexplored by comparison. Initial work by Labrador Gold has identified a three-kilometre mineralized section of the northern portion of the belt in the vicinity of the known Thurber Dog gold showing where grab samples assayed up to 7.8 g/t gold. The Ashuanipi gold project is located just 35 km from the historical iron ore mining community of Schefferville, which is linked by rail to the port of Sept Iles, Que., in the south. The claim blocks cover large lake sediment gold anomalies that, with the exception of local prospecting, have not seen a systematic modern day exploration program. Results of the exploration to date show gold anomalies in soils and lake sediments over a 15-kilometre-long by two- to six-kilometre-wide north to south trend and over a 14-kilometre-long by two- to four-kilometre-wide east to west trend.

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