Big Ridge Gold Corp. (TSXV: BRAU) (OTCQB: ALVLF) ('Big Ridge') is pleased to announce results of a new Mineral Resource Estimate ('MRE') for the Hope Brook gold deposit located in southwestern Newfoundland and Labrador, 75 km east of the community of Port aux Basques.

The resource estimate, completed by Allan Armitage, Ph.D., P.Geo., of SGS Geological Services, incorporates results from the Company's recently completed Phase I drill program in addition to 700 other drill holes in the Company's database.

Global Mineral Resource Estimate Highlights: 1.2 Million Ounces grading 2.32 g/t Au in Indicated and 231,000 Ounces grading 3.24 g/t Au in Inferred categories.

Open Pit Mineral Resource Estimate: 1.0 Million Ounces grading 2.14 g/t Au in Indicated category. 43% Increase in total Indicated Ounces and 110% Increase in total Inferred Ounces compared to the April 2021 Mineral Resource Estimate.

Mike Bandrowski, Big Ridge's President and CEO, commented, 'Our updated 2023 Mineral Resource Estimate dramatically increases the estimated gold ounces in both the Indicated and Inferred Categories when compared to the April 2021 Mineral Resource Estimate. The total Indicated gold ounces have increased 43% and the total Inferred gold ounces have increased 110%. In less than 2 years the Big Ridge team has made a significant impact at Hope Brook and is excited to continue expanding the Hope Brook deposit and to start testing some of the many regional targets identified by the team in 2022. The next priority will be to continue drilling the Main Zone toward the southwest and the 240 Zone at depth.'

The new resource estimate contemplates open-pit mineral extraction and identifies in-pit resources at a cut-off grade of 0.4 g/t Au and out-of-pit resources considered accessible by underground mining methods at a cut-off grade of 2.0 g/t Au. A gold price assumption of $US 1,750 per ounce has been used for the estimate. All prices quoted herein are in US dollars unless otherwise stated.

The Hope Brook Gold Deposit comprises an area of historic mining where an open pit and underground mine, accessible by a decline ramp, was developed and operated from 1987 to 1997.

About Hope Brook

The Hope Brook Gold Project is an advanced stage, high-grade gold project that produced 752,162 ounces of gold from 1987 - 1997. Hope Brook hosts an indicated gold resource totalling 16,209,000 tonnes grading 2.32 grams per tonne gold for 1.2 million ounces and inferred resources totalling 2,215,000 tonnes grading 3.25 grams per tonne gold for 231,000 ounces based on a 0.4 and 2.0 gram per tonne cut-off grade for open pit and underground resource respectively and a long-term gold price of US$1,750.

The Hope Brook gold deposit is a high-sulfidation epithermal gold deposit hosted in the Proterozoic aged Whittle Hill Sandstone and is intruded by a Late Proterozoic quartz-feldspar porphyry sill-dike complex of the Roti Intrusive Suite. The deposit in located adjacent to and within an extensive advanced argillic alteration envelope which includes pyrophyllite, kaolinite, andalusite, and alunite. The principal gold mineralization occurs in a buff-colored massive, vuggy silicic alteration with an associated, less developed grey silicic alteration with pyrite, chalcopyrite and lesser bornite accessory minerals. Gold mineralization is also found with pyrite in units of advanced argillic alteration adjacent to or near silicic alteration horizons. The altered and mineralized zone is cut by mafic dykes whose contacts are often mineralized. All of the altered and mineralized sequences and the intruded dykes have been folded.

Hope Brook is located 85 kilometers east of Port aux Basques, Newfoundland. The project has well maintained infrastructure on site, including an operational 28-person camp, an 1,100-meter airstrip, ice-free docking facility and importantly, connection to the provincial electrical power grid via an on-site substation.

Significant exploration potential remains on the 26,000-hectare concession providing a great opportunity to expand the mine area as well as surface showings throughout the concessions.

About Big Ridge Gold Corp.

Big Ridge Gold Corp. is an exploration and development company managed by a disciplined and experienced team of officers and directors. The Company is committed to the development of advanced stage mining projects using industry best practices combined with strong social license from our local communities. Big Ridge owns a 100% interest in the highly prospective Oxford Gold Project located in Manitoba and the Destiny Gold Project in Quebec. Big Ridge is the operator of the Hope Brook Gold Project located in Newfoundland and Labrador.

Contact:

Tel: 416-540-5480

Email: Mike@bigridgegold.com

Cautionary Note Regarding Forward-Looking Statements

This news release includes certain 'forward-looking information' and 'forward-looking statements' (collectively 'forward-looking statements') within the meaning of applicable Canadian securities legislation. These forward-looking statements are made as of the date of this news release. Forward-looking statements are frequently, but not always, identified by words such as 'expects', 'anticipates', 'believes', 'plans', 'projects', 'intends', 'estimates', 'envisages', 'potential', 'possible', 'strategy', 'goals', 'objectives', or variations thereof or stating that certain actions, events or results 'may', 'could', 'would', 'might' or 'will' be taken, occur or be achieved, or the negative of any of these terms and similar expressions.

Forward-looking statements in this news release relate to future events or future performance and reflect current estimates, predictions, expectations or beliefs regarding future events, and include, without limitation, statements with respect to Big Ridge's intentions with respect to Caprock's shares. All forward-looking statements are based on Big Ridge's and its employees' current beliefs as well as various assumptions made by them and information currently available to them. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by the respective parties, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements and the parties have made assumptions and estimates based on or related to many of these factors. When relying on our forward-looking statements to make decisions with respect to Big Ridge, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Big Ridge does not undertake to update any forward-looking statement, whether written or oral, that may be made from time to time by the Company or on our behalf, except as required by law.

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