Golden Ridge Resources Ltd. ('Golden Ridge' or 'the Company') (TSXV: GLDN) is pleased to announce that it has commenced the Phase II, 6,000 meter, drill program at the Williams Gold Property ('Williams' or 'the Property'), that is surrounded by New Found Gold Corp (NFG)'s Queensway South Gold Property in the Central Newfoundland Gold Belt of the province of Newfoundland and Labrador.

The Phase II drill program will focus on targeting untested high priority greenfield targets, infilling the numerous gold geochemical trends and building on successful Phase I drill results. Phase II targets typically lie along strike from the New Found Gold Corp's 2022 drilling on the Queensway South Gold Property.

Highlights

2023 will be Golden Ridge's largest-ever drill program, with goals to expand known mineralization and test greenfields high priority targets; Drilling is underway, with plans to complete 6,000 meters using a more agile Duralite 1400 track mounted drill rig;

Golden Ridge will be using its proprietary targeting matrix to prioritize drilling during Phase II.

Similarities to the New Found Gold Queensway South Gold Property1: Williams Gold Property is located between Devils Pond and Nebula zones and along strike from the Astronaut, Nova, and Goose Zones; Both properties show small high grade visible gold intervals as well as broad intervals of mineralization; Gold mineralization within both properties likely is associated the Appleton Fault Zone; Mineralized zones in the Queensway South Gold Property associated with high tenor gold-in-soil anomalies, gold-in-grab samples, and till anomalies.

About Golden Ridge Resources

Golden Ridge is a TSX-V listed exploration company engaged in acquiring and advancing mineral properties located in Newfoundland and British Columbia. Golden Ridge is currently focused on exploration and development of its portfolio of exploration assets in Newfoundland. The Company owns a 100% interest in 3,000-hectare Hickman copper-gold property located in the Golden Triangle district, approximately 140 kilometres north of Stewart, British Columbia and has a portfolio of exploration projects in Newfoundland.

Contact:

Mike Blady

Tel: (250) 717-3151

Web: www.goldenridgeresources.com

Cautionary Note Regarding Forward-Looking Statements

Certain statements contained in this news release, constitute 'forward-looking information' as such term is used in applicable Canadian securities laws. Forward-looking information is based on plans, expectations and estimates of management at the date the information is provided and is subject to certain factors and assumptions, including: that the Company's financial condition and development plans do not change as a result of unforeseen events, that the Company obtains required regulatory approvals, that the Company continues to maintain a good relationship with the local project communities. Forward-looking information is subject to a variety of risks and uncertainties and other factors that could cause plans, estimates and actual results to vary materially from those projected in such forward-looking information. Factors that could cause the forward-looking information in this news release to change or to be inaccurate include, but are not limited to, the risk that any of the assumptions referred to prove not to be valid or reliable, which could result in delays, or cessation in planned work, that the Company's financial condition and development plans change, delays in regulatory approval, risks associated with the interpretation of data, the geology, grade and continuity of mineral deposits, the possibility that results will not be consistent with the Company's expectations, as well as the other risks and uncertainties applicable to mineral exploration and development activities and to the Company as set forth in the Company's Management's Discussion and Analysis reports filed under the Company's profile at www.sedar.com. There can be no assurance that any forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader should not place any undue reliance on forward-looking information or statements. The Company undertakes no obligation to update forward-looking information or statements, other than as required by applicable law.

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