XCITE RESOURCES INC. announced that it has executed a purchase and sale agreement dated as of April 12, 2023 with Bullion Gold Resources Corp. pursuant to which Xcite will acquire a 100% interest in the Turgeon Lake Property. The Property is comprised of 39 mining cells covering approximately 2,067 hectares in the Province of Quebec.

Xcite previously had an option to acquire the Property from Bullion pursuant to an option agreement, but the parties have agreed to replace the option agreement with the Agreement. Pursuant to the Agreement, Xcite will acquire the Property from Bullion by making a cash payment of $20,000 and by issuing 600,000 common shares of Xcite (each a Share, at a deemed price of $0.08625 per Share) to Bullion on closing of the transaction, representing an aggregate purchase price of $71,750. In addition, under the Agreement Xcite will grant Bullion a 2% net smelter returns royalty on the Property (the NSR), with Xcite having the right to purchase one-half of the NSR (1%) from Bullion for $1,000,000.

Closing is subject to receipt of all necessary regulatory approvals. The transaction is an arms-length transaction for the Company and does not constitute a fundamental change or result in a change of control of the Company, within the meaning of the policies of the CSE.