Property Acquisition Private Placement

August 11, 2020

Vancouver, Canada — Golden Cariboo Resources Ltd. (the “Company”) (TSX.V: GCC.H) Further to the News Release of July 30, 2020 Golden Cariboo Resources Ltd confirms as follows:

Property Acquisition — the Company will not be proceeding with a property acquisition at this time.

Private Placement — subject to regulatory approval, the proceeds from the fully subscribed Private Placement will be used for general working capital.

For further information please contact:

“Tom Kennedy”

Tom Kennedy, CEO

Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release contains certain forward looking statements which involve known and unknown risks, delays, and uncertainties not under the control of Golden Cariboo Resources Ltd. which may cause actual results, performance or achievements of Golden Cariboo Resources Ltd. to be materially different from the results, performance or expectation implied by these forward looking statements. By their nature, forward looking statements involve risk and uncertainties because they relate to events and depend on factors that will or may occur in the future. Actual results may vary depending upon exploration activities, industry production, commodity demand and pricing, currency exchange rates, and, but not limited to, general economic factors.

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