TORONTO, Ontario – TheNewswire - June 03, 2022 – AFR NuVenture Resources Inc. (TSXV:AFR) (“AFR” or the “Company”) announces that it held its Annual and Special Meeting of shareholders on June 1, 2022, at which all matters proposed by management were approved, supported by 100% of the votes of the shareholders who voted at the meeting.

All directors were re-elected to the Board and, at the directors’ meeting following the shareholders’ meeting, management was re-appointed for the ensuing year. John O’Donnell continues to preside as Chairman, President and Chief Executive Officer, while Errol Farr remains as Chief Financial Officer and Corporate Secretary.

The Company is also pleased to announce a new corporate presentation has been filed on SEDAR (www.sedar.com) accompanying this press release and on the Company’s website (afrnuventure.com). Also filed is the amended stock option plan which was approved by the shareholders. The plan was amended to comply with the new requirements of the TSX Venture Exchange which were recently published.

The Company has entered into a diamond drill contract with respect to its proposed program on its project in New Brunswick, Canada (see new corporate presentation) and drilling is expected to commence around the end of this month or early July. The Company is analysing the recent geophysical reports received concerning the Silver Bell-St. Lawrence project in Montana (see new corporate presentation) to determine appropriate drill targets.

On behalf of the Board of Directors,

“John F. O’Donnell”

John F. O’Donnell, Chairman and CEO

For more information on the Company, investors should review the Company's filings on SEDAR at www.sedar.com and our website at www.afrnuventure.com .

Douglas Hunter, P.Geo., is the Qualified Person responsible for the technical information contained in this press release.

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

This news release contains "forward-looking information" (within the meaning of applicable Canadian securities laws) and "forward-looking statements" (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995). Such statements or information are identified with words such as "anticipate", "believe", "expect", "plan", "intend", "potential", "estimate", "propose", "project", "outlook", "foresee" or similar words suggesting future outcomes or statements regarding an outlook.

Such statements include, among others, those concerning, the Company's exploration and reporting plans, including the commencement of its diamond drilling program.. Such forward-looking information or statements are based on a number of risks, uncertainties and assumptions which may cause actual results or other expectations to differ materially from those anticipated and which may prove to be incorrect. Assumptions have been made regarding, among other things, management's expectations regarding its ability to initiate and complete future exploration work as expected and acquire and finance other projects. Actual results could differ materially due to a number of factors, including, without limitation, operational risks in the completion of the Company's future exploration work, technical, safety or regulatory issues, social and market conditions related to the COVID-19 global pandemic; the worldwide economic and social impact of COVID-19; the duration and extent of COVID-19; changes in general economic conditions; the imposition of government restrictions on business related to COVID-19, any positive cases of COVID-19 at a project site or in the area which may cause a reduction or suspension in operations and activities which may ultimately affect and delay the exploration timeline, and the new potentially worldwide geopolitical and economic uncertainties resulting from the current widely followed crisis in Ukraine.

Although the Company believes that the expectations reflected in the forward-looking information or statements are reasonable, prospective investors in the Company's securities should not place undue reliance on forward-looking statements because the Company can provide no assurance that such expectations will prove to be correct. Forward-looking information and statements contained in this news release are as of the date of this news release and the Company assumes no obligation to update or revise this forward-looking information and statements except as required by law.