Vancouver, BC, March 27, 2023 – TheNewswire - EGR Exploration Ltd. (TSXV:EGR) ("EGR" or the "Company") is pleased to announce the appointment of David Stevenson to the Board of Directors with immediate effect. The Company is also announcing the resignation of Rafael Vaudrin.

Board of Director Changes

The Board of Directors have unanimously approved the appointment of David Stevenson as a director of EGR Exploration. This decision was made following the resignation of Rafael Vaudrin. Mr. Vaudrin has taken on a new position which does not allow for outside directorships due to potential conflicts of interest. The Board wishes to sincerely thank Mr. Vaudrin for his many valuable contributions to the Company during his time as a director and wishes him well in the future.

Mr. David Stevenson is a co-founder and Chief Geoscientist of Kenorland Minerals Ltd. He is a mineral exploration geoscientist with over 15 years of combined experience in mineral exploration and geoscientific research throughout North America, Australia and South America. He has worked with a number of junior and mid-tier companies focusing on broad regional scale targeting to deposit definition. With combined experience in mineral exploration and exploration focused academic research, David is positioned to be a leader among the next generation of mineral exploration geoscientists through applying sound scientific reasoning to develop exploration strategies capable of unlocking the mineral potential in previously overlooked terranes.

Departing director Rafael Vaudrin, comments: "It was a pleasure and an honour to assist in the Company's transition and it is good to know it is in good hands now and will be able to properly explore the Detour West Property. I am excited about the potential and wish the new team loads of determination and pinch of luck needed to make a discovery.”

CEO Comments

Daniel Rodriguez CEO & Director, comments, "Dave has a proven track record as co-founder and Chief Geoscientist of Kenorland, in making discoveries in the Superior Province. His skills and abilities in undercover exploration techniques are a welcome addition to EGR. I look forward to working with him and the rest of my team as we work towards exploring Detour West."

"I want to thank Raf for the time and help he gave me in understanding Detour West and its potential. I wish you well in your new role and all the best."

Options Grant

The Company has granted to Mr. Stevenson 175,000 options, vesting immediately with a 5-year term, at an exercise price that is equal to the closing price on March 27, 2023.

The stock options are subject to the policies of the TSX Venture Exchange and the Company's stock option plan.

About EGR Exploration Ltd.

EGR Exploration Ltd. is exploring for gold in the Detour-Fenelon Gold Trend approximately 300 kilometres north of Timmins, Ontario. EGR's 40,255 hectare Detour West gold project is contiguous to Agnico Eagle's property which contains the Detour Lake Gold Mine and is approximately 20 kilometres from the mine, which is also hosted in the Abitibi Greenstone Belt.  

For further information contact:

Daniel Rodriguez
CEO & Director
Phone: (604) 353-4080
Email: drodriguez@egrexploration.com

Forward‐Looking Statement (Safe Harbor Statement): This press release contains forward-looking statements within the meaning of applicable securities laws. The use of any of the words "anticipate", "plan", "continue", "expect", "estimate", "objective", "may", "will", "project", "should", "predict", "potential" and similar expressions are intended to identify forward-looking statements. In particular, this press release contains forward-looking statements concerning the Company's exploration plans. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company cannot give any assurance that they will prove correct. Since forward-looking statements address future events and conditions, they involve inherent assumptions, risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of assumptions, factors and risks. These assumptions and risks include, but are not limited to, assumptions and risks associated with conditions in the equity financing markets, and assumptions and risks regarding receipt of regulatory and shareholder approvals. Management has provided the above summary of risks and assumptions related to forward-looking statements in this press release in order to provide readers with a more comprehensive perspective on the Company's future operations. The Company's actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits the Company will derive from them. These forward-looking statements are made as of the date of this press release, and, other than as required by applicable securities laws, the Company disclaims any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or results or otherwise. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.