Maritime Resources Announces Appointment of Perry Blanchard as Vice President, Environment and Sustainability and Grant of Stock Options

Toronto, Ontario--(Newsfile Corp. - September 10, 2020) -  Maritime Resources (TSXV: MAE) ("Maritime" or the "Company") is pleased to announce the appointment of Perry Blanchard as Vice President, Environment and Sustainability.

Mr. Blanchard brings more than 24 years of mining industry experience. Most recently, Mr. Blanchard was Manager, Environment and Sustainability at Kirkland Lake Gold's Detour Lake Mine, one of Canada's largest gold operations, where he was responsible for operations environmental management, project permitting, closure planning, and implementation of four Impact Benefits Agreements.

Prior to Kirkland Lake Gold and Detour Gold, Mr. Blanchard acted as Manager Health, Safety and Environment ("HSE") for Vale's Voisey's Bay operations in Newfoundland and Labrador. At Vale's base metal mine in Northern Labrador, Mr. Blanchard was responsible for operations HSE management systems development and implementation, emergency and medical response, closure planning and HSE oversight for Vale's underground expansion project. Mr. Blanchard holds a Bachelor of Technology degree in environmental studies from the University of Cape Breton.

"I'm very pleased to welcome Perry to the Maritime team," said Garett Macdonald, President and Chief Executive Officer of Maritime. "Mr. Blanchard's extensive experience and leadership in project permitting and HSE management will be essential as we work to develop the Hammerdown Gold Project and expand our resource base through aggressive exploration."

"I am excited about the opportunity to return home to work in Newfoundland and Labrador again as part of the Maritime team. I look forward to contributing to the development of the Hammerdown Gold Project through the continued fostering of Maritime's stakeholder relationships as we define the Company as a leading operation within the mining sector of Newfoundland and Labrador, committed to health, safety, sustainability and environment," commented Perry Blanchard, Vice President Environment and Sustainability.

Grant of Stock Options

Maritime also announces that it has granted incentive stock options to three employees who have recently joined the Company, including Mr. Blanchard, to purchase up to an aggregate of 700,000 common shares in the capital of the Company until September 10, 2025, at an exercise price of $0.17 per share granted pursuant to the Company's Stock Option Plan.

About Maritime Resources Corp.

Maritime Resources holds a 100% interest in the Green Bay Property, including the former Hammerdown gold mine and Orion project plus the Whisker Valley exploration project, all located near the Baie Verte Mining District and King's Point, Newfoundland and Labrador. The Hammerdown gold deposit is characterized by near-vertical, narrow mesothermal quartz veins containing gold in pyrite. Hammerdown was last operated by Richmont Mines between 2000-2004 producing 143,000 ounces of gold at an average mine grade of 15.7 gpt Au through a combination of narrow vein open pit and underground mining.

On Behalf of the Board:

Garett Macdonald, MBA, P.Eng.
President and CEO

For further information, please contact:

Tania Barreto (Shaw), CPIR
Head of Investor Relations

MARITIME RESOURCES CORP.
1900-110 Yonge Street, Toronto, ON M5C 1T4

info@maritimegold.com
www.maritimeresourcescorp.com

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Qualified Person

Exploration activities at the Hammerdown Gold Project are administered on site by the Company's Exploration Manager, Larry Pilgrim, P.Geo and Technical Advisor Jeremy Niemi, P.Geo. In accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects, Larry Pilgrim, P.Geo. Exploration Manager, is the Qualified Person for the Company and has prepared, validated and approved the technical and scientific content of this news release. The Company strictly adheres to CIM Best Practices Guidelines in conducting, documenting, and reporting its exploration activities on its exploration projects.

Caution Regarding Forward Looking Statements:

Certain of the statements made and information contained herein is "forward-looking information" within the meaning of National Instrument 51-102 - Continuous Disclosure Obligations. Forward-looking statements are often identified by terms such as "will", "may", "should", "anticipate", "expects", "intends", "indicates" "plans" and similar expressions. Forward-looking statements include statements concerning the potential to increase mineral resource and mineral reserve estimates, the Company's decision to restart the Project, the Company's plans regarding depth extension of the deposit at Hammerdown, the Company's plans regarding completing additional infill and grade control testing within the PEA mine plan, the Company's plans regarding drilling targets previously identified, the anticipated timing of submitting the permit registration for Hammerdown, and the Company's decision to acquire new mineral property interests and business opportunities, amongst other things, which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. All forward-looking statements and forward-looking information are based on reasonable assumptions that have been made by the Company in good faith as at the date of such information. Such assumptions include, without limitation, the price of and anticipated costs of recovery of, base metal concentrates, gold and silver, the presence of and continuity of such minerals at modeled grades and values, the capacities of various machinery and equipment, the use of ore sorting technology will produce positive results, the availability of personnel, machinery and equipment at estimated prices, mineral recovery rates, and others. Forward-looking information is subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking information, including, without limitation, the ability of the Company to continue to be able to access the capital markets for the funding necessary to acquire, maintain and advance exploration properties or business opportunities; global financial conditions, including market reaction to the coronavirus outbreak; competition within the industry to acquire properties of merit or new business opportunities, and competition from other companies possessing greater technical and financial resources; difficulties in advancing towards a development decision at Hammerdown and executing exploration programs at its Newfoundland and Labrador properties on the Company's proposed schedules and within its cost estimates, whether due to weather conditions, availability or interruption of power supply, mechanical equipment performance problems, natural disasters or pandemics in the areas where it operates, increasingly stringent environmental regulations and other permitting restrictions or maintaining title or other factors related to exploring of its properties, such as the availability of essential supplies and services; factors beyond the capacity of the Company to anticipate and control, such as the marketability of mineral products produced from the Company's properties, uncertainty as to whether mineral resources will ever be converted into mineral reserves once economic considerations are applied, uncertainty as to whether inferred mineral resources will be converted to the measured and indicated categories through further drilling, or into mineral reserves, once economic considerations are applied, government regulations relating to health, safety and the environment, and the scale and scope of royalties and taxes on production; the availability of experienced contractors and professional staff to perform work in a competitive environment and the resulting adverse impact on costs and performance and other risks and uncertainties, including those described in each MD&A of financial condition and results of operations. In addition, forward-looking information is based on various assumptions including, without limitation, assumptions associated with exploration results and costs and the availability of materials and skilled labour. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Accordingly, readers are advised not to place undue reliance on forward-looking information. Except as required under applicable securities legislation, Maritime undertakes no obligation to publicly update or revise forward-looking information, whether as a result of new information, future events or otherwise.

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

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/63599