Idaho Champion Closes Oversubscribed Non-Brokered Private Placement

Toronto, Ontario--(Newsfile Corp. - October 12, 2022) - Idaho Champion (CSE: ITKO) (OTCQB: GLDRF) (FSE: 1QB1) ("Idaho Champion" or the "Company") today announces that the Company has closed the final tranche of its private placement offering. As part of the closing of the third tranche, the Company issued 3,900,000 shares for gross proceeds of $195,000. This brings the total proceeds raised over the three tranches to $1,240,000.

Jonathan Buick, President and CEO, said: "There is no denying that navigating the current market conditions has been tough for every issuer, but especially for junior resource companies. We are grateful for the support our Company has received since announcing our pivot to the battery metals space. We are finalizing the previously announced acquisition of the highly prospective lithium projects in Quebec and are working on the exploration program for our cobalt projects in the Idaho Cobalt Belt, where our neighbour Jervois Global has just commissioned the only primary cobalt mine in the US to-date. This will be an exciting time for Idaho Champion, and we look forward to updating shareholders on our progress."

On September 19, 2022, Idaho Champion opened a non-brokered private placement of up to 20,000,000 shares at a price of $0.05 per share for gross proceeds of up to $1,000,000.

As part of the third and final tranche, the Company paid a cash finders' fee of $4,750. Completion of the private placement and payment of any finders' fees remain subject to the receipt of all necessary regulatory approvals, including approval of the Canadian Securities Exchange (the "CSE").

In accordance with applicable Canadian securities laws, all securities issued pursuant to the private placement with be legended with a hold period of four months and one day from the date of issuance.

About Idaho Champion Gold Mines Inc.

Idaho Champion is a discovery-focused exploration company that is committed to advancing its highly prospective mineral properties located in Idaho, United States and shortly, Quebec, Canada. The Company's shares trade on the CSE under the trading symbol "ITKO", on the OTCQB under the trading symbol "GLDRF", and on the Frankfurt Stock Exchange under the symbol "1QB1". Idaho Champion is vested in Idaho with four cobalt properties in Lemhi County in the Idaho Cobalt Belt. In addition, the Company has been advancing the Baner gold project in Idaho County and the Champagne polymetallic project located in Butte County near Arco.

Idaho Champion strives to be a responsible environmental steward, stakeholder and contributing citizen to the local communities where it operates. Idaho Champion takes its social license seriously, employing local community members and service providers at its operations whenever possible.

ON BEHALF OF THE BOARD OF IDAHO CHAMPION

"Jonathan Buick"
Jonathan Buick, President and CEO

For further information, please visit the Company's SEDAR profile at www.sedar.com or the Company's corporate website at www.idahochamp.com.

For further information, please contact:
Nicholas Konkin, Marketing and Communications, Idaho Champion
Phone: (416) 567- 9087
Email: nkonkin@idahochamp.com

THIS PRESS RELEASE DOES NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY ANY SECURITIES IN ANY JURISDICTION, NOR SHALL THERE BE ANY OFFER, SALE, OR SOLICITATION OF SECURITIES IN ANY STATE IN THE UNITED STATES IN WHICH SUCH OFFER, SALE, OR SOLICITATION WOULD BE UNLAWFUL.

Cautionary Statements

Neither the Canadian Securities Exchange nor its regulation services provider has reviewed or accepted responsibility for the adequacy or accuracy of this press release This press release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business of the Company. Forward-looking information is based on certain key expectations and assumptions made by the management of the Company, including suggested strike extension. Although the Company believes that the expectations and assumptions on which such forward-looking information is based on are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct. Forward-looking statements contained in this press release are made as of the date of this press release. The Company disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.

NOT FOR DISSEMINATION IN THE UNITED STATES 
ALL AMOUNTS EXPRESSED ARE IN CANADIAN DOLLARS

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/140316

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