Great Atlantic Resources Corp. announced that it has established a wholly-owned subsidiary named Golden Promise Mines Inc. into which it will be transferring all of Great Atlantic's central Newfoundland gold properties including the Golden Promise Property, the Southwest Golden Promise Property, the West Golden Promise Property, the South Golden Promise Property, the East Golden Promise Property, the Coronation Property, the Lynx Property and the Golden Trust Property. Golden Promise Property: The Golden Promise Property is the Company's most advanced, highest priority and largest (14 mineral licences totaling 16,525 hectares) property.

Great Atlantic acquired the property through two option agreements and staking and has acquired 100% interest in the property. Multiple gold bearing quartz veins /quartz vein systems and zones of gold bearing quartz boulders occur within the property. One such gold bearing quartz vein system is the Jaclyn Main Zone (JMZ).

Great Atlantic reported a NI 43-101 compliant mineral resource estimate for the JMZ during December 2018 (119,900 ounces of gold - Inferred resource). Diamond drilling by Great Atlantic during 2019 - 2021 tested a section of the JMZ and the east region of the Jaclyn North Zone with high grade gold being intersected including the following intercepts (core length) (see Company news releases for results of 2019-2021 drilling programs at the Jaclyn Zone): Jaclyn Main Zone:GP-19-138: 113.0 grams /tonne (g/t) gold over 0.55 meters. The property covers the Coronation Lake South #1 and Coronation Lake South #2 gold-silver-molybdenum-copper mineral occurrences (New Newfoundland and Labrador Department of Industry, Energy and Technology, Mineral Occurrence Database).

Mineralization reported during 1975 (Dimmell, 1975) include: A 1975 diamond drill hole was reported to intersect 0.025 ounces /ton gold over 3 feet core length (Dimmell, 1975). A 1975 float sample was reported to return 0.65% copper, 0.25% molybdenum and 0.015 ounces /ton gold (Dimmell, 1975); Gold soil anomalies are reported within the property including 0.43 ppm gold, 0.152 ppm gold and 0.112 ppm gold (Copeland and Newport, 2005). The eight central Newfoundland gold properties of Great Atlantic discussed in this news release are located within the Exploits Subzone of the Newfoundland Dunnage Zone.

Recent significant gold discoveries within the Exploits Sub zone include those of Marathon Gold Corp. (TSX.MOZ) at the Valentine Gold Project, Sokoman Minerals Corp. (TSXV.SIC) at the Moosehead Gold Project and New Found Gold Corp.

(TSXV.'G) at the Queensway Project. Readers are warned that mineralization at the Valentine Gold Project, Moosehead Gold Project, and Queensway Project is not necessarily indicative of mineralization the Golden Promise Property.