Record Resources Inc. reported that it has received approval from the TSX Venture Exchange to acquire an option agreement on the Grenfell gold property in exchange for shares. As previously disclosed in a September 11, 2022 company news release, a non-arms-length transaction with Pelangio Exploration Inc. is pursuant to a conveyance agreement executed on August 23, 2022. The transaction was considered a related party transaction as defined under MI 61-101 as a result of certain officers and directors of Record Resources Inc. and Record Gold Corp.

being party to the agreement. The parties include: Michael C. Judson, CEO, director and shareholder; David Johnson, Corporate Secretary, director and shareholder; and Dr. Paul Craig, director and shareholder. Record Gold Corp, the private company, has agreed to exchange its option agreement with Pelangio Exploration Inc. in return for 39,999,984 million shares of Record Resources Inc. at a price of $0.05 per share.

Following the transaction, Record Resources Inc. will have 75,414,382 issued and outstanding shares. The Grenfell gold property is comprised of 38 mining cells and eight leased claims covering an area of approximately 6.7 square kilometres and is located 10 kilometres northwest of Agnico Eagle's Macassa Mine in Kirkland Lake Ontario. Grenfell is also located 5 kilometres west of Record's Kenogami East property (see August 10, 2022 news release).