Red Pine Exploration Inc. (TSX-V: RPX) ('Red Pine' or the 'Company') is pleased to announce that it has entered into a definitive securities purchase agreement (the 'Agreement') with the holders of the partnership interests in Citabar Limited Partnership ('Citabar'), which will result in Red Pine consolidating a 100% ownership in the Wawa Gold Project located near Wawa, Ontario (the 'Transaction').

All amounts in this press release are denominated in Canadian dollars.

Total aggregate consideration for the Transaction is $12,605,396 in a combination of cash, common shares of Red Pine and the set-off of approximately $1.1 million in amounts owed by Citabar to Red Pine. The purchase price also includes the grant to the Vendors of a 2% net smelter return royalty ('NSR') on production from the Wawa Gold Project, of which 1.5% of the 2% NSR is subject to a buyback for a total cost of $1.75 million. The Transaction is subject to a minimum of approximately $8.6 million in cash and a maximum ownership by the Vendors (as defined below) and their affiliates of 9.99% of the pro forma outstanding securities of Red Pine on a partially diluted basis. Additional details of the Transaction are provided below. Quentin Yarie, CEO of Red Pine stated, 'Consolidating the ownership of the Wawa Gold Project has been a goal of Red Pine's since it became involved in the project in 2014. Over the years, Red Pine has worked diligently to consolidate the ownership, first through its acquisition of Augustine Ventures Inc. in 2016, and now with the acquisition of the remaining interest held by Citabar. The Red Pine shareholders can now fully benefit from the results of our ongoing exploration and delineation of both the Surluga and Minto deposits as well as other prospective gold targets.'

About Red Pine Exploration Inc.

Red Pine Exploration Inc. is a gold exploration company headquartered in Toronto, Ontario, Canada. The Company's common shares trade on the TSX Venture Exchange under the symbol 'RPX'.

Contact:

Tel: (416) 364-7024

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