Wolfed Enters Agreement With Altius And Kinross

THUNDER BAY, ON - Wolfden Resources Corporation has entered into a subscription agreement with Altius Minerals Corporation and Kinross Gold Corporation for a non-brokered private placement of 6,250,000 common shares of the Company at a price of C$0.32 per Common Share for gross proceeds of $2 million (the "Offering"). Upon closing, Altius will hold approximately 12.5% and Kinross will hold approximately 11.4% of the issued and outstanding shares of the Company.

The majority of the proceeds from the Offering will be used to continue exploration at the Company's 100%-owned Pickett Mountain high-grade polymetallic deposit and also at its recently optioned Big Silver project, both located in Maine, United States. As part of the terms of the subscription agreement, the Company will continue to collaborate on technical programs related to the exploration and development of the projects.

"We are very pleased to have the continued support of Altius and Kinross as a significant investors and as strategic partners as we increase our exploration focus on precious metal rich polymetallic deposits and seek to further expand the mineral resources including high-grade mineralization intersected in the final holes of the 2020 drill program in the footwall of the Picket Mountain deposit," said Ron Little, President and CEO for the Company. "The Company has been working in parallel on an application to rezone a small portion of its Pickett Mountain Property to allow for an underground mining operation and hopes to conclude the process in 2021 with a favorable outcome".

The Offering is expected to close no later than January 29, 2021, is subject to TSX Venture Exchange approval and no compensation is expected to be paid in respect of the Offering. The securities to be issued pursuant to the Offering will be subject to a four-month hold period under applicable Canadian securities laws.