Margaret Lake Diamonds Inc. announced that effective August 2, 2022, Mr. Richard Barnett has been appointed as the Chief Financial Officer of the Company. Mr. Barnett is a Chartered Professional Accountant, Certified General Accountant (CPA, CGA), and is currently a Director or CFO of several TSX-V and CSE listed companies. Mr. Barnett has over 30 years of accounting and management experience with companies involved in mineral exploration in Canada, South America, West Africa, and Iceland.

He is President and CEO of Jerico Management Ltd., a privately owned company since 2001. Mr. Barnett replaces Mr. George Kovalyov who recently resigned as a Director and Chief Financial Officer of the Company for personal reasons. The Company also wishes to announce that Mr. Joel Warawa has resigned as a Director of the Company.

The Company is currently searching to find a replacement. The Company thanks both Mr. Kovalyov and Mr. Warawa for their contributions and wishes them well in their future endeavours.