XCITE RESOURCES INC. announced that it has closed its previously announced acquisition of the Turgeon Lake Property. Pursuant to a purchase and sale agreement dated as of April 12, 2023 with Bullion Gold Resources Corp., Xcite has acquired a 100% interest in the Turgeon Lake Property (the Property), which is comprised of 39 mining cells covering approximately 2,067 hectares in the Province of Quebec. Under the Agreement, Xcite acquired the Property from Bullion by making a cash payment of $20,000 and by issuing 600,000 common shares of Xcite, representing an aggregate purchase price of $71,750.

The Shares were issued in accordance with Canadian securities laws and are subject to a hold period that will expire on August 20, 2023. In addition, under the Agreement Xcite granted Bullion a 2% net smelter returns royalty on the Property (the NSR), with Xcite having the right to purchase one-half of the NSR (1%) from Bullion for $1,000,000.