Communicators

July 24, 2023 – Vancouver, British Columbia – Blue Lagoon Resources Inc. (the “Company”) (CSE: BLLG; FSE: 7BL; OTCQB: BLAGF) is pleased to announce that the submission of its Joint Mines Act / Environmental Management Act Permits Amendment Application (JMAEMA) has been made. The JMAEMA application supports the restart of the Dome Mountain Mine located near Smithers British Columbia.

Technical review for this application will be completed by Ministry of Energy, Mines and Low Carbon Innovation (EMLI), the Ministry of Environment and Climate Change Strategy (ENV) and the Lake Babine Nation (LBN).

Initially submitted in Sept 2022 the document has been in the screening process focusing on the presence or absence of required information. The screening process was completed July 14, 2023, and resulted in official submission of the application for technical review. The screening process and review process will focus on the technical aspect of all components related to mining and include chapters:

-          Chapter 1: Introduction and Project Overview

-          Chapter 2: Baseline Information

-          Chapter 3: Mine Plan

-          Chapter 4: Reclamation and Closure Plan

-          Chapter 5: Modelling, Mitigation, and Discharges

-          Chapter 6 Environmental Assessment Predictions

-          Chapter 7: Environmental Monitoring

-          Chapter 8: Health and Safety

-          Chapter 9: Management Plans

Individual Management Plans include:

-          9-A Environmental Management System

-          9-B Erosion Prevention and Sediment Control

-          9-C Soil Management Plan

-          9-D Waste Rock and Treatment Sludge ML/ARD Management Plan

-          9-E Water and Discharge Management Plan

-          9-F Vegetation Management Plan

-          9-G Invasive Plant Management Plan

-          9-H Wildlife Management Plan

-          9-I Archaeological Chance Find Procedure

-          9-J Surface and Underground Mine Emergency Response Plans9.13 9-K Fuel Management and Spill Control Plan

-          9-L Chemicals and Materials Storage, Transfer, and Handling Plan

-          9-M Waste (Refuse and Emissions) Management Plan

-          9-N Bat Management Plan

-          9-O Environmental Monitoring and Surveillance

-          9-P Ground Control Management Plan

-          9-Q Soil Handling Plan

Other management plan requirements covered by sections in Chapter 9 include:

-          9.4 Construction Environmental Management Plan9.13 Mine Site Traffic Control Plan

-          9.21 Noise Management Plan

Table 1 shows the current 43-101 resource at Dome Mtn.† (see press release dated Feb. 3, 2022).

TABLE 1

† Arseneau, G. 2022. Mineral Resource Estimate for the Dome Mountain Gold Project, Smithers, British Columbia, Canada, prepared for Blue Lagoon Resources Inc. by Arseneau Consulting Services, effective date, October 15, 2021, report date January 31, 2022.

The Boulder Vein System is a steeply dipping structurally controlled quartz carbonate hosted base metal rich gold-silver vein system. The Company’s current Mine Act Permit (M-237) provides for up to 75,000 tonnes per year production.

The review schedule established by EMLI highlights 71 days for Duration of Application Review and 35 days for Decision Packages and Permit Drafting Duration with December 14, 2023 as the day for final Decision on the permit.

“We are very pleased to have this application submittal completed,” said Rana Vig, President and CEO of Blue Lagoon Resources. “Every effort has been made to get this Mines Act Amendment Application completed and screened to allow formal submission to LBN, EMLI and ENV in a timely manner while at the same time completing ongoing exploration work and drilling on the Boulder Vein and property wide exploration targets,” he added.

Since submitting the application for screening in September 2022, the Company has completed two phases of diamond core drilling totalling 41 holes and 12,327 meters in Phase 2 2022, and 10 holes and 2909 meters in Phase 1 2023. This drilling confirmed that the Boulder Vein System mineralization is at least double the resource strike length and double the down dip extent proving strong potential for defining 1M+ oz gold resource along the Boulder Vein System through systematic infill drilling (see press release May 24, 2023). Potential cash flow from expected production in 2024 would help to finance infill drilling and a new and larger resource.

The Company has not made a decision to proceed to production at this time and will evaluate its production decision once all permit requirements are in place. Any production decision in advance of obtaining a feasibility study of mineral reserves demonstrating economic and technical viability of the project is associated with increased uncertainty and risk of failure.

The scientific and technical disclosure in this news release was approved by William Cronk, P.Geo, a Qualified Person as defined in NI 43-101 and a consultant to the Company.

For further information, please contact:

Rana Vig

President and Chief Executive Officer

Telephone:  604-218-4766

Email: rana@ranavig.com

The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. Statement Regarding Forward-Looking Information: This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that Blue Lagoon Resources Inc. (the "Company") expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include results of exploration activities may not show quality and quantity necessary for further exploration and exploitation of minerals deposits, market prices, and continued availability of capital and financing, permitting and other approvals, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.