CORRECTION: Snowline Gold Announces Completion of C$7 Million Non-Brokered Private Placement

This press release replaces the press release disseminated December 20, 2021 at 8:00 AM ET. The press release had an incorrect headline. No changes to the content of the release have been made.

VANCOUVER, BC / ACCESSWIRE / December 20, 2021 / Snowline Gold Corp. (CSE:SGD)(OTCQB:SNWGF) (the "Company" or "Snowline") is pleased to announce that it has completed its previously announced non-brokered private placement, issuing 757,575 flow-through common shares of the Company (the "FT Shares") at a price of C$0.66 per FT Share and 8,783,783 premium flow-through common shares of the Company (the "Premium FT Shares") at a price of C$0.74 per Premium FT Share, for aggregate gross proceeds of approximately C$7 million. Each FT Share and Premium FT Share is accompanied by one-half of one common share purchase warrant (each whole common share purchase warrant, a "Warrant"), with each Warrant being exercisable for one common share of the Company at an exercise price of C$0.75 until December 17, 2023(the "Offering").

The gross proceeds from the issue and sale of the FT Shares and the Premium FT Shares will be used to support advancement of exploration on the Company's Yukon Territory mineral properties, which will qualify as "Canadian Exploration Expenses" and "flow-through mining expenditures", as those terms are defined in the Income Tax Act (Canada), which will be renounced to the initial purchasers of the FT Shares and the Premium FT Shares with an effective date no later than December 31, 2021.

"We are thrilled to have funds in hand for a significant and expanded exploration program in 2022," said Scott Berdahl, CEO and Director of Snowline Gold Corp. "This placement puts Snowline in a strong position as we continue to build on the progress made in 2021. We are already working to make 2022 an even more exciting year for Snowline and its shareholders than our inaugural 2021 campaign."

Snowline Gold Corp' Chair, Craig Hart emphasized that, "Importantly, these flow-through shares were acquired by fundamental buyers who appreciate the long term growth opportunity of our exploration and discovery plan. On behalf of the company, we would like to thank our investors for their continued support."

An aggregate cash finder's fee of $11,892.01 was paid to finders in respect of the Offering.

All securities issued in connection with the Offering are subject to a hold period of four months and one day from the closing of the Offering, in accordance with applicable Canadian securities laws, expiring on April 18, 2022.

The securities issued under the Offering have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and were not to be offered or sold in the United States absentregistration or an applicable exemption from the registration requirements. This news release shall notconstitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securitiesin the United States or in any other jurisdiction in which such offer, solicitation or sale would be unlawful.

ABOUT SNOWLINE GOLD CORP.

Snowline Gold Corp. is a Yukon Territory focused gold exploration company with a seven-project portfolio covering >100,000 ha. The Company is exploring its flagship 72,000 ha Einarson and Rogue gold projects in the highly prospective yet underexplored Selwyn Basin. Snowline's project portfolio sits within the prolific Tintina Gold Province, host to multiple million-ounce-plus gold mines and deposits including Kinross' Fort Knox mine, Newmont's Coffee deposit, and Victoria Gold's Eagle Mine. Snowline's first-mover land position provides a unique opportunity for investors to be part of multiple discoveries and the creation of a new gold district.

ON BEHALF OF THE BOARD

Scott Berdahl, MSc, MBA, PGeo
CEO & Director

For further information, please contact:

Snowline Gold Corp.
+1 778 650 5485
info@snowlinegold.com

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This news release contains certain forward-looking statements, including statements regarding the anticipated use of proceeds from the Offering and the Company's future plans and intentions. Wherever possible, words such as "may", "will", "should", "could", "expect", "plan", "intend", "anticipate", "believe", "estimate", "predict" or "potential" or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. These statements reflect management's current beliefs and are based on information currently available to management as at the date hereof. Forward-looking statements involve significant risk, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking statements. Such factors include, among other things, risks associated with executing the Company's plans and intentions. These factors should be considered carefully and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this news release are based upon what management believes to be reasonable assumptions, the Company cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this news release, and the Company assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.

SOURCE: Snowline Gold Corp.

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