Stephen Wallace P.Geo Announces Filing of Early Warning Report Related to the Acquisition of Common Shares of Searchlight Resources

DUNDAS, October 29, 2019 - Stephen Wallace (the "Acquiror") announces the acquisition of an aggregate of 1,340,000 Units of Searchlight Resources Inc. (TSXV:SCLT) ("SCLT" or the "Company") with each Unit consisting of one common share and one share purchase warrant. Each warrant is exercisable for a period of two years from the date of issue at a price of $.05 cents per common share (the "Purchased Securities").

Prior to the recent transaction Mr. Wallace, President, CEO and Director of the Company held 2,507,333 common shares which represented 8.47% of the outstanding common shares. Subsequent to the recent acquisition of common shares the Acquiror now owns an aggregate of 3,847,333 common shares of the Company which represents 12.39% of the issued and outstanding common shares.

The Purchased Securities were purchased and are presently being held for investment purposes. In the future, the Acquiror may acquire additional securities of the Company or dispose of such securities subject to a number of factors, including general market and economic conditions and other available investment and business opportunities.

A copy of the early warning report to be filed by the Acquiror will be available on SEDAR under the Issuer's profile on www.sedar.com.

This early warning news release is issued under the early warning provisions of Canadian securities legislation, including National Instrument 62-104 - Take-Over Bids and Issuer Bids and National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release nor have they approved nor disapproved the content thereof.

For further information, contact:

Stephen Wallace P.Geo
Telephone: (905) 627-8786

SOURCE: Stephen Wallace