Redstar Gold Corp. Receives Conditional Approval from TSX Venture Exchange to Acquire Heliodor Metals

Vancouver, July 29th 2020 - Redstar Gold Corp. (TSXV:RGC), (OTC:RGCTF), (FRA:RGG) ("Redstar" or the "Company") is pleased to announce that it has received conditional approval from the TSX Venture Exchange ("TSXV") for its proposed acquisition of Heliodor Metals Limited ("Heliodor") in exchange for 86.5 million Redstar common shares in a transaction previously described in Redstar's press release of July 23, 2020. The TSXV conditional approval accepts the proposed transaction subject to the completion of a private placement to raise a minimum of approximately $6,000,000 (of which the number of shares and the deemed price per share have yet to be determined). TSXV has confirmed that it intends to review this proposed private placement as a separate transaction subject to the disclosure and filing requirements under TSXV Policy 4.1: Private Placements.

About Heliodor

Heliodor is a private company with a cash position, as of July 21, 2020 (unaudited), of C$1.5M and no debt. The Heliodor mineral projects are within 50 km of seven (7) world class gold-silver and copper mines, all of which are located in the northern portion of Mexico's Sonora State:

• - The Oso Negro Project is an early stage intermediate sulfidation epithermal vein system prospect within a 1500ha concession. The project has very high grades, but has never been drilled. There are three major vein systems (El Sahuaro Vein, Northern Vein, and Northsouth Vein), all of which have surface sampling which shows greater than double digit gold equivalent grades

  - The La Lola Project is a large, 5,400 ha land package with the prospect of a low sulfidation epithermal system. The project contains the "La Barra" Vein which extends for 5 km and is as wide as 40m. Reconnaisance sampling of the vein has yielded a 58g/t Au sample taken from a historic dump and a 424g/t Ag sample taken from the hanging wall structure

  - Cumaro is the downthrown block of a large low sulphidation vein field. Historic production in the vein field indicates excellent widths and grades while next to no exploration has be undertaken on the eastern extension at Cumaro

About RedStar Gold Corp.

Redstar is a well-financed junior exploration and development company with a supportive institutional shareholder base, no debt and is focused on advancing its high grade Unga Gold Project in southern Alaska. The 100% controlled Unga Gold Project includes the SH-1 Zone where, earlier this year, Red Star defined an initial NI 43-101 compliant resource of 395,825 ounces AuEq with an avg. grade of 14.2g/t Au, making it one of the highest-grade gold deposits in North America. Geologically, the SH-1 Zone is an intermediate sulfidation, epithermal gold deposit, located within the district scale property which encompasses 240km2 across two islands hosting an entire suite of deposit types from gold-copper porphyry, through high-grade epithermal gold, to gold & silver rich polymetallic, that have either been drilled or sampled at surface. On Unga Island, these include: SH-1 and Aquila high-grade gold zones, both on the Shumagin Trend; the former Apollo-Sitka mine which was Alaska's first underground gold mine with historic production grades up to 10g/t Au; and the Zachary Bay porphyry gold-copper district. The supergene-enriched, disseminated gold mineralization at the Centennial Zone is located on neighbouring Popof Island within four kilometres of the infrastructure and services available at Sand Point village (Figure 1).

The Unga Gold Project enjoys a moderate climate at latitude 55 degrees North which provides for year-round tidewater that hosts extensive infrastructure including a deep-water port with weekly vessels from Anchorage and Seattle and is served by daily flights from Anchorage landing on a mile long, paved airstrip on Popof Island. In addition to the Unga Project, Redstar has an investment in NV Gold Corp. (TSXV: NVX) and 30% of the Newman Todd Gold Project, in Red Lake, Ontario, Canada.

For additional information please contact:

Jacques Vaillancourt

Chairman

Redstar Gold Corp.
Tel: +44 780 226 8247

Email: jvaillancourt@redstargold.com

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Information. This release includes certain statements that may be deemed "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 "would", "may", "could" or "should" occur. Forward-looking statements in this press release include Redstar's expectations that the transactions contemplated in its agreement with the shareholders of Heliodor will be completed, that it can successfully raise at least C$6 million. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guaranteeing 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 market prices, exploitation and exploration successes, and continued availability of capital and financing, 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.