Nevada King Significantly Adds To Its Strategic Mineral Claim Holdings Along The Prolific Battle Mountain Trend, Nevada

VANCOUVER, Jan. 19, 2023 - Nevada King Gold Corp. (TSXV: NKG) (OTCQX: NKGFF) ("Nevada King" or the "Company") is pleased to provide an update on its strategic mineral claim holdings located along the prolific Battle Mountain Trend, Nevada.

Highlights:

• Throughout 2022, Nevada King staked an additional 1,825 mineral claims covering 147km², further bolstering its strategic land package along the Battle Mountain Trend. As a result, the Company now holds 10,315 (834.9km²) lode claims, making it the 3^rd largest mineral hard rock claim holder in the State of Nevada, behind Kinross Gold and Nevada Gold Mines, the Barrick/Newmont Joint Venture (Figure 2).
• The Company's current staking efforts are focused on target areas it has identified along the Battle Mountain Trend. The Company anticipates locating additional claims by year's end and when staking is completed will disclose in more detail the areas that have been added, its targeting rationale for these areas and, where applicable, the exploration strategy it plans to pursue to advance these project areas.
• The Company began building its project portfolio in 2016, concentrating its efforts on developing district-sized projects along the Battle Mountain Trend in close proximity to current mines and resources. A majority of this ground was acquired via staking, importantly avoiding underlying net smelter royalties, option payments, and work commitments. As a result, 98% of Nevada King's land holdings are free of any royalties.
  
• Approximately 50% of the Company's claims are located in the heart of the Battle Mountain Trend near the Cortez, Pipeline, Phoenix, and Lone Tree Mines. These include its Lewis (650 claims), Horse Mountain/Mill Creek (920 claims), South Hilltop (343 claims), Buffalo Valley (1,191 claims), and Iron Point (1,531 claims) project areas (Figure 1).

Collin Kettell, Founder and CEO of Nevada King, stated, "Nevada King was formed in 2016 with an aim to assemble a formative land package along the most prolific gold trend in the world's premier mining jurisdiction. Today, we rank behind just two mining juggernauts - Kinross and Nevada Gold Mines - in lode claim tenure. No other junior company ranks in the top seven list of claimholders.

"Nevada King's unfolding discovery at the Atlanta Gold Mine Project provides a compelling reason for investors to consider Nevada King; our strategic land package provides another. The Nevada landscape has gone from near dormancy when we started the Company in 2016 to again becoming a preferred destination for gold-focused mineral investment. This is best reflected in the the fact that following a decade that began in 2011, starting in 2020, several major and midtier mining companies have entered or re-entered the State, spending billions cumulatively making acquisitions, forming joint ventures, and optioning projects. Not only are there more companies coming to Nevada, they are also spending more. It is in this landscape, against the backdrop of rising gold prices, that the Nevada King portfolio was built for."

Qualified Person

The scientific and technical information in this news release has been reviewed and approved by Calvin R. Herron, P.Geo., who is a Qualified Person as defined by National Instrument 43-101 ("NI 43-101").

Nevada King is the third largest mineral claim holder in the State of Nevada, behind Nevada Gold Mines (Barrick/Newmont) and Kinross Gold. Starting in 2016, the Company has staked large project areas hosting significant historical exploration work along the Battle Mountain trend located close to current or former producing gold mines. These project areas were initially targeted based on their potential for hosting multi-million-ounce gold deposits and were subsequently staked following a detailed geological evaluation. District-scale projects in Nevada King's portfolio include (1) the 100% owned Atlanta Mine, located 100km southeast of Ely, (2) the Lewis and Horse Mountain-Mill Creek projects, both located between Nevada Gold Mines' large Phoenix and Pipeline mines, and (3) the Iron Point project, located 35km east of Winnemucca, Nevada.

The Company is well funded with cash of approximately $10.2 million as of January 2023.

The Atlanta Mine is a historical gold-silver producer with a NI 43-101 compliant pit-constrained resource of 460,000 oz Au in the measured and indicated category (11.0M tonnes at 1.3 g/t) plus an inferred resource of 142,000 oz Au (5.3M tonnes at 0.83 g/t). See the NI 43-101 Technical Report on Resources titled "Atlanta Property, Lincoln County, NV" with an effective date of October 6, 2020, and a report date of December 22, 2020, as prepared by Gustavson Associates and filed under the Company's profile on SEDAR (www.sedar.com).

NI 43-101 Mineral Resources at the Atlanta Mine

Please see the Company's website at www.nevadaking.ca.

Neither the 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.

This news release contains certain "forward-looking information" and "forward-looking statements" (collectively "forward-looking statements") within the meaning of applicable securities legislation. All statements, other than statements of historical fact, included herein, without limitation, statements relating the future operations and activities of Nevada King, are forward-looking statements. Forward-looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "intends", "estimates", "potential", "possible", and similar expressions, or statements that events, conditions, or results "will", "may", "could", or "should" occur or be achieved. Forward-looking statements in this news release relate to, among other things, the Company's exploration plans and the Company's ability to potentially find or expand mineral resources and the impact thereon. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by Nevada King, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements and the parties have made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation, the ability to complete proposed exploration work given the global COVID-19 pandemic, the results of exploration, continued availability of capital, and changes in general economic, market and business conditions. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these items. Nevada King does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by applicable securities laws.

SOURCE Nevada King Gold Corp.