THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT AUTHORIZED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

Sabre Gold Mines Corp. (TSX: SGLD, OTCQB: SGLDF) (“Sabre Gold” or the “Company”) announces today that it has filed an amended offering document dated January 23, 2023 (the “Amended Offering Document”) in connection with its previously announced private placement offering under the “listed issuer financing exemption” on December 13, 2022.

On December 13, 2022, the Company announced a non-brokered private placement of units (the “Units”) for aggregate gross proceeds of a minimum of $680,000 and up to maximum of $1.5 million at a price of C$0.17 per Unit by way of the “listed issuer financing exemption” (the “Offering”) under National Instrument 45-106 – Prospectus Exemptions in all the provinces of Canada with the exception of Quebec. The Company has filed the Amended Offering Document to disclose that a portion of the Offering will now be made available to certain persons purchasing Units under available prospectus exemptions other than the listed issuer financing exemption, in addition to persons purchasing Units under the listed issuer financing exemption, as previously announced.

The terms of the Units, minimum and maximum amounts to be raised under the Offering and closing date for the final tranche of the Offering, being January 27, 2023, remain unchanged. The Offering remains subject to the approval of the Toronto Stock Exchange.

The Amended Offering Document related to the Offering is accessible under the Company’s profile at www.sedar.com and at the Company’s website at www.sabre.gold. Prospective investors should read the Amended Offering Document before making an investment decision.

The securities described herein have not been, and will not be, registered under the United States Securities Act, or any state securities laws, and accordingly, may not be offered or sold within the United States except in compliance with the registration requirements of the U.S. Securities Act and applicable state securities requirements or pursuant to exemptions therefrom. This press release does not constitute an offer to sell or a solicitation to buy any securities in any jurisdiction.

About Sabre Gold Mines Corp.

Sabre Gold is a diversified, multi-asset near-term gold producer in North America which holds 100-per-cent ownership of both the fully licensed and permitted Copperstone gold mine located in Arizona, United States, and the Brewery Creek gold mine located in Yukon, Canada, both of which are former producers. Management intends to restart production at Copperstone followed by Brewery Creek in the near term. Sabre Gold also holds other investments and projects at varying stages of development.

Sabre Gold’s two advanced projects have approximately 1.5 million ounces of gold in the Measured and Indicated categories, and approximately 1.2 million ounces of gold in the Inferred category. Additionally, both Copperstone and Brewery Creek have considerable exploration upside with a combined land package of over 230 square kilometers that will be further drill tested with high-priority targets currently identified. Sabre Gold is led by an experienced team of mining professionals with backgrounds in exploration, mine building and operations.

For further information please visit the Sabre Gold Mines Corp. website: (www.sabre.gold).

Andrew ElineskyCEO and President416-904-2725

Cautionary Note Regarding Forward Looking Statements

This news release contains forward-looking information under Canadian securities legislation including statements concerning the Company’s expectations with respect to the Offering; completion of the Offering and the date of such completion. These forward-looking statements entail various risks and uncertainties that could cause actual results to differ materially from those reflected in these forward-looking statements. Such statements are based on current expectations, are subject to a number of uncertainties and risks, and actual results may differ materially from those contained in such statements. These uncertainties and risks include, but are not limited to: regulatory approval for the Offering; completion of the Offering; the strength of the Canadian economy; the price of gold; operational, funding, and liquidity risks; reliance on third parties, exploration risk, failure to upgrade resources, the degree to which mineral resource and reserve estimates are reflective of actual mineral resources and reserves; the degree to which factors which would make a mineral deposit commercially viable are present, and the risks and hazards associated with underground operations and other risks involved in the mineral exploration and development industry. Risks and uncertainties about Sabre Gold’s business are more fully discussed in the Company’s disclosure materials, including its annual information form and MD&A, filed with the securities regulatory authorities in Canada and available at www.sedar.com and readers are urged to read these materials. Sabre Gold assumes no obligation to update any forward-looking statement or to update the reasons why actual results could differ from such statements unless required by law.

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