SKRR Exploration Inc. Signs Definitive Agreement to Acquire the Cathro Gold Project, Saskatchewan

Vancouver, February 12, 2020 - SKRR Exploration Inc. (TSXV: SKRR) ("SKRR" or the "Company") is pleased to announce it has signed an option agreement to acquire 100% of the Cathro gold exploration project located approximately 50km northeast of La Ronge, Saskatchewan (the "Cathro Project") from Eagle Plains Resources Ltd. (the "Vendor").


Cathro Project Overview & History

The 3,277 ha Cathro property covers a suite of LaRonge Greenstone Belt volcanic rocks known to host structurally-controlled gold mineralization including the historic Contact Lake Deposit (SMDI 0619), located approximately 10km south of the property. The first mineralization in the area was identified by prospectors in 1958. During the 1960's Great Plains identified Au-bearing quartz shears associated with metavolcanic rocks. They completed airborne EM and magnetic geophysical surveys, followed up by geological mapping and trenching and a shallow 7-hole diamond drilling program. The area was mostly dormant until the late 1980's when Cogema became active in the area. The last significant work program was in 1994 by Uranerx Exploration who identified a number of target area using soil sampling and prospecting.

There are four documented gold occurrences within the claim boundaries. Vidgy Lake (SMDI 2294) has seen the most historic work. The Vidgy Lake mineralization is associated with a 100m-wide by 2km- long shear zone developed along an intrusive -metavolcanic contact. Quartz veins within the shear zone commonly carry visible gold. Highlights from a 1988 program by Cogema returned the following results:

Sample #	Sample Type 	Au g/t	Description
492RR-1404	grab	72	quartz in meta volcanics
492RR-1406	grab	100	grey quartz
492RR-1452	chip (width unknown)	21.2	quartz veining
492RR-1456	chip (width unknown)	29.2	quartz with visible gold
492RR-1459	grab	18.8	quartz with visible gold
492RR-2013	grab	38.7	quartz with visible gold

Cogema exposed the main Vidgy Zone over a strike length of 21m with a maximum vein width of 2.5m. Five lines of continuous chip samples collected at 4.0m intervals across the Vidgy structure returned the following results:

Chip Sample Width (m)	Au in g/t
2.0	8.1
2.7	4.4
2.5	5.6
2.0	1.5
2.0	0.93

In 1989, Cogema followed up with an eight-hole, shallow-depth drill program which returned best results of 2.03 g/t Au over 0.7 m and 1.16g/t Au over 1.5m.


Highlights from the other documented occurrences include:

SMDI 2295 Beranek North: 6.6 g/t Au from a 1m chip sample
SMDI 2269 Beranek South: 9.2 g/t Au from a grab sample of sheared quartz
SMDI 2296 Bartlett Lake: 9.36 g/t Au from a panned soil sample

The above results were taken directly from the Saskatchewan Mineral Deposit Index "SMDI", a searchable database maintained by Saskatchewan Ministry of Energy and Resources that contains individual reports on known mineral showings within Saskatchewan. The Ministry cautions that although reasonable care is taken in compilation of results, all persons who rely on the SMDI information do so at their own risk. The assay results are historic in nature and pre-date rules as per NI 43-101 Standards of Disclosure for Mineral Projects. A qualified person has not done sufficient work to classify the historical results as current and SKRR is not treating the historical results as current. SKRR has not verified the assay results nor has SKRR done the drilling and sampling necessary to verify the assay results. SKRR cautions that past results or discoveries on proximate land are not necessarily indicative of the results that may be achieved on the subject properties.


Terms of the Option Agreement

Under the terms of the option agreement, SKRR may acquire a 100% interest in the Cathro Project by making certain staged cash payments and share payments of common shares in the capital of SKRR to the Vendor.

a. Cash payable:
i. CAD$4,000 upon receipt of TSX Venture Exchange approval of the Option Agreement (the "Approval Date");

b. SKRR common shares:
i. 250,000 on the Approval Date;
ii. 250,000 on or before the 1st anniversary of the Approval Date;
iii. 100,000 on or before the 2nd Anniversary of the Approval Date;
iv. 100,000 on or before the 3rd Anniversary of the Approval Date;
v. 100,000 on or before the 4th Anniversary of the Approval Date; and
vi 100,000 on or before the 5th Anniversary of the Approval Date.

c. Net Smelter Returns Royalty ("NSR Royalty"):
i. 2.0% NSR Royalty to the Vendor with SKRR's option to repurchase 1.0% NSR Royalty for CAD$1.0 million, leaving the Vendor with a 1% NSR Royalty.


Qualified Person

The scientific and technical information contained in this news release has been reviewed and approved by Ross McElroy P.Geo, a director of the Company and a "Qualified Person" as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects.


About SKRR Exploration Inc.:

SKRR is a Canadian-based precious metal explorer with properties in Saskatchewan - one of the world's highest ranked mining jurisdictions. The primary exploration focus is on the Trans-Hudson Corridor in Saskatchewan in search of world class precious metal deposits. The Trans-Hudson Orogen - although extremely well known in geological terms has been significantly under-explored in Saskatchewan. SKRR is committed to all stakeholders including shareholders, all its partners and the environment in which it operates.


ON BEHALF OF THE BOARD

Sherman Dahl, President & CEO
Tel: 250-558-8340



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.


Forward-Looking Information

This news release contains "forward‐looking information or statements" within the meaning of applicable securities laws, which may include, without limitation, statements that address the TSX Venture Exchange approval of the option agreement, conduct exploration work on the Cathro Project, other statements relating to the technical, financial and business prospects of the Company, its projects and other matters. All statements in this news release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including the price of metals, the ability to achieve its goals, that general business and economic conditions will not change in a material adverse manner, that financing will be available if and when needed and on reasonable terms. Such forward-looking information reflects the Company's views with respect to future events and is subject to risks, uncertainties and assumptions, including those filed under the Company's profile on SEDAR at www.sedar.com. Factors that could cause actual results to differ materially from those in forward looking statements include, but are not limited to, continued availability of capital and financing and general economic, market or business conditions, adverse weather conditions, failure to maintain all necessary government permits, approvals and authorizations, failure to maintain community acceptance (including First Nations), increase in costs, litigation, and failure of counterparties to perform their contractual obligations. The Company does not undertake to update forward‐looking statements or forward‐looking information, except as required by law.