Margaret Lake Diamonds Provides Corporate Update

VANCOUVER, January 29, 2021 - Margaret Lake Diamonds Inc. ("MLD" or the "Company") (TSXV:DIA)(FKT:M85)(OTC PINK:DDIAF) announces the Morrison Copper-Gold Project Located in Omineca Region of British Columbia acquired August 6, 2020, by order of the British Columbia Gold Commissioner, has been returned to the previous leaseholder and the project has been dropped. The Company continues to work with the prospectors on potential administrative and legal remedies to reacquire the project. Further, the Board of Directors has approved the following changes in management:

1. Neil Foran has been appointed CEO.
2. George Kovalyov has been appointed as CFO and Director.
3. Patrick Butler has been appointed as a Director.

The Board of Directors of Margaret Lake Diamonds is:

1. Neil Foran.
2. George Kovalyov.
3. Jim Wiesenberg.
4. Patrick Butler.

The Audit committee is as follows:

1. George Kovalyov.
2. Patrick Butler.
3. Jim Wiesenberg.

Contact Information:

Neil Foran
Chief Executive Officer
(604) 681-7735
neil@margaretlakediamonds.com

Forward-Looking Statements

This press release contains forward-looking information or forward-looking statements (collectively "forward-looking information") within the meaning of applicable securities laws. Forward-looking information is typically identified by words such as: "believe", "expect", "anticipate", "intend", "estimate", "potentially" and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward-looking information provided by the Company is not a guarantee of future results or performance, and that actual results may differ materially from those in forward-looking information as a result of various factors. The reader is referred to the Company's public filings for a more complete discussion of such risk factors and their potential effects, which may be accessed through the Company's profile on SEDAR at www.sedar.com.

SOURCE: Margaret Lake Diamonds Inc.