AurCrest Gold announces $1,000,000 Brokered Flow-Through Private Placement

TORONTO, February 25, 2021 - AurCrest Gold Inc. (the "Company" or "AurCrest") (TSXV:AGO) is pleased to announce that it is proceeding with a brokered private placement (the "Offering") of up to 3,333,333 flow-through units (the "FT Units") of the Company at a price of $0.30 per FT Unit for up to $1,000,000. The Offering is being led on a best efforts basis by IBK Capital Corp. The gross proceeds of the Offering will be used to fund exploration activities at the Company's Ranger Lake and Richardson Lake properties, including drilling and further geochemical surveys at the Ranger Lake gold property.

Each FT Unit consists of one (1) flow-through common share of the Company and one (1) common share purchase warrant (a "Warrant"). Each Warrant entitles the holder to acquire one (1) common share until two (2) years from the closing of the Offering ("Closing") at a price of $0.40.

The Company has agreed to pay IBK Capital a commission of 7% cash and issue broker warrants ("Broker Warrants") equal to 10% of the number of FT Units sold under the Offering. Each Broker Warrant is exercisable at a price of $0.30 for two (2) years from Closing to acquire a Unit comprising one (1) common share and one (1) Warrant.

The Company has also granted IBK Capital an option to purchase up to an additional 25% of the FT Units exercisable at any time until 48 hours prior to Closing.

"I am very pleased that our exciting work with the Ranger Lake gold property is able to drive forward with this Offering," stated Mr. Chris Angeconeb, President and CEO of AurCrest. "We are eager to further define a potentially significant exploration target in such close proximity to the historic Red Lake gold camp and the Municipality of Red Lake. This new target represents a great opportunity for economic advancement of our local indigenous communities as well as our local exploration services and populace."

"As long-term shareholders of the Company, we are delighted to continue to support Chris and his team as they prepare to commence drilling on their exciting Ranger Lake gold project in Red Lake," stated Mike White, President and CEO of IBK Capital Corp.

All securities to be issued pursuant to the above-referenced private placement will be subject to a statutory four month and one day hold period. The Offering is subject to approval from the TSX Venture Exchange.

AurCrest Gold is a leader in the First Nations advancement into shared participation and inclusion in the regional mining opportunities and counts as its board of directors and management, past and present, many indigenous business and cultural leaders. AurCrest is proud to play a leading role in the gold exploration of Northwestern Ontario, especially in the Birch-Uchi Greenstone Belt and the Red Lake mining district, as it forges new business relationships between Canada's founding cultures.

About IBK Capital Corp.

IBK Capital is an independent and privately owned investment banking firm which offers a full range of financial advisory services. Such services include private placements of equity and debt, going public by way of reverse take-over, merger, acquisition and divestiture advisory services, valuations, fairness opinions and take-over defence planning. The Firm's corporate objective is to provide the highest quality independent financial advisory services to its clients.

About AurCrest Gold Inc.

AurCrest is a mineral exploration company focused on the acquisition, exploration, and development of gold properties. AurCrest has a portfolio of properties in Ontario, which include the Richardson Lake and Bridget Lake gold properties.

FOR FURTHER INFORMATION PLEASE CONTACT:

AurCrest Gold Inc.

Christopher Angeconeb
President and C.E.O
(807) 737-5353
christopherangeconeb@gmail.com

Ian Brodie-Brown
Director of Business Development
(416) 844-9969
ianbrodiebrown@gmail.com

Forward Looking Statement:

Some of the statements contained herein may be forward-looking statements which involve known and unknown risks and uncertainties. Without limitation, statements regarding potential mineralization and resources, exploration results, and future plans and objectives of the Company are forward looking statements that involve various risks. The following are important factors that could cause the Company's actual results to differ materially from those expressed or implied by such forward looking statements: changes in the world wide price of mineral commodities, general market conditions, risks inherent in mineral exploration, risks associated with development, construction and mining operations, the uncertainty of future profitability and the uncertainty of access to additional capital. There can be no assurance that forward-looking statements will prove to be accurate as actual results and future events may differ materially from those anticipated in such statements. AurCrest undertakes no obligation to update such forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on such forward-looking statements.

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.

SOURCE: AurCrest Gold Inc.