Group Eleven Announces Grant of Deferred Share Units

VANCOUVER, June 12, 2023 - Group Eleven Resources Corp. (TSXV: ZNG) (OTC: GRLVF) (FRA: 3GE) ("Group Eleven" or the "Company") announces that it has issued a total of 1,714,284 deferred share units ("DSUs") to three independent directors as settlement of remuneration owing for directorship services ($20,000 per director per year) provided in fiscal years 2020 and 2022, in accordance with the provisions of the Company's deferred share unit plan.

Correction to Terms of Finder's Warrants

Further to the Company's news release dated May 26, 2023 announcing the closing of the Company's private placement of units (the "Closing News Release"), the Closing News Release incorrectly stated that the Company issued 102,600 finder's warrants (the "Finder's Warrants") which are exercisable into one common share in the capital of the Company (a "Finder's Warrant Share") at a price of $0.09 per Finder's Warrant Share for a period of 36 months from the date of issuance. The Company wishes to correct the Closing News Release by clarifying that the Finder's Warrants are exercisable at a price of $0.15 per Finder's Warrant Share.

Group Eleven Resources Corp. (TSX.V: ZNG; OTC: GRLVF and FRA: 3GE) is a mineral exploration company focused on advanced stage zinc exploration in Ireland. Additional information about the Company is available at www.groupelevenresources.com.

ON BEHALF OF THE BOARD OF DIRECTORS
Bart Jaworski, P.Geo.
Chief Executive Officer

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 Group Eleven Resources Corp.