Red Pine Shares Geophysical Interpretation of the Intrusive Related Gold System

TORONTO, June 15, 2023 - Red Pine Exploration Inc. (TSXV: RPX, OTCQB: RDEXF) ("Red Pine" or the "Company") reports that a transient magnetotelluric ("MT'') survey that was conducted for Red Pine in May 2017 on the Surluga project has been reinterpreted. One-hundred and thirty-seven stations were collected with a station and line spacing of 300 metres.

In 2017 a three-dimensional inversion of the phase-tensor, tipper and horizontal magnetic transfer function was performed and recently the results have been further refined and interpreted. The 3D inversion clearly shows that the Jubilee Stock is a large intrusive complex that is now known to host an intrusion-related gold system. This interpretation is supported by inversions of not only the Mt survey, but airborne time domain electromagnetics (EM) (VTEM), airborne magnetics (Hogg), drilling results, geochemistry, and surface mapping. Historical work from the OGS indicate that the Jubilee Stock is a shallow-level subvolcanic intrusion (Ontario Geological Survey Open File Report 5586), a critical ingredient for the formation of intrusion-related gold mineralization.

Highlights - Geophysics Interpretation (Figure 1)

• Large intrusive complex mapped; >7km strike X >5km and run over 3km deep.
• Demagnetization zones identified along structural corridors like the Jubilee sheer.
• Multiple areas of interest identified with significant discovery potential.
• Provides direction for current drill program in identifying the Intrusion Related Gold System ''IRGS".
• Illustrates the extension of the Jubilee and Hornblende shear to depths >1.5km
  

The correlation of the magnetic 3d inversion (for ease anti correlation shown - blue) adds significant credence to the revised interpretation. The interpreted intrusion is shown in orange and color varies with changes in the resistivity. Figure 2 clearly illustrates how the magnetic low wraps around the interpreted intrusive complex.

Figure 3 displays the overprint of the Jubilee and Minto shear within the IRGS. The "hole" within the IRGS is a result of the late fluid movement associated with the alteration system resulting in the Surluga and Minto resources respectively. Figure 4 is a cross section view looking North with both the interpreted Surluga and Hornblende shear zones clearly being overprinted with the intrusive complex.

The geophysical interpretation: the presence of deep-rooted resistivity anomalies (> 3000 m) that extend to shallow depth (< 200 m), and which in some cases coincide with local shear and fault structures provides evidence of a large intrusive system with well-developed pathways for fluid flow, a critical ingredient for mineral deposition.

Qualified Person

Quentin Yarie, P.Geo. and Chief Executive Officer of Red Pine and the Qualified Person, as defined by National Instrument 43-101, has reviewed, and approved the news release's technical information.

About Red Pine Exploration Inc.

Red Pine Exploration Inc. is a gold exploration company headquartered in Toronto, Ontario, Canada. The Company's shares trade on the TSX Venture Exchange under the symbol "RPX" and on the OTCQB Markets under the symbol "RDEXF".

The Wawa Gold Project is in the Michipicoten Greenstone Belt of Ontario, a region that has seen major investment by several producers in the last five years. Its land package hosts numerous historic gold mines and is over 6,900 hectares in size. Led by Quentin Yarie, CEO, who has over 25 years of experience in mineral exploration, Red Pine is strengthening its position as a major mineral exploration and development player in the Michipicoten region.

For more information about the Company, visit www.redpineexp.com

Or contact:
Quentin Yarie, President and CEO, (416) 364-7024, qyarie@redpineexp.com

Or

Carrie Howes, Director Corporate Communications, (416) 644-7375, chowes@redpineexp.com

1 National Instrument 43-101 Technical Report for the Wawa Gold Project, Brian Thomas P.Geo. Golder Associates Ltd, report effective August 18, 2021.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Note Regarding Forward-Looking Information

This news release contains statements which constitute "forward-looking information" within the meaning of applicable securities laws, including statements regarding the plans, intentions, beliefs and current expectations of the Company with respect to future business activities and operating performance.

Forward-looking information is often identified by the words "may", "would", "could", "should", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" or similar expressions. Forward-looking information contained in this news release includes but may not be limited to:" the potential for a hybrid pit and underground project". Investors are cautioned that forward-looking information is not based on historical facts but instead reflect management's expectations, estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Such opinions, assumptions and estimates are inherently subject to a variety of risks and uncertainties that could cause actual events or results to differ materially from those projected and undue reliance should not be placed on such information, as unknown or unpredictable factors could have material adverse effects on future results, performance or achievements. Among the key factors that could cause actual results to differ materially from those projected in the forward-looking information are the following: the Company's expectations in connection with the projects and exploration programs being met, the impact of general business and economic conditions, global liquidity and credit availability on the timing of cash flows and the values of assets and liabilities based on projected future conditions, fluctuating gold prices, currency exchange rates (such as the Canadian dollar versus the United States Dollar), variations in ore grade or recovery rates, changes in accounting policies, changes in the Company's mineral reserves and resources, changes in project parameters as plans continue to be refined, changes in project development, construction, production and commissioning time frames, the possibility of project cost overruns or unanticipated costs and expenses, higher prices for fuel, power, labour and other consumables contributing to higher costs and general risks of the mining industry, failure of plant, equipment or processes to operate as anticipated, unexpected changes in mine life, seasonality and weather, costs and timing of the development of new deposits, success of exploration activities, permitting time lines, government regulation of mining operations, environmental risks, unanticipated reclamation expenses, title disputes or claims, and limitations on insurance.

This information is qualified in its entirety by cautionary statements and risk factor disclosure contained in filings made by the Company, including the Company's annual information form, financial statements and related MD&A for the year ended July 31, 2022, and the interim financial reports and related MD&A for the period ended January 31, 2023, filed with the securities' regulatory authorities in certain provinces of Canada and available at www.sedar.com.

Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update this forward-looking information except as otherwise required by applicable law.

Figure 1 Location Map

https://www.globenewswire.com/NewsRoom/AttachmentNg/57659f04-e5b1-4249-908a-6915138dedaa

Figure 2 MT and Magnetic Susceptibility Inversions

https://www.globenewswire.com/NewsRoom/AttachmentNg/172513b4-9ac0-4c9f-95b1-2b87f5607f3c

Figure 3 Overprint of Shear Systems on the MT inversion

https://www.globenewswire.com/NewsRoom/AttachmentNg/611e82ac-b769-47c3-9d0c-e225d275bd08

Figure 4 Cross Section illustrating Overprint of Shear Systems

https://www.globenewswire.com/NewsRoom/AttachmentNg/ff8b69e4-2bb4-4307-bd46-43522769f185