Vancouver, British Columbia--(Newsfile Corp. - September 15, 2022) - DLV Resources Ltd. (TSXV: DLV.H) ("DLV") and West Red Lake Gold Mines Inc. (CSE: RLG) ("RLG") are pleased to announce that they have entered into an amalgamation agreement in connection with the previously announced binding agreement pursuant to which DLV has agreed to acquire all of the issued and outstanding common shares of RLG in consideration for the issuance of 0.1215 of a DLV common share for each RLG common share acquired (the "Transaction").

RLG currently intends to hold a shareholder meeting on November 10, 2022 in connection with obtaining its requisite shareholder approvals for the Transaction.

The Transaction is subject to customary closing conditions, including regulatory approvals, and receipt of required approvals from the shareholders of RLG.

ON BEHALF OF DLV RESOURCES LTD.

"Geir Liland"

Geir Liland,
Chief Executive Officer

For further information, please contact:
Jasvir Kaloti
CFO & Corporate Secretary

Tel: (604) 609-6110

ON BEHALF OF WEST RED LAKE GOLD MINES LTD.

"John Kontak"

John Kontak
President

For further information, please contact:
John Kontak
President

Tel: (416) 203-9181

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.

The Canadian Securities Exchange has neither approved nor disapproved the contents of this news release.

Certain statements contained in this news release constitute "forward-looking statements". When used in this document, the words "anticipated", "expect", "estimated", "forecast", "planned", and similar expressions are intended to identify forward-looking statements or information. These statements are based on current expectations of management, however, they are subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from the forward-looking statements in this news release. Readers are cautioned not to place undue reliance on these statements. Neither DLV nor RLG undertakes any obligation to revise or update any forward-looking statements as a result of new information, future events or otherwise after the date hereof, except as required by securities laws.

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES OR TO A U.S. PERSON

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