BLUE LAGOON RESOURCES RETRACTION 2020-09-22

Clarification to Technical Disclosure

8:22PM ET on Tuesday Sep 22, 2020 by Accesswire

VANCOUVER, BC / ACCESSWIRE / September 22, 2020 / Blue Lagoon Resources Inc. (the "Company") (CSE:BLLG)(FSE:7BL)(OTCQB:BLAGF) announces that, as a result of a review by the British Columbia Securities Commission the Company is issuing the following news release to clarify its technical disclosure with respect to the independently prepared technical report titled "Preliminary Economic Assessment Dome Mountain Mine British Columbia, Canada" dated July 13, 2020 (the "Dome Report").

The BCSC staff have informed the Company that it has identified a number of examples where the Dome Report does not comply with the requirements of National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") and the requirements of Form 43-101F1 Technical Report ("Form 43-101F1"). As a result, the Company's preliminary economic assessment is not supported by a compliant NI 43-101 technical report and the Company has determined to hereby retract its technical disclosure relating to project economics, as originally announced in the Company's news release of May 19, 2020 and as disclosed in the Dome Report.

The Company is working with the independent authors of the report to prepare and file a current technical report to support the mineral resource disclosed in its May 19, 2020 news release. The Company currently expects to file an updated current technical report in draft with the BCSC within the next two weeks, and subject to clearing comments of the BCSC on SEDAR thereafter. As a result, investors should not rely on the results disclosed in the Dome Report pending a compliant technical report being filed.