Conquest Resources Grants Incentive Stock Options

Toronto, Ontario--(Newsfile Corp. - February 10, 2021) - Conquest Resources Limited (TSXV: CQR) ("Conquest" or the "Company") reports that the Board of Directors has approved the granting of 4,175,000 incentive stock options to directors, officers, consultants and other service providers under to the Company's Stock Option Plan, subject to TSX Venture Exchange approval.

All of the stock options are exercisable at a price of $0.20 per share for a term of five years and will vest quarterly over a period of two years.

Additionally, the Board of Directors has approved the granting of 50,000 incentive stock options to Stock Marketing Inc for advisory and marketing services to the Company exercisable at a price of $0.20 per share for a term of one year.

As of the date hereof, the total number of Conquest shares outstanding is 132,587,106.

ABOUT CONQUEST

Conquest Resources Limited, incorporated in 1945, is a mineral exploration company that is exploring for gold on mineral properties in Ontario.

Conquest holds a 100% interest in the Golden Rose Project, located in the Temagami Mining Camp at Emerald Lake, approximately 65 kilometres northeast of Sudbury, Ontario, which hosts the former Golden Rose Gold Mine.

In October 2020, Conquest completed the acquisition of Canadian Continental Exploration Corp., and subsequently doubled its land holdings through the staking of 588 mining cells, centered on Belfast Township, on the edge of the Temagami Magnetic Anomaly. Conquest now controls over 220 sq km of underexplored territory, including the past producing Golden Rose Mine at Emerald Lake, in the Temagami Mining Camp.

Conquest also holds a 100% interest in the Alexander Gold Property located immediately east of the Red Lake and Campbell mines in the heart of the Red Lake Gold Camp on the important "Mine Trend" regional structure. Conquest's property is almost entirely surrounded by Evolution Mining land holdings.

In addition, Conquest owns a 100% interest in the Smith Lake Gold Property of six patented claims and 181 staked mining claims to the north, west and south of the former Renabie Gold Mine in Rennie Township in northern Ontario, operated by Corona and Barrick that had reported gold production of over 1,000,000 ounces between 1947 and 1991 (Northern Miner March 4, 1991).

FOR FURTHER INFORMATION CONTACT:

general@ConquestResources.com
www.ConquestResources.com

John F. Kearney
Chairman
416-362-6686

Tom Obradovich
President & Chief Executive
416-985-7140

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/74155