STARR PEAK CLOSES STRATEGIC PRIVATE PLACEMENT

VANCOUVER, BC, May 4, 2023 /CNW/ - Starr Peak Mining Ltd. ("Starr Peak" or the "Company") (TSXV: STE) (OTCQX: STRPF) is pleased to announce that it has closed a non-brokered private placement of 6,250,000 units (the "Units") of the Company at a price of $0.40 per Unit for gross proceeds of $2,500,000. Each Unit consists of one common share and one-half of one share purchase warrant, with each share purchase warrant entitling the holder to acquire an additional common share of the Company at a price of $0.80 per share for a period of 18 months from the closing date.

Johnathan More, Chairman & CEO of Starr Peak, commented "We are pleased to welcome a new group of international investors to the Company. These funds will assist in the launch of a follow-up drill program on our NewMétal Property in Quebec."

In connection with the closing, the Company will pay finder's fees of up to 6% cash to certain finders. The shares and warrants comprising the Units are subject to a hold period expiring September 4, 2023.

On Behalf of the Board of Directors of Starr Peak Mining Ltd.,

"Johnathan More"

Johnathan More
Chairman and Chief Executive Officer

Starr Peak Mining Ltd. is a Canadian based mineral exploration company focused on the acquisition and exploration of precious and base metal mineral deposits. The primary objective of the Company is to acquire, explore and develop high potential and quality gold and base metal deposits and projects in the Americas. The Company is committed to creating long-term shareholder value through mineral discoveries.

Neither the 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 the content of this news release.

No securities regulatory authority has either approved or disapproved of the contents of this news release. The securities being offered have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws, and may not be offered or sold in the United States, or to, or for the account or benefit of, a "U.S. person" (as defined in Regulation S of the U.S. Securities Act) unless pursuant to an exemption therefrom. This press release is for information purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities of the Company in any jurisdiction.

This press release contains forward-looking information based on current expectations, including the use of funds raised under the Offering. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. Although such statements are based on management's reasonable assumptions, Starr Peak assumes no responsibility to update or revise forward-looking information to reflect new events or circumstances unless required by law.

Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These statements speak only as of the date of this press release. Actual results could differ materially from those currently anticipated due to several factors and risks including various risk factors discussed in the Company's disclosure documents which can be found under the Company's profile on www.sedar.com.

This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The TSXV has neither reviewed nor approved the contents of this press release.

SOURCE Starr Peak Mining Ltd.

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