Gold Rush Cariboo Corp. Announces Change of Management and Delay in Interim Financial Statements Due To COVID-19

Toronto, Ontario--(Newsfile Corp. - May 12, 2020) - Gold Rush Cariboo Corp. (TSXV GDBO) (OTC: SGRWF) ("Gold Rush" or the "Company") announces that John Dyer, director and Chief Financial Officer, has resigned effectively immediately. The Company wishes to thank Mr. Dyer for his contribution to the Company and wishes him success in his future endeavors. The Company is also pleased to announce the appointment of Mr. Aleem Nathwani to the Board of Directors.

Mr. Nathwani has over sixteen years of experience working with and advising startups, from inception through to acquisition or public offering. He was one of the earliest team members at Nutanix (NASDAQ: NTNX, $6B+ MCAP), pioneers in the hybrid-cloud space, where he played key roles in driving business development. He also held strategic leadership roles within Telus Communications, incubating technology infrastructure and outsourcing deals for large enterprise customers, helping grow their portfolio to $100M+. Mr. Nathwani has also held advisor and board positions with a number of public and private companies.

In addition, the Company intends to participate in the blanket relief program announced on March 18, 2020 (the "Blanket Order") by the Canadian Securities Administrators (the "CSA") extending deadlines to file financial statements and Management Discussion and Analysis ("MD&A"). The Company confirms that it is relying on the relief therein in respect of its interim financial statements and MD&A for the interim period ended March 31, 2020, which it intends to file by the end of May. Until the Company has filed such financial statements and MD&A, insiders of the Company are subject to the Company's share trading and black-out policy.

Other than as previously disclosed by the Company, there have been no material business developments since the date of the interim financial statements and MD&A that were filed by the Company on March 2, 2020.

Conan Taylor

We Seek Safe Harbour

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.

Forward-Looking Statements

Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties, including, but not limited to, the timing of future exploration work or drilling, and the expansion of the mineralization. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of Gold Rush Cariboo Inc.., including, but not limited to, the impact of general economic conditions, industry conditions, volatility of commodity prices, risks associated with the uncertainty of exploration results and estimates, currency fluctuations, dependency upon regulatory approvals, the uncertainty of obtaining additional financing and exploration risk. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. This press release is not, and is not to be construed in any way as, an offer to buy or sell securities in the United States.

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