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Vancouver, British Columbia – November 22, 2023: Blue Star Gold Corp. (TSXV: BAU) (OTCQB: BAUFF) (FSE: 5WP0) (“Blue Star” or the “Company”) announces that, further to its news releases of October 30, 2023 and November 3, 2023, and subject to the final approval of the TSX Venture Exchange (the “Exchange”), it has closed the second tranche of its non-brokered private placement of $1,450,000 through the issuance of 3,625,000 flow-through shares (each a “FT Share”) at $0.40 per FT Share (the “Private Placement”). The Company has raised total funds of $3,350,000 in tranches one and two of the Private Placement.

The FT Shares qualify as flow-through shares for purposes of the Income Tax Act (Canada). The Company will renounce said expenditures to the investors for the taxation year ending December 31, 2023 under the look-back rule.

All securities issued are subject to a four-month and one day hold period pursuant to securities laws in Canada and the Exchange Hold Period, expiring on March 23, 2024. The Company intends to use the net proceeds from the Private Placement to incur Canadian exploration expenses (the “Qualifying Expenditures”) on its projects in Nunavut prior to December 31, 2024.

The Company paid finder’s fees in the amount of $87,000 cash and 217,500 non-transferable finder’s warrants (each a “Finder’s Warrant”) to Echelon Wealth Partners Inc., Middlefield Capital Corporation and GloRes Securities Inc. Each Finder’s Warrant is exercisable at $0.40 per common share for a period of two years from the closing date of the Private Placement.

Additionally, due to high demand, the Company has increased the size of its Private Placement from $2,500,000 to $3,750,000 through the issuance of up to a maximum of 9,375,000 FT Shares in all tranches of the Private Placement. The Company anticipates closing the final tranche of the Private Placement in early December.

About Blue Star Gold Corp.

Blue Star is a mineral exploration and development Company focused in Nunavut, Canada. Blue Star's landholdings total 270 square kilometres of highly prospective and underexplored mineral properties in the High Lake Greenstone Belt. The Company owns the Ulu Gold Project, comprised of the Ulu Mining Lease and Hood River Property, and the Roma Project. A significant high-grade gold resource exists at the Flood Zone deposit (Ulu Mining Lease), and numerous high potential exploration target areas occur throughout the Company's extensive landholdings, providing Blue Star with excellent resource growth potential.

Blue Star is listed on the TSX Venture Exchange under the symbol: BAU, the U.S. OTCQB Venture Market under the symbol: BAUFF, and on the Frankfurt Exchange under the symbol: 5WP0. For information on the Company and its projects, please visit our website: www.bluestargold.ca.

For further information, please contact:

Grant Ewing, P. Geo., CEO
Telephone: +1 778-379-1433
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Raffi Elmajian, Corporate Communications Manager
Telephone: +1 778-379-1433
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

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 securities referred to in this news release have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from the U.S. registration requirements.

This news release does not constitute an offer for sale of securities for sale, nor a solicitation for offers to buy any securities. Any public offering of securities in the United States must be made by means of a prospectus containing detailed information about the company and management, as well as financial statements