WEST RED LAKE GOLD MINES LTD. COMPLETE BUSINESS COMBINATION |

VANCOUVER, BC, December 30, 2022 /CNW/ – West Red Lake Gold Mines Ltd. (“west red lake“) (TSXV: DLV.H) and West Red Lake Gold Mines Inc. (“RLG”) (CSE: RLG) are pleased to announce that they have completed their business combination pursuant to which west red lake has acquired all of the issued and outstanding common shares of RLG in consideration for the issuance of 0.1215 of a west red lake common share for each common share of RLG acquired (the “Transaction“).

Pursuant to the Transaction, RLG shareholders will receive 0.1215 (the “gear ratio“) of a west red lake common share for each common share of RLG held, resulting in a total of 35,451,916 west red lake common shares issued to RLG shareholders. Holders of RLG convertible securities will receive convertible securities of west red lake adjusted for the Exchange Ratio, resulting in the issuance of replacement options to acquire 978,075 west red lake common shares and substitution warrants to acquire 538,603 west red lake Common actions. In addition, 1,700,000 shares of West Red Lake common stock were issued to certain persons as discovery shares in connection with the Transaction.

In connection with the closing of the Transaction, the existing directors of west red lake have resigned, and the Board of Directors has been reconstituted to consist of tom meredith, John Heslop, ryan weymark, Susan Neale Y rob van egmond. Mr. Meredith has been named Executive Director, and Jasvir Kaloti he will continue as chief financial officer and corporate secretary.

After the transaction, west red lake will continue the RLG business, being the exploration and development of the West Red Lake Project located in the Red Lake Gold District of Northwestern Ontario, Canada. Please refer to western red lake press release dated August 16, 2022for more information about the property.

In connection with the Transaction, west red lake has changed its name from “DLV Resources Ltd.” to “West Red Lake Gold Mines Ltd.”. It is anticipated that west red lake will graduate to Level 2 of the TSX Venture Exchange as a Mining Issuer, and trading in its common shares will resume under the effective symbol “WRLG” Thursday, January 5^the2023. RLG common shares are expected to be delisted from the Canadian Stock Exchange on January 5^the2023. All common shares issued pursuant to the Transaction are free of any waiting period.

Besides, west red lake has granted a total of 3,775,000 stock options to directors, officers, consultants and employees of west red lake and to certain charities. The options are exercisable at a price of $0.50 per share for a period of 10 years from the grant date.

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 Canadian Stock Exchange has neither approved nor disapproved of the contents of this press release.

Certain statements contained in this press release constitute “forward-looking statements.” When used in this document, the words “anticipated”, “expect”, “estimated”, “forecast”, “planned” and similar expressions are intended to identify forward-looking statements or information. These statements are based on management’s current expectations; however, they are subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from the forward-looking statements in this press release. Readers are cautioned not to place undue reliance on these statements. west red lake does not undertake any obligation to revise or update any forward-looking statement as a result of new information, future events or otherwise after the date hereof, except as required by securities laws.

SOURCE West Red Lake Gold Mines Ltd.