Gold Line Resources Ltd. announced the closing of the previously announced acquisition of the Oijärvi exploration reservation, located in Finland, pursuant to a purchase and sale agreement dated April 1, 2019 among the Company, Eurasian Minerals Sweden AB, Viad Royalties AB. The acquisition of the Oijärvi Extension from EMX, will add approximately 16,000 hectares to the Company's land position within the Oijärvi Greenstone Belt which, along with the Company's 2021 acquisition of the Oijärvi Gold Project from Agnico Eagle Mines Ltd. will establish Gold Line as the largest land package holder in the region, as well as the 100% controlling interest holder of the Oijärvi Greenstone Belt, an emerging gold belt in Finland. In consideration for the acquisition of the Oijärvi Reservation, the company has agreed to: (i) reimburse EMSAB for CND 30,000 representing certain costs associated with the Oijärvi Reservation; (ii) issue 1,125,000 common shares to EMX within 15 business days of the closing date, subject to final approval of the TSX Venture Exchange; (iii) grant the Sellers an uncapped 3% net smelter return royalty, subject to a purchase right in favour of the Company exercisable within six years from the Closing Date to acquire 1% of the NSR; and (iv) pay the Sellers annual advance royalty payments of 30 ounces of gold commencing on the second anniversary of the Closing Date, with each AAR payment increasing by five ounces of gold per year up to a maximum of 75 ounces of gold per year.

In addition, the Oijärvi Reservation will be held by the Sellers, in trust for the Company, until such time as the Oijärvi Reservation has been converted into an exploration permit application registered in the name of Gold Line or an affiliate thereof. While holding the Oijärvi Reservation and the Exploration Permit Application in trust for Gold Line, the Company will have the right to conduct exploration and development activities on or with respect to the project area, for purposes of determining viability of the project. The Consideration Shares will be subject to a hold period of four months plus one day.

The company believes that the Oijärvi Extension will be a highly prospective addition to the Gold Line portfolio, and that the relatively low amount of exploration within the Belt to date could result in significant upside potential for Gold Line. This is a rare opportunity for a single company to be able to control the entirety of an underexplored, yet highly prospective, greenstone belt. The Company plans to develop a robust exploration program within the region and build upon the promising data available to date.