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Colibri Announces Financial Statements Filed and AGM Rescheduled

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Dieppe, New Brunswick--(Newsfile Corp. - July 27, 2022) - Colibri Resource Corporation (TSXV: CBI) ("Colibri" or the "Company") Further to the Company's news releases disseminated on April 29 and May 18, 2022, Colibri is pleased to announce that it has filed: (i) audited financial statements for the period ending December 31, 2021; (ii) unaudited quarterly financial statements for the 3 month period ending March 31, 2022; (iii) management discussion and analysis for each period; and (iv) officer certifications (collectively, the "Required Filings") on SEDAR at www.sedar.com.

As previously disclosed, the delay in completing and filing the Required Filings resulted from unforeseen cross border reporting and procedural requirements involving the Company's operations in Mexico.

Although the Required Filings have been made, trading in the Company's common shares will not resume until:

  1. a cease trade order originally issued on May 11, 2022 by the Financial and Consumer Services Commission of News Brunswick has been revoked; and

  2. the TSX Venture Exchange has approved the reinstatement of the trading of the Company's common shares.

A further news release will be issued as and when the foregoing matters have been completed. Management wishes to thank shareholders for their patience and understanding during this time.

The Company also wishes to announce that, further to its news release of May 18, 2022, it has rescheduled its annual general meeting of shareholders to Friday, September 9, 2022 for shareholders of record as of August 5, 2022. Meeting materials are currently in preparation and will be posted on www.sedar.com once they are available.

"We do thank shareholders for being so patient. Be assured that measures and processes have been added to ensure that this sort of event will not happen again in the future. In spite of the trading halt, the Company and its team have continued to advance its projects Mexico without interruption. In addition, to completing its Phase 1 exploration drilling program at the Evelyn Gold Project in June, Colibri and its partner Silver Spruce have initiated a 2,000m Phase 1 drilling program at the highly prospective Diamante Gold & Silver Project. Furthermore, its option partner Tocvan Ventures has completed an additional drilling program at the Pilar Gold & Silver Project and is swiftly advancing towards a resource estimate," said Ron Goguen, President & CEO of Colibri.

About Colibri Resource Corporation

Colibri is a Canadian-based mineral exploration company listed on the TSX-V (CBI) and is focused on acquiring and exploring prospective gold & silver properties in Mexico. The Company has six exploration projects of which five currently have exploration programs being executed in 2022. (1) The flagship Evelyn Gold Project is 100% owned and explored by Colibri, (2) the Pilar Gold & Silver Project (optioned to Tocvan Ventures Corp. - (CSE: TOC), (3) the El Mezquite Gold & Silver Project, (4) the Jackie Gold & Silver Project, and (5) the Diamante Gold & Silver Project. 3,4, and 5 are subject to 50% earn-in agreements by Silver Spruce Resources Inc. - (TSXV: SSE).

For more information about all Company projects please visit: www.colibriresource.com.

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.

Forward-Looking Statements

This news release contains statements and information that, to the extent that they are not historical fact, may constitute "forward-looking information" within the meaning of applicable securities legislation. Forward-looking information may include financial and other projections, as well as statements regarding future plans, objectives or economic performance, or the assumption underlying any of the foregoing. In some cases, forward-looking statements can be identified by terms such as "may", "would", "could", "will", "likely", "except", "anticipate", "believe", "intend", "plan", "forecast", "project", "estimate", "outlook", or the negative thereof or other similar expressions concerning matters that are not historical facts. Examples of such statements include, but are not limited to the reinstatement and/or trading of its common shares. Forward-looking information is based on the assumptions, estimates, analysis and opinions of management made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances at the date that such statements are made, but which may prove to be incorrect.

Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking information and other related risks as set out in the Company's public documents filed on SEDAR. Accordingly, readers should not place undue reliance on any such forward-looking information. Further, any forward-looking information speaks only as of the date on which such statement is made. New factors emerge from time to time, and it is not possible for the Company's management to predict all of such factors and to assess in advance the impact of each such factor on the Company's business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking information. The Company does not undertake any obligation to update any forward-looking information to reflect information or events after the date on which it is made or to reflect the occurrence of unanticipated events, except as required by law, including securities laws.

For further information, please contact:

Ronald J. Goguen, President, CEO and Director
Tel: (506) 383-4274

rongoguen@colibriresource.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/132109