Cypress Hills Resource Corp. Provides Update on $1.35 Million Non-Brokered Private Placement Financing

Vancouver, British Columbia--(Newsfile Corp. - May 29, 2023) - Cypress Hills Resource Corp. (TSXV: CHY) (the "Company") announces that further to its press release of April 17, 2023, the non-brokered private placement (the "Private Placement") of up to 15,000,000 shares at a price of C$0.09 per share remains ongoing and, subject to TSX Venture Exchange ("Exchange") approval, is expected to close at the end of June 2023.

Proceeds of the Private Placement will be used for additional project acquisitions and for general corporate and working capital purposes.

The Company may pay a finder's fee in connection with the Private Placement to eligible finders in accordance with the policies of the Exchange and applicable securities laws consisting of a cash commission of up to 5% of the gross proceeds of the Private Placement.

The Private Placement is subject to approval of the Exchange, and all securities of the Company issued pursuant to the Private Placement will be subject to a four month hold period from the date of issuance. The Private Placement will not result in the creation of a new control person of the Company.

For further information on the contents of this news release or the activities of Cypress please contact:

Richard A. Graham, P. Geol
President and Chief Executive Officer
Tel. (604) 689-1428

Cautionary Statements

Neither 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.

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

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