Vancouver, British Columbia (October 22, 2020) – Cyon Exploration Ltd. (previously True Grit Resources Ltd.) (the “Company”) announces that the Company has acquired all the issued and outstanding shares (the “1266 Shares”) of 1266443 B.C. Ltd. (“1266”) pursuant to a share exchange agreement (the “Share Exchange Agreement”) dated October 21, 2020 among the Company, 1266 and shareholders of 1266 (the “Share Exchange Agreement”).  1266 is the beneficial owner of 131 mineral lode claims located on the Black Rock Canyon Project. 

Pursuant to the terms of the Share Exchange Agreement, as consideration for the sale and transfer of the 1266 Shares to the Company, the Company issued to the 1266 Shareholders an aggregate of 6,000,000 Common Shares and paid an aggregate cash payment of $100,000.

The Company anticipates that the acquisition of the 1266 Shares will constitute an Expedited Transaction pursuant to the policies of the TSX Venture Exchange.

The Company is also pleased to announce it has engaged Digitonic Ltd. to provide and oversee a comprehensive digital media marketing campaign for the Company.  This programmatic digital advertising campaign will run for 12 months at a total cost of $150,000 and include content creation, web development, media buying and distribution, advertising creative development, campaign reporting and optimization. Neither Digitonic Ltd. nor any of its directors and officers own any securities of the Company.

Cyon Exploration Ltd.

Per: “Byron Coulthard”

Byron Coulthard

President & CEO

Tel: 1.604.657.7004

Neither TSX Venture Exchange nor its Regulations Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.This release includes certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.

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