Pegasus Resources Closes Agreements Pertaining to its Confederation Lake Properties

VANCOUVER, British Columbia, June 22, 2022 (GLOBE NEWSWIRE) -- Pegasus Resources Inc. (TSX-V: PEGA: Frankfurt ? OQS2, OTC/Pink Sheet symbol: SLTFF) (the "Company" or "Pegasus") is pleased to report that further to its news release of April 27, 2022, it has now closed the transactions with Trillium Gold Mines Inc. ("Trillium") and Imagine Lithium Inc. (formerly "Infinite Ore Corp.") ("Imagine") pertaining to certain claims within the Confederation Lake region.

Concurrent with the closing, Trillium paid Pegasus $20,000 in cash, and issued 100,000 common shares in the capital of Trillium to earn into certain option agreements that Trillium assumed (with certain amendments from previous option agreements between Imagine and Pegasus). Further, upon closing, Imagine issued 1,500,000 common shares to Pegasus to otherwise satisfy the obligations under the Dixie North Option Agreement and the Fredart Agreement (as defined and identified in the April 27, 2022 news release) between Imagine and Pegasus.

Further to Imagine's receipt of TSX Venture Exchange ("TSXV") approval, Imagine delivered to Pegasus $150,000 cash and 1,000,000 common shares of Imagine as per the Garnet Agreement (as defined and identified in the April 27, 2022 news release) and relinquished the right to complete the option for the claims under the Garnet Agreement. This provides the Company with most of the anticipated compensation under the Garnet Agreement and returns control of the claims to the Company. Similarly, Pegasus received TSXV approval on May 11, 2022 for the issuance to Imagine of 5,000,000 common shares in the capital of Pegasus, as part of, among other things the return of the Fredart claims. These common shares have a hold period of four months and one day from the date of issuance.

About Pegasus Resources Inc.
Pegasus Resources Inc. is a diversified Junior Canadian Mineral Exploration Company with a focus on uranium, gold and base metal properties in North America. The Company is also actively pursuing the right opportunity in other resources to enhance shareholder value. For additional information please visit the Company at www.pegasusresourcesinc.com or contact Charles Desjardins at
[email protected].

On Behalf of the Board of Directors

Charles Desjardins
CEO, CFO and Director
Pegasus Resources Inc.
700 ? 838 West Hastings Street
Vancouver, BC V6C 0A6
PH: 1-604-369-8973
E: [email protected]

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
Statements included in this announcement, including statements concerning the Company's plans, intentions and expectations, which are not historical in nature are intended to be, and are hereby identified as, "forward-looking statements". Forward-looking statements may be identified by words including "anticipates", "believes", "intends", "estimates", "expects" and similar expressions. The Company cautions readers that forward-looking statements, including without limitation those relating to the Company's future operations and business prospects, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements.