Goldshore Resources Inc. Commences Trading on the TSX Venture Exchange

June 2, 2021

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE U.S.

VANCOUVER, B.C., June 2, 2021:  Goldshore Resources Inc. (formerly Sierra Madre Developments Inc.) (TSXV: GSHR) (the “Company”) is pleased to announce that at the opening of the market on June 4, 2021, the Company’s common shares will commence trading on the TSX Venture Exchange (the “TSXV”) under the ticker symbol “GSHR”.

On May 31, 2021, the Company announced the closing of its Reverse Takeover (as defined in TSXV Policy 5.2) (the “Transaction”). The Transaction was completed pursuant to the terms of an arrangement agreement (the “Amalgamation Agreement”) among the Company, 1284403 B.C. Ltd. and Goldshore Resources Inc. (“Former Goldshore”). Pursuant to the Amalgamation Agreement, the Company acquired all of the issued and outstanding shares of Former Goldshore by way of a “three-cornered” amalgamation pursuant to the provisions of the Business Corporations Act (British Columbia). The Transaction has now received all final approvals, including that of the TSXV. The total number of issued and outstanding common shares of the Company at the commencement of trading will be 100,295,260.

President and Chief Executive Officer, Brett A. Richards stated: “Today marks another historic milestone in Goldshore’s short evolution and we are truly excited that our shares will commence trading on the TSX Venture Exchange, having concluded a number of business transactions earlier in the week.”   Mr. Richards added: “We are also excited to be entering a favourable seasonal period at the Moss Lake Project whereby we can commence our exploration on the ground quite quickly, and get moving towards our strategic objectives”.

About Goldshore

Goldshore is an emerging junior gold developer, and owns the Moss Lake Gold Project located in Ontario. Wesdome Gold Mines Ltd. is currently a strategic shareholder of Goldshore with an approximate 30% equity position in the Company.  Well-financed after having completed a C$25 million financing and supported by an industry-leading management group, board of directors and advisory board, Goldshore is positioned to advance the Moss Lake Gold Project through the next stages of exploration and development.

For More Information – Please Contact:

Brett A. Richards
President, Chief Executive Officer and Director
Goldshore Resources Inc.
P. +1 604 288 4416 M. +1 905 449 1500
E. brichards@goldshoreresources.com
W. www.goldshoreresources.com

Sierra Madre Developments Inc.
“Hani Zabaneh”
Hani Zabaneh
CEO & Director

Cautionary Note Regarding Forward-Looking Statements

This news release contains statements that constitute “forward-looking statements.” Such forward looking statements involve known and unknown risks, uncertainties and other factors that may cause Sierra Madre’s, Goldshore’s and the Resulting Issuer’s actual results, performance or achievements, or developments to differ materially from the anticipated results, performance or achievements expressed or implied by such 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.

Forward-looking statements in this document include, among others, statements relating to expectations regarding the completion of the Business Combination (including all required approvals), the listing on the TSX-V, the use of proceeds from the Offerings, the satisfaction of the Escrow Release Conditions, payment of the Agents’ commission from escrow, the conversion of the Offered Securities, the business plans of the Resulting Issuer, and other statements that are not historical facts. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors and risks include, among others: that there is no assurance that the parties hereto will obtain the requisite director, shareholder and regulatory approvals for the Business Combination, and there is no assurance that the Business Combination will be completed as anticipated, or at all; following completion of the Business Combination, the Resulting Issuer may require additional financing from time to time in order to continue its operations which may not be available when needed or on acceptable terms and conditions acceptable; compliance with extensive government regulation; domestic and foreign laws and regulations could adversely affect the Resulting Issuer’s business and results of operations; the stock markets have experienced volatility that often has been unrelated to the performance of companies and these fluctuations may adversely affect the price of the Resulting Issuer’s securities, regardless of its operating performance; and the impact of COVID-19.

The forward-looking information contained in this news release represents the expectations of Sierra Madre and Goldshore as of the date of this news release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. Neither Sierra Madre nor Goldshore undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.

This news release does not constitute an offer to sell, or a solicitation of an offer to buy, any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
Completion of the transactions are subject to a number of conditions, including but not limited to, TSX-V acceptance and if applicable, disinterested shareholder approval. Where applicable, the transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the transaction will be completed as proposed or at all.

Investors are cautioned that, except as disclosed in the management information circular or filing statement to be prepared in connection with the transactions, any information released or received with respect to the transactions may not be accurate or complete and should not be relied upon. Trading in the securities of Sierra Madre (and the Resulting Issuer) should be considered highly speculative.

The TSX-V has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this news release.

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