Dr. Georg Josef Pollert Announces an Increase in His Ownership of the Common Shares of Blue Star Gold Corp.

BERLIN, Oct. 07, 2020 (GLOBE NEWSWIRE) -- Dr. Georg Josef Pollert (the "Acquiror"), a director of Blue Star Gold Corp. (the "Company") announces that, on October 6, 2020, he has acquired ownership of 14,000,000 common shares (the "Shares") at $0.075 per Share, for a total exercise price of $1,050,000, pursuant to an exercise of warrants (the "Warrants").

Prior to the exercise of Warrants, the Acquiror held 56,913,313 Shares, 1,000,000 incentive stock options (the "Options"), 77,500,000 Warrants and 5,375 convertible debentures (the "Debentures") (convertible into 107,500,000 Shares) and was conditionally entitled to receive a maximum of 4,217,771 bonus shares (the "Bonus Shares") under the terms of an existing loan agreement between the Company (as borrower) and the Acquiror (as lender) and the Acquiror's non-diluted shareholdings represented approximately 34.54% of the Company's issued and outstanding Shares.

As a result of the issuance of the Shares on October 6, 2020, the Acquiror now holds 70,913,313 Shares, 1,000,000 Options, 63,500,000 Warrants and 5,375 Debentures (convertible into 107,500,000 Shares) and is conditionally entitled to receive a maximum of 4,217,771 Bonus Shares. The Acquiror's non-diluted shareholdings now represent approximately 39.66% of the Company's issued and outstanding Shares.

Thus on a partially diluted basis (i.e., assuming full exercise of all Warrants and Options, full conversion of all Debentures by the Acquiror, receipt by the Acquiror of the maximum number of Bonus Shares, and no other issuances of Shares by the Company), the Acquiror would hold a total of 247,131,084 Shares, representing approximately 69.61% of the Company's issued and outstanding Shares.

The Shares were acquired by the Acquiror for investment purposes. The Acquiror may increase or decrease its ownership of securities of the Company as the circumstances or market conditions warrant.

To obtain a copy of the early warning report filed by the Acquiror, please contact the Acquiror at 011.49.172.946.1380 or refer to the Company's SEDAR profile at www.sedar.com.