Group Eleven Grants Incentive Stock Options and Enters into Agreement with Oak Hill Financial Inc.

VANCOUVER, Oct. 13, 2023 /CNW/ - Group Eleven Resources Corp. (TSXV: ZNG) (OTCBB: GRLVF) (FRA: 3GE) ("Group Eleven" or the "Company") announces that it has granted incentive stock options, to directors, officers and employees of the Company to purchase up to 1,435,000 common shares in the capital stock of the Company. These options vest over a period of two years from the date of grant, at an exercise price of $0.11 per share.  All options granted are subject to regulatory approval.

The Company is also pleased to announce that it has entered into an agreement (the "Agreement") with Oak Hill Financial Inc. ("Oak Hill"), an arm's length party to the Company, to provide marketing services to the Company to enhance its investor relations and marketing functions. Oak Hill is a marketing and consulting firm based out of Toronto, Ontario, Canada. The Agreement is for an initial period of 2-months (the "Initial Term"). If the Agreement is not terminated during the Initial Term, the term will automatically renew on a monthly basis. Under the Agreement, the Company has agreed to pay Oak Hill a fee of $8,000 (plus expenses and applicable taxes) per month, up to a maximum of $11,000 per month, to be paid from the Company's existing working capital. Oak Hill does not currently own any securities of the Company and no options are payable to Oak Hill as part of the Agreement. The Agreement is subject to TSXV approval.

Group Eleven Resources Corp. (TSX.V: ZNG; OTCBB: GRLVF and FRA: 3GE) is a mineral exploration company focused on advanced stage zinc exploration in Ireland. Additional information about the Company is available at www.groupelevenresources.com.

ON BEHALF OF THE BOARD OF DIRECTORS

Bart Jaworski, P.Geo.

Chief Executive Officer

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.

This press release contains forward-looking statements within the meaning of applicable securities legislation. Such statements include, without limitation, statements regarding the future results of operations, performance and achievements of the Company, including the timing, content, cost and results of proposed work programs, the discovery and delineation of mineral deposits/resources/ reserves and geological interpretations. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward looking statements as a result of various factors, including, but not limited to, variations in the nature, quality and quantity of any mineral deposits that may be located. All of the Company's public disclosure filings may be accessed via www.sedar.com and readers are urged to review these materials, including the technical reports filed with respect to the Company's mineral properties.

SOURCE Group Eleven Resources Corp.