Arctic Star Exploration Grants Stock Options

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(TheNewswire)

TheNewswire – January 10, 2022 – Arctic Star Exploration Corp. (TSXV:ADD)(OTC:ASDZF)(FRA:82A1.F) (“Arctic Star” or the “Company”) announces it has granted 200,000 stock options (the “Options”) of the Company to A.C.O. Enterprises Corp. (“A.C.O. Enterprises”) pursuant to marketing agreement previously announced on December 15, 2021 (the “Option Grant”). Each Option entitles A.C.O. Enterprises to purchase one common share of the Company (“Common Share”) at a price of $0.10 per Common Share until December 4, 2024. One quarter of the Options will vest every three months following the date of grant until the first anniversary of the date of grant. The Option Grant was made in accordance with Policy 4.4 – Security Based Compensation of the TSX Venture Exchange (the “Exchange”) and the terms and conditions of the Company’s stock option plan, and remains subject to approval by the Exchange.

In reference to the recently announced closing of the private placement described in the Company’s news release dated December 31, 2021, TSX Venture Exchange approval has been received and the Company has paid a finder’s fee of $3,675 to Haywood Securities Inc.

About Arctic Star Exploration

Arctic Star is predominantly a diamond explorer, recently discovering 5 new kimberlites in the prolific Lac De Gras kimberlite field that supports 2 multi billion dollar kimberlite mining complexes. The company also has a 958Ha Exploration permit containing several diamond bearing kimberlites on its Timantti project, Kuusamo Finland. Arctic Star has optioned its Stien diamond project in Nunavut to GGL diamonds who plan work once Covid restrictions lift. The company continues to look for appropriate diamond opportunities elsewhere.

About A.C.O. Enterprises

A.C.O. Enterprises is a real estate investment company based in Vancouver B.C., providing investors with turnkey investment properties A.C.O Enterprises is owned by Tamir Ofri. Other than as described in this news release, A.C.O. Enterprises has no interest, directly or indirectly in Arctic Star’s securities, or any right or intent to acquire such and interest.

ON BEHALF OF THE BOARD OF DIRECTORS OF ARCTIC STAR EXPLORATION CORP.

Patrick Power, President & CEO

+1 (604) 218-8772

ppower@arcticstar.ca

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.

Cautionary Statement Regarding “Forward-Looking” Information

This news release contains “forward-looking statements” including but not limited to statements with respect to Arctic Star’s plans, Covid restrictions and the Options. Forward-looking statements, while based on management’s best estimates and assumptions, are subject to risks and uncertainties that may cause actual results to be materially different from those expressed or implied by such forward-looking statements. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Factors that could affect our plans include our potential inability to raise funds as intended, and in such event, we may require all funds raised, if any, to be used for working capital rather than the intended uses as outlined. Accordingly, readers should not place undue reliance on forward‐looking statements. Arctic Star undertakes no obligation or responsibility to update forward‐looking statements, except as required by law.

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