Fabled Silver Gold Corp. ("Fabled" or the "Company") (TSXV:FCO)(OTC PINK:FBSGF)(FSE:7NQ) wishes to provide an update on its previously announced agreement with Kootenay Silver Inc. to acquire the Mecatona Property (the "Mecatona Property") located in Chihuahua, Mexico (the "Proposed Transaction") as announced and further described in the Company's press release dated February 21, 2023.

The Company has been in the process of preparing required documentation in respect of the Proposed Transaction including a NI 43-101 Technical Report on the Mecatona Property. The Company is continuing to correspond with the TSX Venture Exchange (the "TSXV") regarding the Proposed Transaction and will provide further updates in due course.

Private Placement

The Company further announces that it intends to complete a non-brokered private placement financing of units ("Unit") for gross proceeds of up to C$500,000 at a price of C$0.05 per Unit (the "Offering").

Each Unit will consist of one common share (a "Common Share") in the capital of the Company and one Common Share purchase warrant (a "Warrant") of the Company. Each Warrant shall be exercisable to acquire one Common Share at a price of C$0.10 per share for a period of 24 months from the closing date of the Offering. The Warrants shall each be subject to an acceleration right exercisable by the Company which will force the exercise of the Warrants should the Company's Common Shares trade at or above a volume-weighted average price of $0.20 on the TSXV for any 20 consecutive trading days following the closing date of the Offering.

Closing is expected to occur concurrent with, and conditional upon, the closing of the Proposed Transaction. The Company may pay a finders fee in appropriate circumstances in respect of subscriptions for Units by investors introduced to the Company by finders.

All securities issued pursuant to the Offering will be subject to a hold period of four months and one day from the date of issuance, in accordance with applicable securities laws.

Closing of the Offering is subject to the approval of the TSXV and the receipt of all required regulatory approvals, including approval of the Proposed Transaction.

The proceeds from the Offering will be used by the Company to complete a Phase 1 exploration program on the Mecatona Property and for general working capital purposes.

About Fabled Silver Gold Corp.

Fabled is focused on acquiring and exploring properties in Mexico. The Company has an experienced management team with multiple years of involvement in mining and exploration in Mexico. The Company's mandate is to focus on acquiring precious metal properties in Mexico with blue-sky exploration potential.

The Company has entered into a binding letter of intent with Kootenay Silver Inc. and is seeking to acquire the Mecatona Property located in the Parral Silver Mining District.

Contact Information:

Mr. Peter J. Hawley, President and C.E.O.
Fabled Silver Gold Corp.
Phone: (819) 316-0919
peter@fabledfco.com