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Cameo Cobalt Initiates Phase I Work Program on Big Mac Gold Project

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VANCOUVER, British Columbia, Aug. 29, 2018 (GLOBE NEWSWIRE) -- Cameo Cobalt Corp. (TSX:CRU) (OTC:CRUUF) (FWB: SY7N) (the "Company" or "Cameo Cobalt") is pleased to announce it has engaged Ridgeline Exploration Services Ltd. ("Ridgeline") out of Kelowna, BC, to complete a Phase I work program on the Company's recently acquired Big Mac Gold Project (See Cameo Cobalt's news release dated August 27, 2018). The 2018 program will consist of an airborne magnetic survey utilizing the companies GEM Systems GSMP-35A magnetometer. A total of 500 line-km is currently planned for the 9,263.88 Ha property and will provide survey coverage over historic showings including the Forest 13 and Tic 8 Minfile occurrences where historic rock samples returned as high as 9% Copper and 4.6% Zinc (AR: 20562). Phase I aims to identify magnetic targets within the Big Mac property that will be followed up on with ground-based work during a Phase II program.

The Big Mac Gold Project shares more than 30 kilometres of contiguous claim boundaries on the east and west sides of Aben Resources Ltd.'s Forrest Kerr gold project. The Big Mac Gold Project is approximately 8 kilometres south of Aben Resources' ("Aben") drill hole FK18-10, which reported four separate high-grade zones with the best zone returning an interval of 38.7 g/t Au over 10.0 metres including 62.4 grams per tonne gold over 6.0 m starting at 114 metres downhole (see Aben Resources news release dated August 9, 2018). Drill hole FK18-10 was Aben's first drill hole of the 2018 exploration season. The Big Mac Gold Project is also located just north of properties owned by Garibaldi Resources Ltd. and Colorado Resources Ltd.

Cameo Cobalt is also pleased to announce the appointment of Mr. Chris Paul to its Board of Directors. Currently, Mr. Paul serves as Vice President of Exploration for Golden Ridge Resources Ltd. ("Golden Ridge"). He has overseen all aspects of Golden Ridge's exploration on the Hank Property since 2016 and continues to manage and oversee the ongoing diamond drilling programs on the Hank. Mr. Paul was fundamental in Golden Ridge's recent drill discovery of the Williams Cu-Au Porphyry, which intersected 327m of 0.31% Cu, 0.35 g/t Au and 1.94 g/t Ag in HNK-18-001 (See Golden Ridge's news release dated August 14, 2018) Mr. Paul holds a B.Sc. in Geology from Simon Fraser University and a Diploma of Technology in Mining from the British Columbia Institute of Technology. Mr. Paul has worked on all scales of exploration throughout British Columbia and the Yukon Territories and is also a co-founder of Ridgeline Exploration Services Ltd.

About the Big Mac Gold Project
The Big Mac Gold Project consists of 12 mineral claims structured into three tenure blocks. The project comprises a total of 9,264 hectares (about 22,881 acres). The project offers close proximity to the Eskay Creek access road and the newly constructed Alta Gas McLymont hydro-power facility.

The Big Mac Gold Project is the largest claim package contiguous with Aben Resources' Forrest Kerr gold project which recently disclosed drill results indicating multiple high-grade zones including 62.4 g/t gold over 6.0m within 38.7 g/t gold over 10.0m at its Forrest Kerr project (see Aben Resources news release dated August 9, 2018).

The specific location of the Big Mac Gold Project is notable as it not only surrounds much of Aben Resources' Forrest Kerr gold project, but it also contains significant tenure held in the past by Barrick Gold. Aben Resources recently provided an update announcing discovery of a  "south boundary" mineralized zone 1.5km south of north boundary zone at its Forrest Kerr project in BC's golden triangle (see Aben Resources news release dated August 23, 2018).

The Barrick Gold area is of interest to the Big Mac Gold Project as it is situated in a comparable environment to the Carcass Creek and Boundary zones recently drilled by Aben Resources, being both situated east of the Forrest Kerr fault structure and mapped within Hazelton group volcanics, specifically the Hazelton group volcanics. The target environment at the Big Mac Gold Project is the volcanic settings (Stuhini group and Hazelton group volcanics) known to host mineralization elsewhere in the immediate area.

Receding glaciation within the Golden Triangle has opened new exploration opportunities and physical access not previously available under historic exploration activity. Additional regional activity has yielded encouraging drill results including Golden Ridge Resources announcement of a copper-gold porphyry discovery on its Hank Property intersecting 327m with grades of 0.31% Cu, 0.35 g/t Au, 1.94 g/t Ag.

The Big Mac Gold Project claims map can be found by following the below URL link:

https://cameocobalt.com/wp-content/uploads/2018/08/Cameo_Big_Mac.pdf

Qualified Persons
Harrison Cookenboo, Ph.D.,  P.Geo., is a qualified person as defined in National Instrument 43-101.  He has reviewed and is responsible for the technical information in this news release.

The Company has also granted 750,000 options to a director of the Company.

CAMEO COBALT CORP.
 " Akash  Patel"          

For more information contact:
(778) 549-6714

Or Email: lucasbirdsall@gmail.com
www.cameocobalt.com

Reader Advisory
This news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. In particular, forward-looking information in this press release includes, but is not limited to, statements with respect to the Company's proposed acquisition, exploration program and the expectations for the cobalt industry. Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, performance or achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information.

Forward-looking information is based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Some of the risks and other factors that could cause the results to differ materially from those expressed in the forward-looking information include, but are not limited to: general economic conditions in Canada and globally; industry conditions, including governmental regulation and environmental regulation; failure to obtain industry partner and other third party consents and approvals, if and when required; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; stock market volatility; liabilities inherent in water disposal facility operations; competition for, among other things, skilled personnel and supplies; incorrect assessments of the value of acquisitions; geological, technical, processing and transportation problems; changes in tax laws and incentive programs; failure to realize the anticipated benefits of acquisitions and dispositions; and the other factors. Readers are cautioned that this list of risk factors should not be construed as exhaustive.

The forward-looking information contained in this news release is expressly qualified by this cautionary statement. We undertake no duty to update any of the forward-looking information to conform such information to actual results or to changes in our expectations except as otherwise required by applicable securities legislation. Readers are cautioned not to place undue reliance on forward-looking information.

Neither the 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.

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