Margaret Lake Diamonds Inc. Completes the Acquisition of the Mormon Lake Uranium Property

VANCOUVER, B.C., March 17, 2022, Margaret Lake Diamonds Inc. ("MLD" or the "Company") (TSXV:DIA) (FKT:M85) (OTC PINK:DDIAF). Further to the Company’s news release issued on March 14, 2022, whereby the TSX Venture Exchange accepted the purchase option agreement between the Company and Gold Express Mines Inc. (“GEM”) dated January 13, 2022, the Company is pleased to announce that it has now completed the issuance of 500,000 common shares, which was the final requirement to complete the property acquisition. The Company now has sole and exclusive rights to the Mormon Lake uranium property consisting of 20 unpatented mining claims located near Payson, Arizona. For further details on the property, please see the Company’s news release dated January 17, 2022.

On behalf of the board of Margaret Lake Diamonds Inc.

"Neil Foran"

Neil A. Foran President & CEO

For further information, please contact:

Joel Warawa VP of Corporate Communications (780) 667-6016

Forward-Looking Statements

This press release contains forward-looking information or forward-looking statements (collectively "forward-looking information") within the meaning of applicable securities laws. Forward-looking information is typically identified by words such as: "believe", "expect", "anticipate", "intend", "estimate", "potentially", “plan” and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward-looking information provided by the Company is not a guarantee of future results or performance, and that actual results may differ materially from those in forward-looking information as a result of various factors. The reader is referred to the Company's public filings for a more complete discussion of such risk factors and their potential effects, which may be accessed through the Company's profile on SEDAR at www.sedar.com