GDM Goldstar Minerals Inc

Goldstar Minerals Inc. (“Goldstar” or the “Corporation”) (TSX-V: GDM) is pleased to announce that following shareholder approval of the previously announced consolidation of its issued and outstanding common shares (the “Shares”) on the basis of ten (10) pre-consolidation Shares for one (1) post-consolidation Share (the “Consolidation”) at its annual and special meeting of shareholders held on December 15, 2020, it has filed articles of amendment implementing the Consolidation.

Notice of the Consolidation has been provided to the TSX Venture Exchange (the “TSX-V”). The Shares will continue to be listed on the TSX-V under the symbol “GDM”, and the Shares are expected to begin trading on a post-Consolidation basis on the TSX-V on or about December 31, 2020. Following the Consolidation, the new CUSIP number for the Shares is 38153W500 and the new ISIN for the Shares is CA38153W5000.

As a result of the Consolidation, the 222,125,980 Shares issued and outstanding prior to the Consolidation have been reduced to approximately 22,212,598 Shares. Each shareholder’s percentage ownership in the Corporation and proportional voting power remains unchanged after the Consolidation, except for minor adjustments resulting from the cancellation of any resulting fractional Shares. Where the Consolidation would otherwise result in a shareholder being entitled to a fractional Share, the number of post-Consolidation Shares issued to such shareholder shall be rounded down to the nearest whole number of Shares.

The Corporation’s transfer agent, TSX Trust Company (“TSX Trust”), will act as the exchange agent for the Consolidation. In connection with the Consolidation, TSX Trust has sent a letter of transmittal to registered shareholders which will enable them to exchange their old share certificates for new share certificates, or alternatively, a Direct Registration System (“DRS”) Advice/Statement, representing the number of new post-Consolidation Shares they hold, in accordance with the instructions provided in the letter of transmittal. Registered shareholders will be able to obtain additional copies of the letter of transmittal through TSX Trust. Until surrendered, each share certificate representing pre-Consolidation Shares will represent the number of whole post-Consolidation Shares to which the holder is entitled as a result of the Consolidation.

Non-registered beneficial holders holding their Shares through intermediaries (securities brokers, dealers, banks, financial institutions, etc.) will not need to complete a letter of transmittal and should note that such intermediaries may have specific procedures for processing the Consolidation. Shareholders holding their Shares through such an intermediary and who have any questions in this regard are encouraged to contact their intermediary.

The exercise price and the number of Shares issuable under any of the Corporation's outstanding warrants and stock options will be proportionately adjusted to reflect the Consolidation in accordance with the respective terms thereof.

For further information, please contact:

David CrevierChairmanTelephone: 514-284-3663dcrevier@goldstarminerals.com

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 news release may contain forward-looking statements. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially because of factors discussed in the management discussion and analysis section of our interim and most recent annual financial statement or other reports and filings with the TSX Venture Exchange and applicable Canadian securities regulations. We do not assume any obligation to update any forward-looking statements, except as required by applicable laws.