Skarb Exploration Announces Name Change to Outback Goldfields, Symbol Change to “OZ” and Consolidation of Shares

Skarb Exploration Corp. (CSE: SKRB) (“Skarb” or the “Company”) is pleased to announce that it has changed its corporate name to Outback Goldfields Corp..  The Company will trade on the Canadian Securities Exchange under the symbol “OZ” upon completion of the previously-announced transaction with Petratherm Ltd. and resumption of trading.  The Company also announces that it has completed the consolidation of its issued and outstanding common shares on the basis of one post consolidated common share for every three pre-consolidated common shares, which was previously announced on November 19, 2020.

About Outback Goldfields Corp.:

Outback Goldfields Corp. is a well financed exploration mining company having recently raised over $11 million.  The Company has entered into an agreement to acquire a package of highly prospective gold projects located around the Fosterville Gold Mine in Victoria, Australia from Petratherm Ltd. (ASX: PTR).  The transaction is anticipated to close in mid-December 2020 and exploration work to commence early in 2021.  The goldfields of Victoria are home to some of the highest grade and lowest cost mining in the world.

On behalf of the board,

~signed

Chris Donaldson, CEO and Director

CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS

This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to: the completion of the proposed transaction with Petratherm Ltd. and the resumption of trading. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; delay or failure to receive board, shareholder or regulatory approvals; the price of gold and copper; and the results of current exploration. 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. Accordingly, readers should not place undue reliance on forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Completion of the Transaction is subject to a number of conditions. The Transaction cannot close unless such conditions are satisfied or waived. There can be no assurance that the Transaction will be completed as proposed or at all.

Investors are cautioned that, except as disclosed in the listing statement to be prepared in connection with the Transaction, any information released or received with respect to the Transaction may not be accurate or complete and should not be relied upon.

The Canadian Securities Exchange has in no way passed upon the merits of the proposed Transaction and has neither approved nor disapproved the contents of this news release.

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