CORRECTION: Canadian North Resources Inc. Announces Error in Prior News Release

TORONTO, ON / ACCESSWIRE / January 13, 2023 / Canadian North Resources Inc. (the "Corporation") (TSX-V:CNRI; FSE:EO0, which is "E-O-zero") announces that further to its news release issued December 22, 2022(the "December 22^nd News Release"), there was an error in the disclosure of the number of common shares issued on the second tranche of its offering of common shares ("Flow-Through Shares") on a flow-through basis pursuant to the Income Tax Act (Canada). The number of Flow-Through Shares indicated in the December 22^nd News Release was 218,520 Flow-Through Shares and should have been indicated as 429,520 Flow-Through Shares. The total gross proceeds raised on the Flow-Through Offering was $4,841,704.80.

About Canadian North Resources Inc.

Canadian North Resources Inc. is an exploration and development company focusing on the metals for clean-energy, electric vehicles, battery and high-tech industries. The Corporation is advancing its 100% owned Ferguson Lake nickel, copper, cobalt, palladium, and platinum project in Nunavut, Canada.

Forward-Looking Statements

The information and statements in this news release contain certain forward-looking information. This forward-looking information relates to future events or the Corporation's future performance. In particular, this document contains forward-looking information and statements regarding the use of proceeds of the Flow-Through Offering. All statements other than statements of historical fact may be forward-looking information. This forward-looking information is subject to certain risks and uncertainties and may be based on assumptions that could cause actual results to differ materially from those anticipated or implied in the forward-looking information. These assumptions include that, in respect of the use of proceeds, historical costs and expenses will be representative of future costs and expenses. The Corporation's actual results, performance or achievement could differ materially from those expressed in, or implied by, such forward-looking information, and accordingly, no assurances can be given that any of the events anticipated by the forward-looking information will transpire or occur or, if any of them do, what benefits that the Corporation will derive from them. The Corporation's forward-looking information is expressly qualified in its entirety by this cautionary statement. Except as required by law, the Corporation undertakes no obligation to publicly update or revise any 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.

For further information contact:

Dr. Kaihui Yang, President and CEO
Phone: 905-696-8288 (Canada) 1-888-688-8809 (Toll-Free)

SOURCE: Canadian North Resources Inc.