Pacific Booker Minerals Inc. (PBM) owns 100% of the Morrison property located in Central British Columbia, 35 km north of the Village of Granisle.

The Morrison Lake area was first explored for minerals in the early 1960's. Regional stream sediment sampling in 1962 by Noranda Exploration Ltd. ("Noranda") led to the discovery of the Morrison deposit in 1963. Between 1963 and 1973, Noranda conducted exploration at Morrison.

Following the completion of the 1973 drill program, Noranda conducted no further field work at Morrison. About 1990, Noranda determined that the deposit would not be economical to mine and process at the near-by Bell at that time.

In 1997, PBM obtained an option from Noranda whereby PBM earned an initial 50% interest in the claims upon the expenditure of $2,600,000 on exploration over five years and delivery of a bankable feasibility study.

In April 2004, the Company signed a purchase agreement with Noranda on the Morrison property whereby PBM would acquire a 100% interest in the property by paying Noranda $3,500,000 cash over 36 months and issuing to Noranda 250,000 common shares and 250,000 warrants (issued), as well as 250,000 additional common shares upon commencement of commercial production. In September 2006, the final cash payment was made to Falconbridge. The final 250,000 shares have not been issued. If the market price of the shares at the time of issue is not $4.00 or higher, the difference between the current market price and $4.00 per share must be paid out in cash.

Exploration work continued and in April 2007, the updated Resource Estimate for the Morrison project was completed by Geosim Services Ltd. In 2009, the Feasibility Study (prepared in accordance with CIM Classification established under National Instrument 43-101 of the Canadian Securities Administrators) was completed by Wardrop Engineering Ltd., a Tetra Tech Company, with technical support of a team of other consultants. This study is no longer considered current as metal prices and construction/operations costs have changed in the years since it was written.

PBM proceeded with collection of the information requirements for the Environmental Assessment and continued until 2012 when a negative decision was made by BC Ministers Lake and Coleman. That decision was quashed by the BC Supreme Court in 2013. Starting in 2014, PBM was in a Reconsideration Process conducted by the BC Environmental Assessment Office that finally ended in February 2022 with a Certificate Refused decision and a statement that the Environmental Assessment Act allows PBM to submit another proposal based on a new project design.

Since 2022, PBM has attempted to negotiate with the Lake Babine Nation to obtain their support for the project but have not been able to find common ground on this matter.

This year, on April 14th, American Eagle Gold Corp. (AEG) announced an unsolicited offer to acquire all of the issued and outstanding common shares of PBM in exchange for 1.41 common shares of AEG for each PBM share. On April 30th, PBM announced that its Board of Directors, after careful consideration and receipt of the unanimous recommendation of a special committee of its independent directors, and after consultation with its financial and legal advisors, has recommended that PBM shareholders REJECT the Hostile Bid.

The Board has unanimously determined that the Hostile Bid:

• Fails to recognize the strategic value of PBM's Morrison project

• Is lower in value than comparable transactions that have been completed in the copper sector

• Deprives Shareholders of significant upside potential if the Morrison remains independent (the "standalone case")
  

TO REJECT THE TAKE OVER BID, SHAREHOLDERS DO NOT NEED TO TAKE ANY ACTION EXCEPT REFUSING TO TENDER YOUR SHARES TO AEG.