Update On Rattlesnake Hills Gold Project

SASKATOON - GFG Resources Inc. announced the termination of its option and earn-in agreement with Group 11 Technologies Inc. to advance GFG’s Rattlesnake Hills Gold Project in Wyoming. Under the terms of the Agreement, Group 11 had the right to acquire, in multiple stages, up to 70% of the Project by completing a series of exploration and development expenditures and making staged cash and equity payments to GFG. The Project remains 100% owned and controlled by GFG.

Brian Skanderbeg, President and CEO, said, “Through our Agreement and the positive metallurgical results from Rattlesnake Hills, Group 11 demonstrated the real potential for In-Situ Recovery application to be used in the gold industry. We remain an equity holder in Group 11 and wish them the best as they continue to advance the development and application of this innovative technology. Moving ahead, GFG owns 100% ownership in this district-scale gold property and will undertake a strategic review to evaluate the best path forward to advance the Project and maximize shareholder value. We remain fully committed and well-funded to continue our exploration efforts in the Timmins belt, where we hold three district-scale land positions and are launching an aggressive drill program at Montclerg and advancing regional targeting efforts across Goldarm, Pen and Dore land positions.”