An anonymous director reports

ALTERNATIVE EARTH RESOURCES - UPDATE REGARDING THE ACQUISITION OF BLACK SEA COPPER AND GOLD CORPORATION

Alternative Earth Resources Inc. has provided an update concerning matters related to the transaction whereby the company will acquire Black Sea Copper and Gold Corp. (BSCG), as disclosed in the company's news release dated Aug. 31, 2016.

The company has received conditional acceptance for the acquisition from the TSX Venture Exchange and is in the process of addressing various exchange comments. Management of the company does not anticipate any problems with resolving these comments.

The consolidation of 1.24 existing shares for one postconsolidation share, as described in the Aug. 31, 2016, news release, has been approved by the exchange and will take effect immediately prior to closing of the financing and acquisition. The name of the company will be changed to Black Sea Copper & Gold Corp. concurrently with the consolidation.

The private placement financing, as described in the Aug. 31, 2016, news release, is proceeding and is expected to generate gross proceeds of approximately $2-million subject to final exchange acceptance. The financing will close concurrently with the acquisition.

In all other respects, the terms of the acquisition are as disclosed in the Aug. 31, 2016, news release. Management of the company anticipates that the financing and the acquisition will close on or about Sept. 28, 2016.

Further information concerning the progress of the acquisition and the financing will be disclosed in due course. Take note that the acquisition contemplated by the agreement is subject to numerous conditions, and there is no certainty that it will be completed on the schedule, or in accordance with the terms described in this news release, or at all. Accordingly, investors should use caution when trading in the securities of the company.

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