Ms. Tara Christie reports

BANYAN GOLD RECEIVES APPROVAL TO CLOSE $1.2 MILLION FINANCING

Banyan Gold Corp. has received TSX Venture Exchange approval to close its recently announced $1.2-million non-brokered private placement (refer to the news releases of Aug. 9 and Aug. 11).

Gross proceeds from the financing are $1,199,999.90, and a standard four-month hold period is applicable to the issued securities. Insiders participated in the financing for $140,280, or 11.7 per cent.

Funds raised from the financing will be applied to the evaluation of acquisitions, general and administrative costs, and exploration on Banyan's flagship Hyland project.

The company has issued 500,000 stock options at 8.5 cents per share to an officer of the company under its stock option plan. They are exercisable for a period of five years.

"Banyan is now finalizing plans for the 2016 field program at the Hyland project, and is well positioned going into 2017," said Tara Christie, president and chief executive officer.

About Banyan Gold

Banyan's flagship property, the Hyland gold project, is approximately 70 kilometres northeast of Watson Lake, Yukon, along the southeast end of the Tintina gold belt. The main zone gold inferred resource, at a gold-equivalent cut-off of 0.6 gram per tonne, hosts an NI 43-101-compliant resource of 12,503,994 tonnes containing 361,692 ounces of gold at 0.9 gram per tonne and 2,248,948 ounces of silver at 5.59 grams per tonne, for a combined 396,468 ounces of gold equivalent.

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