Mr. Bahman Yamini reports

CANASIL CLOSES NON-BROKERED PRIVATE PLACEMENT

Canasil Resources Inc. has closed the non-brokered private placement of 4.1 million common shares of the company at a price of 22 cents per share for gross proceeds of $902,000. The proceeds will be used for continuing exploration programs on the company's mineral exploration projects and for working capital. The private placement has been approved by the TSX Venture Exchange. A 6-per-cent cash finder's fee in the amount of $33,000 will be paid to an arm's-length party in connection with part of this private placement in accordance with the policies of the exchange.

The shares issued pursuant to the offering will be subject to resale restrictions for a period of four months plus one day from the closing date to July 17, 2016.

Bahman Yamini, president and chief executive officer, commented: "We are very pleased to welcome certain strategic institutional investors who took part in this placement as Canasil shareholders. This placement strengthens our working capital and will allow us to work actively to advance our highly prospective portfolio of exploration projects to add further value for our shareholders."