Mr. Terrence MacDonald reports

COPPER LAKE CLOSES FIRST TRANCHE OF PRIVATE PLACEMENT AND RECEIVES APPROVAL FOR JEAP GRANT

Copper Lake Resources Ltd. has closed the first tranche of its previously announced non-brokered private placement offering of flow-through units pursuant to which the corporation issued seven million flow-through units at a price of five cents per unit for gross proceeds of $350,000.

Each FT unit consists of one flow-through common share and one-half of one common share purchase warrant, with each full FT warrant being exercisable at 10 cents for two years, expiring on Dec. 28, 2019.

Insiders purchased 2.2 million units in the first tranche of the offering.

All securities issued are subject to a statutory hold period of four months in accordance with applicable securities legislation, which will expire on April 29, 2018.

The gross proceeds from the issuance of the FT units will be used to incur qualified Canadian exploration expenses on the Marshall Lake property in connection with the winter drill program, which is expected to commence in early February, 2018.

Approval of JEAP grant

The company is pleased to announce that it received full approval on Dec. 28, 2017, as an applicant for the 2017 junior exploration assistance program sponsored by the Northern Ontario Heritage Fund Corp. and the Ontario Prospectors Association. The junior exploration assistance program will provide Copper Lake with a rebate of up to 33.33 per cent on approved exploration expenses on the Marshall Lake project, to a maximum of $100,000.

About Copper Lake Resources Ltd.

Copper Lake Resources is a publicly traded Canadian company currently focused on advancing two significant properties located in Ontario, Canada:

1. The Marshall Lake VMS (volcanogenic massive sulphide) copper, zinc, silver and gold property is an advanced-exploration-stage property located 120 kilometres north of Geraldton, Ont., through good all-weather gravel road from the Trans-Canada Highway and just 22 km north of the main CNR rail line. Copper Lake currently has a 68.75-per-cent interest in the property and has the option to increase its interest to 75 per cent by incurring additional expenditures of $595,000 by July 15, 2018. The company can further increase its interest to 87.5 per cent by taking the project to the bankable feasibility stage.
2. The Norton Lake nickel, copper, PGM (platinum group metal) property (69.79 per cent) is located in the southern Ring of Fire area, approximately 100 km north of the Marshall Lake property, and has a National Instrument 43-101-compliant measured and indicated resource of 2.26 million tonnes of 0.67 per cent nickel, 0.61 per cent copper, 0.03 per cent cobalt and 0.46 gram per tonne palladium.