Mr. Patrick Donnelly reports

FIRST MINING FINANCE COMPLETES METALLURGICAL DRILL PROGRAM AT THE SPRINGPOLE PROJECT, INTERSECTS 1.51 G/T OVER 341 METRES, INCLUDING 2.81 G/T OVER 87 METRES

First Mining Finance Corp. has completed a metallurgical diamond drill program on its 100-per-cent-owned Springpole gold project, located in Northwestern Ontario, Canada.

Highlights:

• Hole PM-DH-01 intersected 1.22 grams per tonne gold over 354.5 metres including 1.65 g/t Au over 177.0 metres;
• Hole PM-DH-02 intersected 1.51 g/t Au over 341.0 metres including 2.81 g/t Au over 87.0 metres;
• Hole PM-DH-03 intersected 1.25 g/t Au over 359.0 metres including 2.75 g/t Au over 44.0 metres;
• Hole PM-DH-04 intersected 2.15 g/t Au over 146.7 metres including 2.54 g/t Au over 108.7 metres.

Note

Reported widths are drilled core lengths in vertical drill holes that generally track through the core of known mineralization. Consequently, the drilled lengths are indicative only of the vertical continuity of the deposit, and do not represent deposit width in any way. The drill holes cover approximately 830 metres in distance along strike of the deposit. All assays were performed by SGS Laboratories of Red Lake, Ont., which is independent of First Mining and has no relationship with First Mining. Assay values are uncut.

A total of four holes comprising approximately 1,200 metres was drilled during the fall 2016 program with hole locations specifically designed to recover sample material that is representative of the Springpole deposit. The drill program was specifically designed to provide material for metallurgical testing. Material from the drill holes has been subjected to both assay testing and metallurgical testing. The intent of the metallurgical testing program is to determine the optimal grind size and processing flow sheet so as to maximize metallurgical recoveries. The results from this metallurgical testing program are expected to be incorporated into a new preliminary economic assessment (PEA) for Springpole which is expected to be released in the first half of 2017.

Commenting on the results, Patrick Donnelly, president of First Mining, stated: "The recent drilling program at Springpole confirms previous work that demonstrates that this deposit has exceptional mineralization continuity over a significant vertical extent. We look forward to receiving the metallurgical data and completing the new PEA for Springpole later this year, as we believe it could confirm that our Springpole gold project is highly viable in the current gold price environment."

          DRILL HOLE INTERCEPTS AT SPRINGPOLE
  
Hole                       From     To     Interval     Au  
ID                          (m)    (m)          (m)  (g/t)

PM-DH-01                   16.5  371.0        354.5   1.22
PM-DH-01 including         18.0   60.0         42.0   1.61
PM-DH-01 and including     96.0  273.0        177.0   1.65
PM-DH-02                   74.0  415.0        341.0   1.51
PM-DH-02 including        143.0  182.0         39.0   2.93
PM-DH-02 and including    170.0  182.0         12.0   7.43
PM-DH-02 and including    189.0  276.0         87.0   2.81
PM-DH-02 and including    283.0  302.0         19.0   2.22
PM-DH-03                   50.0  409.0        359.0   1.25
PM-DH-03 including        312.0  356.0         44.0   2.75
PM-DH-04                  186.3    333        146.7   2.15
PM-DH-04 including        186.3  295.0        108.7   2.54
PM-DH-04 and including    196.9  208.0         11.2   6.41

All assays were performed by SGS Laboratories of Red Lake, Ont., which is independent of First Mining and has no relationship with First Mining. Samples were analyzed by using 30-gram fire assay with an atomic absorption finish (protocol GE FAA313). Samples greater than 10 grams per tonne or with visible gold were analyzed by 30-gram fire assay with a gravimetric finish (protocol GO FAG303). All assays reported are uncut. Reported widths are drilled core lengths, and do not indicate true widths.

The Springpole deposit is an alkali gold system characterized by a relatively uniform gold-grade distribution within a tuffaceous diatreme breccia complex approximately 1,400 metres long by 250 metres wide and 400 metres deep, as currently understood. The diatreme intrudes an older greenstone sequence of volcaniclastic rocks and basalt flows with thin iron formation composed of laminated pyrite and red chert. Mineralization within the alkali diatreme breccia is composed of native gold, electrum, gold in pyrite, and gold and silver tellurides associated with widespread biotite, minor calcite and fluorite. Mineralization does extend into the greenstone sequence and tends to be more irregular in distribution although higher in gold grade. Gold in the greenstone sequence is associated with quartz veins with ancillary ankerite and tourmaline. The difference in mineralogy between the diatreme-hosted and greenstone-hosted gold may represent a different stage of gold mineralization in time or it may be a result of zoning. The bulk of gold at Springpole is contained in the diatreme breccia.

Quality assurance/quality control procedures

Assaying for the Springpole 2016 drill program was done by SGS at its laboratories in Red Lake, Ont., and Burnaby, B.C. Prepared samples were analyzed for gold by lead fusion fire assay with an atomic absorption spectrometry (AAS) finish. Samples returning assays in excess of 10 g/t gold were reanalyzed by fire assay with a gravimetric finish. As per past practices, fire assay analysis was done on 30-gram splits of the pulp for gold, and a further 50 g split was sent to the SGS Burnaby lab for multielement analysis by two-acid aqua regia digestion with ICP-MS (inductively coupled plasma mass spectrometry) and AES (atomic emission spectroscopy) finish.

The QA/QC program for the metallurgical drilling consisted of the submission of coarse duplicates from bulk rejects at a frequency of one for every 20 samples submitted (5 per cent of total). Pulp duplicate submissions were done at the same frequency. Because the drilling was intended for metallurgical testwork, no rig duplicates from quartered core were submitted to preserve the core against loss or damage. Commercially obtained certified blank reference materials and standards were inserted on a frequency of one each per 40 samples submitted: 2.5 per cent standards; 2.5 per cent blanks for a total of 5 per cent. Standards consisted of five different gold grades ranging from 0.5 to 9.5 g/t, and were sourced from CDN Resource Laboratories in Langley, B.C., along with the blank CRM materials.

SGS also undertook its own internal coarse and pulp duplicates analysis to ensure proper sample preparation and equipment calibration. These were randomly inserted at a frequency of 12 per cent, as per laboratory protocol.

Dr. Chris Osterman, PGeo, chief executive officer of First Mining, is the qualified person for the purposes of National Instrument 43-101 standards of disclosure for mineral projects and he has reviewed and approved the scientific and technical disclosure contained in this news release.

About the Springpole gold project

Springpole is one of the largest undeveloped gold projects in Canada that has had approximately $74-million invested in the project over the last 20 years. The project area covers over 32,000 hectares in Northwestern Ontario, and is approximately 110 kilometres from the township of Red Lake. The project hosts an NI 43-101 indicated resource of 128.2 million tonnes (mt) grading 1.07 grams per tonne (g/t) gold (Au) and 5.7 g/t silver (Ag), containing 4.41 million ounces Au and 23.8 million ounces Ag. In addition, the project hosts an inferred resource of 25.7 mt grading 0.83 g/t Au and 3.2 g/t Ag, containing 690,000 ounces Au and 2.7 million ounces Ag.

About First Mining Finance Corp.

First Mining's principal business activity is to acquire high-quality mineral assets with a focus in the Americas. The company currently holds a portfolio of 25 mineral assets in Canada, Mexico and the United States with a focus on gold. Ultimately, the goal is to continue to increase its portfolio of mineral assets through acquisitions that are expected to comprise gold, silver, copper, lead, zinc and nickel.

We seek Safe Harbor.