Mr. Nick Brodie reports

GALANE GOLD LTD. RELEASES FINANCIAL AND OPERATING RESULTS FOR FIRST QUARTER 2018 AND ANNOUNCES PRODUCTION RESULTS FOR APRIL 2018

Galane Gold Ltd. has released its financial results for the three months ended March 31, 2018. Furthermore, the company is pleased to announce that it produced a total of 4,004 ounces of gold for the month of April, 2018.

A copy of the unaudited condensed consolidated interim financial statements for the three months ended March 31, 2018, prepared in accordance with international financial reporting standards and the corresponding management's discussion and analysis, will be available under the company's profile on SEDAR.

First quarter 2018 highlights:

• Produced 7,649 ounces of gold;
• Positive cash flows from operating activities of $549,172;
• Entered into a loan agreement with Barak Fund SPC Ltd. with respect to a $5-million (U.S.) secured loan facility to finance the restart of Galaxy;
• Signed an earn-in option agreement with B2Gold Corp. with regard to the company's exploration tenements at Mupane.

During April, 2018, the company produced 4,004 ounces of gold, which represents its best monthly output since February, 2014. To achieve this, it milled 73,234 tonnes at an average head grade of 2.45 grams per tonne. The main contributor to this was production from Tau of 34,898 tonnes at 3.80 grams per tonne.

Galane Gold chief executive officer Nick Brodie commented: "The first quarter of 2018 was slightly behind our internal targets due to the failure of the ball mill motor at the beginning of the year. The motor was fixed by the end of March, 2018, and we were able to recommence full production in April, 2018, with additional Tau ore contributing to the exceptional result. The Galaxy project continues with work progressing on the completion of the detailed engineering of the new plant and mining schedules for both the Princeton and Galaxy orebodies (1). It is still our intention to commence the recommissioning of the project in July, 2018."

About Galane Gold Ltd.

Galane Gold is an unhedged gold producer and explorer with mining operations and exploration tenements in Botswana and South Africa. Galane Gold's management team comprises senior mining professionals with extensive experience in managing mining and processing operations and large-scale exploration programs. Galane Gold is committed to operating at world-class standards, and is focused on the safety of its employees, respecting the environment and contributing to the communities in which it operates.

(1) The deposits at Princeton and Galaxy are supported by a technical report entitled "A Technical Report on the Galaxy Gold Mine, Mpumalanga Province, South Africa," which was issued Jan. 4, 2016, with an effective date of Sept. 1, 2015, a copy of which is available under the company's profile on SEDAR. This technical report satisfies the requirements to be a prefeasibility study.

Information of a technical and scientific nature that forms the basis of the disclosure in the press release has been approved by Charles Byron, PrSciNat, MAusIMM, MGSSA, chief geologist for Galane Gold, and a qualified person as defined by National Instrument 43-101.

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