Mr. Jari Paakki reports

GUNGNIR RECEIVES FINAL DRILL PERMITS FOR KNAFTEN IN SWEDEN

Gungnir Resources Inc. has received final drill approvals, and drilling is expected to commence within approximately two weeks at Knaften.

The Knaften gold property covers a 13-kilometre-long target at the south end of the Gold Line, which is an underexplored gold trend in the mineral-rich Vasterbotten district in northern Sweden. Knaften includes both untested gold targets (outcrop and local boulders assaying up to 8.5 grams per tonne gold discovered by Gungnir) in the central part of the property, and near-surface drill indicated gold mineralization, including 3.45 grams per tonne gold over 10.75 metres, located 3.5 kilometres to the southeast.

The company's first-phase drill program will consist of up to 1,000 metres of drilling to test a 1.5-kilometre-long magnetic anomaly that coincides with a cluster of magnetic, gold-bearing boulders, which are believed to be locally sourced, as well to further confirm grade and continuity of previously drilled near-surface gold mineralization.

The drill hole intersection noted above is core length and is not true width as can be determined by the company, and thus is considered as historical data and has not been independently verified by the company. The company has, however, resampled one complete section of preserved mineralized drill core (half core) in the same area. Quartered core from hole 2007-07 returned 2.92 grams per tonne gold over 13 metres starting at a downhole depth of 81.5 metres, compared with a reported grade of 3.2 grams per tonne gold over 10 metres starting at a downhole depth of 83.5 metres (see news release dated March 3, 2017). The historical drill result in this release was compiled from the Swedish Geological Survey (SGU) archives and news releases.

The technical information in this news release has been prepared and approved by Jari Paakki, PGeo, chief executive officer and a director of the company. Mr. Paakki is a qualified person under National Instrument 43-101.

About Gungnir Resources Inc.

Gungnir Resources is a Canadian-based mineral exploration company with gold and base metal permits in northern Sweden within a region hosting 12 million ounces of gold delineated in existing and mined resources plus several past-producing and producing base metal mines. The company's key gold project, Knaften, is situated at the southern extension of the Gold Line. Gungnir additionally holds a $5-million royalty stream and received the first annual payment of $1-million on May 2, 2017. The next annual payment of $1-million is due on April 30, 2018.

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