Mr. Francois Goulet reports

HARFANG COMPLETES A $1,123,750 PRIVATE PLACEMENT WITH INVESTORS INCLUDING INSTITUTIONAL FUNDS

Harfang Exploration Inc. has concluded a non-brokered private placement with investors including institutional funds.

The private placement of $1,123,750 consists in the issuance of:

• 2,565,000 units at a price of 25 cents per unit for a placement of $641,250, each unit being composed of one common share of Harfang and one-half common share purchase warrant, each warrant entitling its holder to subscribe to one share at a price of 40 cents per share during a 24-month period;
• 1,206,250 flow-through shares at a price of 40 cents per flow-through share for a placement of $482,500.

The following funds participated in the placement of units: Capital croissance PME II SEC (CCPME), Societe de developpement de la Baie James (SDBJ), as well as the Fonds de solidarite des travailleurs du Quebec (FTQ) and SIDEX, societe en commandite (SIDEX) -- these last two in an amount of $100,000 each through Field-Action 2018, an initiative designed to encourage junior mining companies to perform their fieldwork in Quebec while at the same time supporting their working capital.

Insiders of the corporation have participated to the placement of units for proceeds of $25,000 and to the placement of flow-through shares for proceeds of $34,000. The insiders of the corporation subscribed under the same terms and conditions as the other investors. The participation of these insiders is exempt from the formal valuation and shareholder approval requirements as per sections 5.5(a) and 5.7(1)(a) of Regulation 61-101 respecting Protection of Minority Holders in Special Transactions. The exemption is based on the fact that the market value of such participation or the consideration paid by such insider does not exceed 25 per cent of the market value of the corporation. The corporation has not filed a material change report at least 21 days prior to the completion of the placement since the insider participation was not determined at that time.

All securities issued in connection with this placement are subject to a hold period of four months and one day. The placement is subject to the approval of the TSX Venture Exchange.

Finders' fees of $3,300 were paid to third parties dealing at arm's length with Harfang.

The proceeds of this placement will be used for the exploration expenditures and working capital.

About Harfang Exploration Inc.

Harfang is a mining exploration company whose primary mission is to discover new gold districts in the province of Quebec. Harfang's development model is based on the generation of new mining projects and on the establishment of partnerships with major exploration and mining companies to advance its exploration projects.

We seek Safe Harbor.