Mr. Glenn Laing reports

PHOENIX GOLD CLOSES $48,390 SHARES FOR DEBT AND GRANTS OPTIONS

Further to the news release dated Aug. 8, 2014, Phoenix Gold Resources Corp. has completed its shares-for-debt transaction to settle aggregate total debt of $48,390. Under the debt settlement, the company issued an aggregate of 483,900 common shares of the company at a deemed price of 10 cents per share to one creditor, America's Gold Exploration Inc.

AGEI is controlled and majority owned by Don McDowell, vice-president of corporate development of the company, and now owns an aggregate of 17.7 per cent of the issued and outstanding common shares of the company.

All shares issued are subject to a four-month hold period.

In addition, the company wishes to announce the granting of incentive stock options to buy an aggregate of 2,582,000 shares to directors, officers and consultants of the company pursuant to the company's stock option plan, subject to the policies of the TSX Venture Exchange. All of the stock options are exercisable at a price of 10 cents per share for a period of five years.