Mr. Patrick Balit of Red Eagle Mining reports

RED EAGLE MINING AND RED EAGLE EXPLORATION RECEIVE SHAREHOLDER APPROVAL FOR AMALGAMATION

Red Eagle Exploration Ltd. has received the required approval from its shareholders for the amalgamation agreement dated March 2, 2018, pursuant to which Red Eagle Mining Corp. will acquire all of the issued and outstanding common shares of Red Eagle Exploration not already owned by it by way of a three-cornered amalgamation. Under the terms of the amalgamation, Red Eagle Exploration shareholders will receive one common share of Red Eagle Mining for every two Red Eagle Exploration common shares held.

The amalgamation agreement was approved by 100 per cent of the votes cast by Red Eagle Exploration shareholders at the meeting, including 100 per cent of disinterested shareholders who voted as required by Multilateral Instrument 61-101. Closing of the amalgamation is subject to receipt of the approval of the TSX Venture Exchange on the part of Red Eagle Exploration. The companies expect that closing will occur shortly, at which time Red Eagle Exploration will be delisted from the TSX-V.

Beneficial shareholders (shareholders who hold Red Eagle Exploration shares through a bank, broker, investment dealer or other intermediary) do not need to undertake any further actions. Registered shareholders (shareholders who hold Red Eagle Exploration shares directly and are represented by a certificate) should tender their shares by delivering to Computershare: (a) certificates representing the shares to be tendered; and (b) a properly completed and executed letter of transmittal. The letter of transmittal was included in the management information circular of Red Eagle Exploration dated March 2, 2018, prepared in connection with the special meeting and filed on SEDAR by Red Eagle Exploration and mailed to Red Eagle Exploration shareholders.

The combination of Red Eagle Mining and Red Eagle Exploration will create a strong exploration, development and operating company with four 100-per-cent-owned high-grade gold and silver projects in Colombia. The combined company will continue operating the producing Santa Rosa gold project and will be able to develop the Vetas gold property, the California gold property and the Santa Ana silver property currently held by Red Eagle Exploration. The amalgamation will complete the acquisition of Red Eagle Exploration (formerly known as CB Gold Inc.) by Red Eagle Mining and will simplify the holding structure and reduce costs of the two companies.

About Red Eagle Mining Corp.

Red Eagle Mining is a gold producer focused on building shareholder value through acquiring, developing and operating gold and silver projects in Colombia, a jurisdiction with prolific historical production but, until recently, limited modern exploration. Red Eagle Mining owns 100 per cent of the Santa Rosa project, the Vetas project, the California gold project and the Santa Ana silver project. The Santa Rosa gold project commenced production in January, 2018.

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