Mr. Benjamin Mossman reports

RISE COMPLETES UNDERWATER SURVEY OF NEW BRUNSWICK SHAFT

Rise Gold Corp. has successfully completed an initial underwater inspection of the New Brunswick mine shaft.

The company previously announced the assay results from drill hole B-17-01, the first drill hole of the exploration drilling program at the Idaho-Maryland gold project (see Rise news release of Jan. 3, 2018). The drill hole intersected the Brunswick No. 1 vein approximately 50 metres below the B1600 level at a depth of about 540 m below surface and assayed 12.2 grams per tonne gold over 14.9 m (7.8 m estimated true width), including 63 g/t gold over 2.7 m (1.4 m estimated true width).

This drill intercept at the Brunswick No. 1 vein raises the possibility that there could be substantial gold mineralization in the developed upper levels of the mine near the existing mine shaft.

To support additional drill testing of the new exploration target at the Brunswick No. 1 vein, the company conducted an underwater survey of the existing New Brunswick vertical mine shaft in mid-February. The objective of this survey was to determine the current condition of the shaft which the company believes is a valuable component of the I-M project.

New Brunswick shaft survey

The company believes the existing New Brunswick vertical mine shaft is a valuable component of the I-M project. The I-M mine is currently flooded and the company completed an initial inspection of the shaft to determine its condition.

The NB shaft was the primary entry and hoist for the historic production at the Idaho-Maryland mine. The NB shaft extends to a depth of 3,400 feet (1,036 m) below surface and connects to all major levels of the I-M mine. The NB shaft consists of three timbered compartments and had historic skipping capacity of about 75 tons per hour using six-ton skips and a hoisting speed of 1,250 feet per minute. There is potential to increase hoisting capacity further by using larger skips and increasing the hoisting speed.

The company engaged Advanced Marine Services Corp. of from Lake Tahoe, Calif., to conduct a preliminary inspection of the New Brunswick shaft. Advanced Marine used a Seabotics LBV-300 remote operated vehicle to survey the shaft down to a depth of about 760 feet (232 m). The ROV filmed the timberwork and centre compartment of the shaft and entered the B580-level shaft station. The ROV survey confirmed that the NB shaft remains open and the timberwork and guides appear to be in good condition to the depth surveyed. Advanced Marine subsequently tested the shaft to 2,300 feet (701 m) with a weight and winch cable and the shaft is confirmed to remain open to at least this depth.

The company believes it is likely that the submerged timberwork has been preserved. The decay of wood by fungus requires the presence of oxygen. Recent field testing of water quality from the New Brunswick shaft consistently demonstrates very low oxygen levels and strongly reducing conditions within the water. The reducing conditions and low oxygen levels indicate that wood mine timbers present below the water surface within the mine workings should not be susceptible to rotting.

The successful survey of the shaft allows the planning of future underwater inspections using an ROV capable of reaching the deepest levels of the shaft. Future ROV inspections could include the inspection of the shaft to the full depth of 3,400 feet, inspections of mine levels, and core testing of the wooden timberwork to prove its structural strength for engineering studies.

The company has added photos and video of the shaft survey to its website.

The company expects to provide further updates on the planned exploration drilling program at the Idaho-Maryland mine over the coming weeks.

About Rise Gold Corp

Rise is an exploration-stage mining company. The company's principal asset is the historic past-producing Idaho-Maryland gold mine located in Nevada county, California. The Idaho-Maryland gold mine is one of the country's greatest past-producing gold mines with total past production of 2,414,000 ounces of gold from 1866 to 1955. Rise is an American corporation incorporated in Nevada and maintains its head office in Vancouver, B.C., Canada.

Benjamin Mossman, PEng, chief executive officer of Rise Gold, is the qualified person responsible for the technical content of this news release.

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