Mr. Martin Dallaire reports

VISIBLE GOLD MINES RECEIVES $750,000 TAX CREDIT PAYMENT

Visible Gold Mines Inc. has received a cash payment of $750,000 from Revenu Quebec. The payment represents the Quebec mineral exploration tax credit relating to the company's 2015 exploration expenditures including expenditures made on its project 167 located in James Bay. Eligible exploration expenditures on the company's Quebec properties qualify for a refundable provincial tax credit between 28 per cent and 31 per cent. With receipt of the 2015 tax credit the company currently has a cash reserve of approximately $1.5-million, including the recent flow-through financing (December, 2015) and no debt.

Drilling resumes in James Bay

Visible Gold Mines is pleased to announce that its geological team and drill crews have been mobilized to its project 167 for the second phase of diamond drilling. The objective of this phase 2 winter diamond drill exploration program is to test recently identified induced polarization targets on the property's Central block. Chibougamau Diamond Drilling Ltd. of Chibougamau, Que., has been engaged to conduct the current drilling campaign.

Visible Gold Mines is pleased to report that the assay results from its previously announced five-hole drilling program totalling 966 metres on the North block of its project 167 have been received. Of these, two drill holes, 167-15-23 and 167-15-25, intersected anomalous gold values. Hole 167-15-23 intersected a mineralized quartz vein in a mudstone that returned 0.356 gram per tonne over 0.29 metre, and hole 167-15-25, a vein containing pyrite, pyrrhotite and arsenopyrite in sedimentary rock, returned 0.242 g/t over 0.40 m.

Annual and special meeting of shareholders

Visible Gold Mines announces the voting results from its annual and special meeting of shareholders. At the meeting held on Jan. 29, 2016, the shareholders elected Martin Dallaire, Sylvain Champagne, Pierre Vezina and Sebastien Bellefleur as directors of the corporation. The total number of shares voted by shareholders present in person or represented by proxy at the meeting was 50,426,051, representing 50.22 per cent of the corporation's outstanding shares at the record date (Dec. 14, 2015). Following the shareholders meeting, the board of directors reappointed Mr. Dallaire as president and chief executive officer of the corporation, Mr. Champagne as secretary and chief financial officer of the corporation, and Robert Sansfacon as vice-president of exploration of the corporation.

In addition, shareholders also approved resolutions ratifying and confirming the corporation's stock option plan and reappointing Raymond Chabot Grant Thornton LLP, Chartered Professional Accountants, as the auditor of the corporation.

The board of directors has granted stock options in respect of 950,000 common shares to its directors. The options were granted pursuant to Visible Gold Mines' stock option plan. The exercise price of the options is five cents. The options expire in 10 years.

Qualified persons

Martin Dallaire, PEng, president and chief executive officer of Visible Gold Mines, the qualified person for the project 167 information presented in this press release under National Instrument 43-101, is responsible for the technical contents of this press release and has approved the disclosure of the technical information contained herein. The data verification was conducted by Jeannot Theberge, PGeo, under the supervision of Martin Dallaire, PEng.

Quality control

Visible Gold Mines has implemented and adheres to a strict quality assurance/quality control for the current exploration program. It includes one mineralized gold standard, one duplicate and one blank for each batch of samples. Analyses are performed by ALS Chemex, Val d'Or, Que., or Techni-Lab, Ste-Germaine-Boule, Que., both accredited laboratories.

About Plan Nord project 167

In 2011, when the Quebec government launched its ambitious Plan Nord project to develop Quebec's north, including the construction of a 243-kilometre-long all-season road that links Stornoway's Renard diamond project to the provincial highway network, Visible Gold Mines' management decided to acquire the available mining rights along each side of the new road in order to have access to new outcrops and strippings generated by the road construction. Visible Gold Mines acquired claims by acquisition and staking, and so project 167 was born. Out of the 140 kilometres of new road available for mining exploration (the first 102 kilometres are a planned provincial park), Visible Gold Mines owns more than 110 kilometres. The 167 provincial road was completed in October, 2014, at a construction cost of approximately $350-million. Project 167 is 100 per cent owned by Visible Gold Mines, with the exception of 80 mining claims comprising the North block, in which Visible Gold Mines currently has a 90-per-cent interest. Project 167 covers approximately 61,178 hectares, or 611 square kilometres.

We seek Safe Harbor.