Dr. Lawrence Dick reports

CONFEDERATION MINERALS CLARIFIES TECHNICAL DISCLOSURE FOR THE NEWMAN TODD PROJECT

Confederation Minerals Ltd., as a result of a review by the British Columbia Securities Commission, is issuing the following news release to correct and reconcile its disclosure regarding its previous mining technical disclosure relating to the Newman Todd project in the press release of Oct. 23, 2014, as discussed below. The company also announces that an amended technical report, which addresses the deficiencies contained in the technical report titled "Technical Report for PEA, Newman Todd Project, Red Lake, Ont., Canada," dated Dec. 5, 2014, will be filed after this press release and available for viewing on the company's website and on SEDAR.

Reconciliation of mineral resource estimate

The review by the BCSC identified that the mineral resource estimate within the previous report required revision to meet current Canadian Institute of Mining, Metallurgy and Petroleum definition standards incorporated into National Instrument 43-101. The mineral resource estimate for the Newman Todd project was stated in the previous report as 6.4 million tonnes at 1.35 grams per tonne gold of indicated mineral resources and 7.63 million tonnes at 1.35 g/t Au of inferred mineral resources.

Newman Todd mineral resources have been restated within the updated report in two parts.

In the previous report, mineral resources were only constrained to a cut-off grade of 0.7 g/t Au, which was not able to support reasonable prospects of eventual economic extraction. Mineral resources have now been initially stated constrained to a conceptual pit shell at a cut-off grade of 0.85 g/t Au (assuming a gold price of $1,400 (U.S.)/ounce) with support provided for the suitability of such a cut-off for an open-pit resource model on this type of gold deposit. Cross-sections have been included in the updated report to demonstrate continuity within the deposit and constrained within a conceptual pit shell, at a 0.85 g/t Au cut-off. The restated mineral resources for Newman Todd that would be within a conceptual open pit and at a cut-off grade of 0.85 g/t Au are as summarized in the table.

NEWMAN TODD RESOURCE ESTIMATE WITHIN CONCEPTUAL OPEN PIT

Resource class              Tonnage  Au grade  Au ounces 
                                         (g/t)

Total indicated resources   350,000      2.76     31,000     
Total inferred resources    574,000      2.78     51,000    

Totals in the table may differ due to rounding.
Mineral resources are reported at a 0.85 g/t Au cut-off.
Mineral resources that are not mineral reserves do not 
have demonstrated economic viability.
Inferred mineral resources have been estimated on the 
basis of limited geological evidence and sampling; there 
has been insufficient drilling and sampling to classify 
these inferred resources as indicated or measured 
resources. It is reasonably expected that the majority 
of inferred mineral resources could be upgraded to 
indicated mineral resources with continued exploration.

Mineral resources have now also been stated for use as an underground mining resource model, exclusive of the mineral resources constrained by the conceptual pit shell. This underground resource model includes only material that is outside of the conceptual pit shell and at a cut-off grade of 2.2 g/t Au (assuming a gold price of $1,400 (U.S.)/ounce) with support provided for the suitability of such a cut-off for an underground resource model on this type of gold deposit. The restated mineral resources for Newman Todd that are outside of the conceptual open-pit shell for reporting of open-pit resources and at a cut-off grade of 2.2 g/t Au are as summarized in the table.

  NEWMAN TODD POTENTIAL UNDERGROUND RESOURCE ESTIMATE

Resource class              Tonnage  Au grade  Au ounces 
                                         (g/t)
  
Total indicated resources   630,000      3.36     68,000     
Total inferred resources    490,000      4.54     72,000

Totals in the table may differ due to rounding.
Mineral resources are reported exclusive of the mineral 
resources in the conceptual open pit and at a 2.2 g/t Au 
cut-off.
Mineral resources that are not mineral reserves do not 
have demonstrated economic viability.
Inferred mineral resources have been estimated on the 
basis of limited geological evidence and sampling; there 
has been insufficient drilling and sampling to classify 
these inferred resources as indicated or measured 
resources. It is reasonably expected that the majority 
of inferred mineral resources could be upgraded to 
indicated mineral resources with continued exploration.

The assumed gold price used for the mineral resource estimates is consistent with the assumptions for the project economics base case. All references to assumed gold price have been updated throughout the updated report to $1,400 (U.S.)/ounce and qualified person Neil Schunke confirms that all analyses within the mining methods and economic analysis sections of the updated report are in accordance with this base-case assumption.

Mineral resource estimates have not been disclosed within the updated report at grades lower than the respective open-pit and underground cut-off grades assumed for this preliminary economic assessment.

Corrections have been made to cautionary language used in the updated report in accordance with CIM definition standards, specifically regarding the use of inferred mineral resources and that there are reasonable expectations that the majority of this material could be upgraded to indicated mineral resources with continued exploration.

QP Gary Giroux believes that the mineral resource estimates (including resource classification) conform with current CIM definition standards incorporated into NI 43-101.

Reconciliation of other aspects between the previous report and the updated report

Several other minor aspects within the previous report did not comply with the requirements of NI 43-101:

1. The certificate of qualified person for Andrea Diakow has been corrected in accordance with NI 43-101. Ms. Diakow is deemed to be independent of Confederation Minerals based on the companion policy 43-101CP to NI 43-101.
2. QP Tracey Meintjes accepts as suitable for the Newman Todd project the testing methods and conclusions based on his experience, as detailed within the report by SGS Canada Inc. titled "An Investigation Into Preliminary Metallurgical Testing On Newman Todd Samples." All reference to reliance by the QP on the SGS report has been removed from the updated report.
3. Further information has been specified within the updated report in support of the assumed mining recovery and dilution assumptions considered as appropriate by Mr. Schunke. This includes examples of comparable open-pit mining projects where similar mining recovery assumptions have been applied.

Inconsistent statements of the mining recovery assumption used have been corrected in the updated report:

1. The language used within the section on assessment of underground mining potential within the updated report has been revised to comply with NI 43-101.

Further to this, the high-level underground assessment that was conducted as part of the PEA is based only on the mineral resource estimates stated within the updated report and as such satisfies the requirements of NI 43-101.

These amendments do not impact the mine design or project economics for the Newman Todd PEA.

Ralph Bullis, PGeo, FGC, is the qualified person as defined by NI 43-101, and has reviewed or supervised the preparation of the technical content in this news release.

We seek Safe Harbor.