Mr. Paul McKenzie reports

ELISSA COMPLETES CONSOLIDATION OF ITS SHARES; TO CLOSE CDN $750,000 PRIVATE PLACEMENT

On April 14, 2015, Elissa Resources Ltd.'s shareholders approved the previously announced consolidation of the company's common shares on a one-for-three basis, which was completed today. Of all shares voted in person or by proxy, 98 per cent were in favour of the consolidation.

The company also announces that it will complete its previously announced, non-brokered private placement for proceeds of $750,000 today.

Taking into account both the consolidation and the closing of the placement, Elissa will have 25,768,505 shares issued and outstanding.

Paul McKenzie, president and chief executive officer of Elissa, stated today: "We thank Elissa's shareholders for their strong support of both the restructuring and our plans going forward. We believe that Elissa is now on strong footing to proceed with its ambitious growth strategies and its partnership with Spectrum Optix."

The company received approval of the TSX Venture Exchange for the consolidation on April 15, 2015. Effective at the opening of trading on April 16, 2015, the company's shares will commence trading on a consolidated basis. The company's name will not change and its shares will continue to trade under the symbol ELI.V.

Completion of the placement was contingent on shareholder approval of the consolidation of their company's shares. The placement will close today and consists of 15 million postconsolidation units at a price of five cents per unit for gross proceeds of $750,000. Each unit comprises one postconsolidation common share and one share purchase warrant. Each warrant entitles the holder to purchase one additional common share of the company at an exercise price of 10 cents until April 16, 2017. The securities issuable in the placement will be subject to a four-month hold period ending on Aug. 17, 2015. Finders' fees are payable in connection with portions of the offering in accordance with the policies of the TSX Venture Exchange.

The gross proceeds of the placement will be used for working capital purposes, maintenance of Elissa's Thor rare earth property in Nevada and to continue financing the initial stages of Elissa's binding letter of intent with Spectrum Optix.

A letter of transmittal will be mailed to all shareholders pursuant to which they may receive certificates representing their postconsolidation shares. Until surrendered, existing share certificates are deemed, for all purposes, to represent the number of postconsolidation shares to which the holder is entitled.

Further details on the placement including details on a forced exercise provision ascribed to the warrantholders can be found in the company's Feb. 19 and March 12, 2015, news releases. For further information regarding the consolidation please refer to the company's management information circular dated March 10, 2015, which has been filed under the company's SEDAR profile.

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