Mr. Jonathan Challis reports

GOLDBELT EMPIRES LIMITED ANNOUNCES DETAILS OF PRIVATE PLACEMENT OFFERING

Goldbelt Empires Ltd. has released details of a non-brokered private placement offering of up to 10 million units of the company at a price of five cents per unit for gross proceeds of up to $500,000. Each unit shall consist of one ordinary share in the capital of the company and one warrant for the purchase of an ordinary share at an exercise price of 7.5 cents per ordinary share.

As announced in the company's Nov. 18, 2016, news release, the company has engaged Gravitas Securities Inc. (GSI) as a financial and strategic adviser under a finder's fee agreement in conjunction with the offering. The company has agreed to pay GSI a finder's fee of 8 per cent of the gross proceeds from the offering, and finders' warrants for the purchase of ordinary shares at an exercise price of 7.5 cents per ordinary share in such number equal to 8 per cent of the number of units subscribed for under the offering.

The proceeds of the offering will be used for phase II of the South Morila exploration program and general working capital requirements. Goldbelt Empires previously reported the successful completion of its phase 1 exploration program over South Morila where multiple targets were identified that the company believes are highly prospective.

Andrew Dacey (RPGeo and FIMMM), Goldbelt Empire's technical adviser, is the qualified person, as defined by National Instrument 43-101, who has approved the scientific and technical information, and verified the data except where otherwise noted, in this news release.

About Goldbelt Empires

Goldbelt Empires is a gold explorer focused on the West African Goldbelt, and listed its shares on the TSX Venture Exchange in October, 2015. Its flagship property is the South Morila gold concession in the Republic of Mali. The South Morila concession covers an area approximately 150 square kilometres in size, and is located in the southern part of Mali approximately 250 km southeast of the capital of Bamako.

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