Mr. Jonathan Challis reports

GOLDBELT EMPIRES LIMITED ANNOUNCES INCREASE OF PRIVATE PLACEMENT OFFERING AND CLOSING OF PLACEMENT

Further to its news release dated Jan. 12, 2017, on the closing of its non-brokered private placement of 10 million units, due to strong demand, Goldbelt Empires Ltd. has closed a second non-brokered private placement of a further 3.1 million units. Pursuant to the offering the company is pleased to announce the closing of the placement of 3.1 million units for gross proceeds of $155,000, in which Palisade Capital Corp. and one of its affiliates subscribed for two million units, and James Varanese, the company's chairman, and Andrew Dacey, the company's senior technical adviser, collectively subscribed for 1.1 million units.

The offering consists of units at a price of five cents per unit, each issued unit consists of one ordinary share in the capital of the company and one warrant, whereby each warrant entitles the holder to purchase an ordinary share at an exercise price of 7.5 cents per ordinary share for a period of 36 months after the closing of the offering.

The net proceeds of the offering will be used for phase II of the South Morila exploration program and general working capital requirements. As disclosed in the company's May 26, 2016, news release, Goldbelt Empires has successfully completed its phase 1 exploration program over South Morila where multiple targets were identified that the company believes are highly prospective, with phase II planned exploration to include geochemistry and scout drilling over the highest-priority targets.

The company also announces that it extended until Dec. 31, 2017, its consulting agreement with Palisade Global Investments Ltd. to provide strategic consulting services.

All securities issued pursuant to the offering will be subject to a hold period of four months and one day from the date of closing.

We seek Safe Harbor.