Mr. Wolf Wiese reports

GOLDEN DAWN MINERALS INC.: CLARIFICATION OF MARCH 15, 2017 NEWS RELEASE

As a result of a review by the B.C. Securities Commission, Golden Dawn Minerals Inc. is issuing the following news release clarifying its disclosure in its March 15, 2017, news release.

In the news release, the company presented milestones for 2017, which added an exploration target to mineral resources, which is restricted by Section 2.3 of National Instrument 43-101 and could be potentially misleading. As such, the company wishes to retract this milestone.

Additionally, the news release disclosed metal equivalent grades for resource estimates that did not include the individual grade of each metal used to establish the metal equivalent grade and disclosed mineral resources that do not comply with sections 2.2 (b) and 3.4 (b) of National Instrument 43-101. The company's mineral resource estimates are restated in the attached mineral resource estimate for the Lexington-Grenoble deposit table and the attached mineral resource estimate for the Golden Crown deposit table, and the exploration targets are restated in the attached summary of exploration targets table.

          MINERAL RESOURCE ESTIMATE FOR LEXINGTON-GRENOBLE DEPOSIT 
                      AT A CUT-OFF GRADE OF 3.50 G/T AUEQ   
                        (effective date: March 24, 2016)

Classification       Tonnes         Au g/t       Cu %     AuEq g/t       AuEq oz

Measured             58,000           6.98       1.10         8.63        16,100
Indicated           314,000           6.38       1.04         7.94        80,200
Measured and 
indicated           372,000           6.47       1.05         8.05        96,300
Inferred             12,000           4.42       1.03         5.96         2,300

              MINERAL RESOURCE ESTIMATE FOR GOLDEN CROWN DEPOSIT 
                     AT A CUT-OFF GRADE OF 3.50 G/T AUEQ
                       (effective date: March 24, 2016)

Classification       Tonnes         Au g/t       Cu %     AuEq g/t       AuEq oz

Indicated           163,000          11.09       0.56        11.93        62,500
Inferred             42,000           9.04       0.43         9.68        13,100

(1) Mineral resources which are not mineral reserves do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing or other relevant issues. It is noted that no specific issues have been identified as yet.

(2) The quantity and grade of reported inferred resources are estimated on the basis of limited geological evidence and sampling. There has been insufficient exploration to define these inferred resources as an indicated or measured mineral resource. It is reasonably expected that the majority of inferred mineral resources could be upgraded to indicated mineral resources with continued exploration.

(3) The mineral resources in this report were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum standards on mineral resources and reserves, definitions, and guidelines prepared by the CIM standing committee on reserve definitions and adopted by the CIM council.

(4) The 3.5-gram-per-tonne-gold-equivalent-resource cut-off grade was derived from the approximate Jan. 31, 2016, two-year trailing average gold price of $1,200 (U.S.) per ounce and copper price of $2.75 (U.S.) per pound, the U.S.-dollar/Canadian-dollar exchange rate of 0.83, 90-per-cent and 85-per-cent respective Au and Cu process recoveries, a $35-(Canadian)-per-tonne process cost, a $75-(Canadian)-per-tonne mining cost, and a $30-(Canadian)-per-tonne general and administrative cost.

                      SUMMARY OF EXPLORATION TARGETS
   
Deposit                        Tonnes          Au g/t        Cu %        Ag g/t

Lexington-Grenoble    155,000-190,000         7.5-9.0     1.2-1.5           n/a
Golden Crown            65,000-80,000        8.0-10.0     0.4-0.5           n/a
May Mac               200,000-600,000         1.5-5.9         n/a       100-400

The potential quantity and grade of these exploration targets are conceptual in nature; there has been insufficient exploration to define a mineral resource; and it is uncertain if further exploration will result in the targets being delineated as a mineral resource.

The Lexington and Golden Crown exploration targets are defined on the basis of individual up and downdip targets situated adjacent to open-ended portions of the deposit and grades that reflect the nearest drill intercept.

The May Mac target is based on the potential for discovery in the interval between the No. 6 level and the lower intercept in hole BF15-06. The area is about 200 metres in strike length and 260 metres in vertical height. Considering the dip of the vein, the vertical distance equates to about 340 metres along the inclination of the vein. The vein could also possibly extend another 450 metres to the northwest to the Greyhound Creek fault for a total possible strike length of 650 metres. An exploration target of between 200,000 and 600,000 tonnes can therefore be envisioned based on a percentage of the strike and dip extensions being economically mineralized. The average grades, based on historical results, are between 100 and 400 grams per tonne silver, 1.5 to 5.9 g/t gold, 0.7 to 3.0 per cent lead and 0.3 to 1.9 per cent zinc.

The company would also like to advise that its technical report filed on Jan. 26, 2017, is not complete as it did not include the mineral resource estimates disclosed herein. To rectify this, the company has commissioned a new National Instrument 43-101 technical report. The company does not anticipate any changes to its mineral resource estimates; however, the company wishes to clarify that its preliminary economic assessment is no longer current after the company signed a gold purchase agreement with RIVI Capital LLC. Consequently, the newly commissioned technical report will update the PEA, as well as all of the company's mineral properties and mineral resources located in the Greenwood, B.C., area. The company anticipates that the new technical report will be completed by early May, 2017.

The company would also like to clarify that its decision to proceed to extract mineralized material from the Lexington, Golden Crown and May Mac mines for processing at its facility located at the Greenwood precious metal project was not based on a feasibility study. The company cautions that, in such cases, there is increased uncertainty and higher economic and technical risks of failure. The company notes that, since the mining and milling infrastructure is in place, it may proceed to trial mining and processing, on the basis of the mineral resources and preliminary economic analysis in the forthcoming technical report.

Technical disclosure in this news release has been approved by Dr. Mathew Ball, PGeo, a qualified person as defined by National Instrument 43-101, and chief operating officer of the company.

We seek Safe Harbor.