Mr. Todd Hanas reports

GOLDEN PEAK ACQUIRES STRATEGIC LAND PACKAGE IN HEMLO GOLD CAMP

Golden Peak Minerals Inc. has entered into option agreements to acquire a 100-per-cent interest in a significant land position totalling approximately 7,250 hectares known as the Heikki project, within the Hemlo gold belt, Ontario. The Hemlo gold camp historically produced approximately 24 million ounces of gold from the Golden Giant, David Bell and Page Williams mines over the course of 31 years. As of January, 2016, proven and probable reserves from the Hemlo mines were 917,000 ounces grading 2.16 grams per tonne gold. The Golden Giant mine, which was decommissioned in 2005, is now part of the David Bell and Williams mines owned by Barrick Gold and remains in production.

Todd Hanas, president of Golden Peak, commented: "We are extremely pleased to put together this strategic land position totalling close to 7,250 hectares. The Heikki project lies within a significant gold belt that has yielded millions of ounces of gold production over the years. Golden Peak is excited to now control key properties with exceptional exploration potential noting the geological similarities to other known gold occurrences in the area."

The company's land position envelops a swath of metasedimentary and metavolcanic rocks sandwiched between the Cedar Lake granodioritic pluton to the south and the Gowan Lake and Musher Lake plutons to the north. The Hemlo mines are postulated to occur within the south limb of a geosyncline whilst the metasedimentary/metavolcanic sequence of rocks is hypothesized to occur within the north limb of this syncline, which is approximately 1.5 kilometres north of the Hemlo mines. This makes this area prospective ground for exploration as the potential for gold discoveries may be analogous to the Hemlo mine geological setting.

The company plans to commence reviewing airborne geophysical data to focus on the most prospective areas of this land package, which is approximately 1.5 kilometres in aerial extent from east to west, and approximately 2.0 kilometres from north to south.

The terms of the option agreements to acquire the property are as follows:

• The Seija property consists of nine claims totalling 1,344 hectares. The company can earn a 100-per-cent interest by paying $10,000 and issuing a total of 1.9 million common shares over a two-year period. The property is subject to a 3-per-cent net smelter return royalty, one-third of which can be purchased by the company for $500,000.
• The Kulta property consists of seven claims totalling 1,600 hectares. The company can earn a 100-per-cent interest by paying $15,000 and issuing a total of 1.55 million common shares over a two-year period. The property is subject to a 3-per-cent NSR royalty, one-third of which can be purchased by the company for $500,000.
• The Esa property consists of 12 claims totalling 3,072 hectares. The company can earn a 100-per-cent interest by paying $40,000 and issuing a total of two million common shares over one year. The property is subject to a 3-per-cent NSR royalty, one-third of which can be purchased by the company for $500,000.
• The Soturi property consists of six claims totalling 1,232 hectares. The company can earn a 100-per-cent interest by paying $40,000 and issuing a total of two million common shares over one year. The property is subject to a 3-per-cent NSR royalty, one-third of which can be purchased by the company for $500,000.

The option agreements are subject to the acceptance of the TSX Venture Exchange.

This press release has been reviewed and approved by Peter Caldbick, PGeo. Mr. Caldbick is the qualified person for the purposes of National Instrument 43-101.