Mr. Terrence King reports

GOLDSTRIKE RESOURCES LTD. ANNOUNCES ACCELERATED EXPIRY OF WARRANTS

The period during which certain outstanding share purchase warrants of Goldstrike Resources Ltd. may be exercised has been shortened from Oct. 7, 2016, to July 26, 2016, as a result of the recent increase in the trading price of the company's shares, in accordance with the policies of the TSX Venture Exchange.

TSX-V Policy 4.1, Section 3.3, provides that where outstanding warrants are repriced and the new exercise price of the warrants is below the market price as at the price reservation date for the originating private placement, the terms of the warrants must also be amended to include an accelerated expiry clause such that the exercise period of the warrants will be reduced to 30 days if, for any 10 consecutive trading days during the unexpired terms of the warrants, the closing price of the company's shares exceeds the exercise price of the warrants by 25 per cent or more (if the exercise price is 50 cents or less) with the reduced exercise period of 30 days beginning no more than seven calendar days after the 10th premium trading day.

The statutory arrangement involving the securityholders of the company and Petro One Energy Corp., which completed on Feb. 29, 2016, involved the repricing of certain outstanding warrants to 15 cents, which was below the market price as at the price reservation date for each of the private placements pursuant to which such warrants were issued. Accordingly, the arrangement provided that the exercise period of all warrants repriced as part of the arrangement would be shortened if the closing price of the company's shares were to equal or exceed 18.75 cents for 10 consecutive trading days. The 10th premium trading day for the company's shares was June 20, 2016. Accordingly, in accordance with TSX-V Policy 4.1, the expiry date of certain outstanding warrants has changed from Oct. 7, 2016, to July 26, 2016, which is the last day of the 30-day period beginning on the seventh calendar day after the 10th premium trading day.

None of the company's currently outstanding warrants issued pursuant to Goldstrike private placements were repriced as part of the arrangement. Accordingly, none of such warrants are affected by the acceleration requirement. However, the arrangement provided for the exchange of all outstanding Petro One warrants for Goldstrike warrants on a one-for-one basis and an effective reduction in the exercise price to 15 cents. As a result of the acceleration requirement, the current exercise terms of such arrangement warrants are as follows:

• Each arrangement warrant represented by a Petro One warrant certificate indicating an exercise price of 80 cents per share and an expiry date of March 15, 2014, or March 15, 2016 (original warrant issue date of March 15, 2012), is now exercisable to purchase one Goldstrike share for 15 cents until 4:30 p.m. on July 26, 2016.
• Each arrangement warrant represented by a Petro One warrant certificate indicating an exercise price of 80 cents per share and an expiry date of either Dec. 22, 2013, or Dec. 22, 2015 (original warrant issue date of Dec. 22, 2011), is now exercisable to purchase one Goldstrike share for 15 cents until 4:30 p.m. on July 26, 2016.
• Each arrangement warrant (other than any finder's warrant) represented by a Petro One warrant certificate indicating an exercise price of 37.5 cents per share and an expiry date of Oct. 7, 2016 (original warrant issue date of Oct. 7, 2014), is now exercisable to purchase one Goldstrike share for 15 cents until 4:30 p.m. on July 26, 2016.
• Each arrangement warrant represented by a Goldstrike warrant certificate issued on or after Feb. 29, 2016, in exchange or substitution for a Petro One warrant certificate and indicating an exercise price of 15 cents per share and an expiry date of Oct. 7, 2016, is now exercisable to purchase one Goldstrike share for 15 cents until 4:30 p.m. on July 26, 2016.

No other arrangement warrants have been affected by the acceleration requirement. Each arrangement warrant issued in exchange for a Petro One finder's warrant and represented by a Petro One warrant certificate indicating an exercise price of 37.5 cents per share and an expiry date of Oct. 7, 2016 (original warrant issue date of Oct. 7, 2014), remains exercisable to purchase one Goldstrike share for 37.5 cents until Oct. 7, 2016.

Holders of Petro One certificates may exercise the arrangement warrants now represented by such Petro One certificates by completing the exercise form attached to their Petro One warrant certificate(s) and depositing such certificate(s), together with a cheque or bank draft payable to Goldstrike Resources Ltd. for the applicable exercise price, with Goldstrike at 1300, 1111 West Georgia St., Vancouver, B.C., Canada, V6E 4M3.