Mr. Marcel de Groot of Lowell Copper reports

LOWELL COPPER, GOLD MOUNTAIN MINING AND ANTHEM UNITED ANNOUNCE CLOSING OF FIRST TRANCHE OF CONCURRENT FINANCING IN CONNECTION WITH PROPOSED BUSINESS COMBINATION

Further to the news releases of Lowell Copper Ltd., Gold Mountain Mining Corp. and Anthem United Inc. dated Aug. 15, Aug. 31 and Sept. 23, 2016, Lowell Copper has closed, subject to the final approval of the TSX Venture Exchange, the first tranche of the private placement financing occurring in connection with the proposed business combination to create JDL Gold Corp., a new diversified gold and copper production and development company.

The first tranche comprises 24,542,875 subscription receipts at a price of $2.00 per subscription receipt for total gross proceeds of $49,085,750. Each subscription receipt entitles the holder to receive automatically upon closing of the transaction, without any further action on the part of the holder and without payment of additional consideration, one postconsolidation common share and one postconsolidation share purchase warrant of JDL Gold Corp. Each warrant will entitle the holder to acquire one common share at a price of $3.00 for a period of five years following the date of the closing of the transaction. The shares and warrants issued upon conversion of the subscription receipts may be traded by the holders through the facilities of the TSX-V. In order to facilitate this, the warrants are expected to be listed for public trading on the TSX-V, subject to compliance with applicable TSX-V policies.

Lowell Copper expects to close the second and final tranche of the concurrent financing on or about Oct. 4, 2016. The closing of the transaction and the automatic conversion of subscription receipts thereafter are subject to the receipt of approval of the shareholders of each of Lowell Copper, Gold Mountain and Anthem at the shareholder meetings called for that purpose, to be held on Sept. 28, 2016, all as more particularly described in the joint circular dated Aug. 26, 2016, which has been filed on SEDAR and mailed to shareholders of all three companies. Closing of the transaction is expected to occur on or about Oct. 6, 2016.

The proceeds from the first tranche of the concurrent financing will be used to increase gold production from the Koricancha mill in Peru; to advance the Elk gold project in British Columbia, the Warintza project in Ecuador and other projects within the Lowell Copper portfolio; to reduce debt; to take advantage of potential acquisition opportunities; and for general corporate purposes.

About Lowell Copper

Lowell Copper is a copper exploration and development focused company led by J. David Lowell. The company was founded to leverage the current market conditions and build a portfolio of economic copper projects through a combination of exploration, mergers and acquisitions by using the considerable experience and success of management and directors of the company.

About Gold Mountain

Gold Mountain owns 100 per cent of the 16,700-hectare Elk gold property, located in Southern British Columbia, which it intends to develop into a precious metal producer, and is also seeking additional near-term production assets to further build shareholder value.

About Anthem

Anthem is currently advancing the operation of the 350-tonne-per-day Koricancha mill in Peru, in which it owns a 75-per-cent interest as well as an 8-per-cent cost-of-sales royalty payable to Anthem. The company's joint venture partner, EMC Green Group SA, owns the remaining 25 per cent and is the operator of the Koricancha mill. The Koricancha mill produces gold for its own account by processing gold-bearing material purchased from small-scale and artisanal miners in Peru.

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