Mr. Jonathan Armes reports

LAKELAND RESOURCES INC. ACQUIRES ADDITIONAL URANIUM PROPERTIES IN THE ATHABASCA BASIN, SASKATCHEWAN, CANADA, AND EXTENDS WARRANT EXPIRY DATE

Lakeland Resources Inc., subject to TSX Venture Exchange acceptance, has acquired additional mineral claims located in the Athabasca basin region, Saskatchewan, Canada.

The key properties, amongst others, are:

• Key Lake area: two land packages (KLR and KLS) encompassing six claims;
• Carter Lake area: six mineral claims located adjacent to Lakeland's existing landholdings in the southwest part of the Athabasca basin;
• Mathews Lake area: north of Lake Athabasca, within basement rocks of the Beaverlodge domain;
• Carson Lake area: within the northwest part of the Wollaston domain, host to a vast majority of operating uranium mines within the Athabasca basin;
• Black Birch East: located south of the Athabasca basin, along the Cable Bay shear zone, with anomalous uranium in lake sediment samples, radiometric anomalies and electromagnetic conductors.

By property purchase agreement dated Jan. 28, 2015, the company acquired a group of 10 exploration properties from DG Resource Management Ltd. The properties are located within basement rocks outside of and along the shallow margins of the Athabasca basin. The Key Lake area properties complement Lakeland's existing landholdings within the region and are in close proximity to the historical Key Lake mining operations, which produced in excess of 200 million pounds of uranium until 2002, when mining ceased. The mill is still in operation and currently processes ore from the McArthur River mine.

The KLR property covers a significant number of historical conductors within basement rock types and at least two unexplained radiometric anomalies. At the KLR property, surface rock samples, lake and stream sediment samples with up to 691 parts per million uranium, and historical drilling, which included 0.12 per cent triuranium octoxide across 0.1 metre, attest to the potential of the Hobo conductive trend.

In part, a second group of properties acquired from 877384 Alberta Ltd. and Zimtu Capital Corp. includes the Black Birch East and Brassy Rapids properties. The Black Birch East property covers an extensive land package (26,389 hectares) immediately south of Alpha Explorations Carpenter Lake property. This property covers the southerly extension of the Cable Bay shear zone, which is considered highly prospective for basement-hosted uranium mineralization. Significant historical exploration at this property showed a number of electromagnetic conductors and radiometric anomalies roughly coincident with the CBSZ. Under the terms of the DG agreement and subject to exchange approval, the company shall pay $40,880 cash and issue a total of 1.12 million common shares. The cash payments and share issuances will be payable as to: 50 per cent upon exchange acceptance and 50 per cent in six months of the exchange acceptance date. The properties are subject to a 2-per-cent net smelter royalty. The company may, at any time, purchase 1 per cent of the NSR for $2-million per property.

Under the terms of the 877 and Zimtu agreement, consideration is payable for the acquisition of the Black Birch East and Brassy Rapids claims of $32,636 cash and the issuance of 326,350 common shares of the company. The cash and the shares are to be issuable as to: 50 per cent upon TSX Venture Exchange acceptance, and 50 per cent in six months of exchange acceptance date. The properties are subject to a 2-per-cent net smelter return. The company may, at any time, purchase 1 per cent of the NSR for $2-million per property.

In addition, Lakeland has applied to the exchange for approval to extend the expiry dates, by one year, of 9,415,295 outstanding common share purchase warrants, exercisable at 30 cents per common share, currently scheduled to expire on March 20, 2015. The terms of the warrants will otherwise remain unchanged.

Insiders of the company do not hold any warrants to be amended. The extension of the warrant expiry date has been accepted by the exchange, subject to this announcement.

NI 43-101 disclosure

The technical information herein has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 and reviewed on behalf of the company by Neil McCallum, PGeo, of Dahrouge Geological Consulting Ltd., a qualified person.

We seek Safe Harbor.