Mr. George Chilian reports

METALORE RESOURCES LIMITED ANNOUNCES NOTIFICATION OF TSX CONTINUED LISTING REVIEW

Metalore Resources Ltd.'s common shares are scheduled to be delisted from trading as of 4:30 p.m. on Sept. 6, 2016, pursuant to the Toronto Stock Exchange continued listings committee decision on July 28, following lengthy communications and hearings that were commenced by the TSX on March 6, 2016.

There is a TSX regulation (Section 710 (a) (i)) that requires mining exploration companies to spend a minimum of $350,000 annually on exploration. Metalore did spend an average well above that amount for the 35 years that it was listed on the TSX. However, it fell short by $38,000 in 2015 when it changed its focus to developing its deep hydrocarbon project in Southwestern Ontario.

Also, with the gas market lower, its share value declined and fell below the TSX regulations (Section 712 (a) and (b)) requiring minimum float share values.

Metalore has filed an appeal to the TSX delisting committee, which is expected to be heard within the next several days. Shareholders should rest assured that their shares will be trading on the public market in a timely fashion thereafter.

Metalore also advises that the company has received a proposal from West Bay Exploration Company of Traverse City, Mich., for a 50-per-cent participating interest in its deep hydrocarbon drilling program, and a draft agreement is currently being prepared by West Bay.

Metalore is confident that it can compete viably with the shale gas production south of the border if it can make a significant, deep, high-pressure, conventional gas or oil discovery within the northerly quadrant of the prolific Appalachian basin in its own backyard.