Mr. Ryan King reports

PINECREST RESOURCES ADVANCES ENCHI GOLD PROJECT, GHANA

Pinecrest Resources Ltd. is providing an update on activities on the company's 100-per-cent-owned Enchi gold project in Ghana, West Africa.

Preliminary economic assessment update

The company recently announced the results of the owner-operated PEA on the Enchi gold project. Highlights of the PEA at $1,300 per ounce of gold include a pretax net present value at a 5-per-cent discount rate of $102-million (U.S.) and an internal rate of return of 33 per cent (see March 2, 2015, news release for further details and cautionary language). Pinecrest plans to evaluate a contract mining scenario that could enhance already robust project economics while decreasing upfront capital requirements. Pinecrest has engaged WSP Canada to evaluate a contract mining scenario at the Enchi project, and it anticipates that this study will be completed by third-quarter 2015.

Ryan King, president, stated: "On the back of announcing a positive PEA in March, 2015, the company is reviewing opportunities to potentially reduce capital costs and maximize project economics. In addition to optimizing the PEA, fieldwork is planned to begin in third-quarter 2015 on the 568-square-kilometre project to define additional high-priority targets for resource expansion drilling."

Metallurgical test work

Pinecrest is currently evaluating several options for advancing metallurgical test work on the project. The work will be focused on evaluating heap leach gold recoveries on oxide material. The PEA utilized 75-per-cent-gold recovery for oxide and transitional material and 73-per-cent-gold recoveries for sulphide mineralization. These recoveries are based on bottle-roll testing and assumed similar process designs to other heap leach facilities in the region. Additional metallurgical testing will better define and optimize the kinetics associated with heap leach gold recovery on the Enchi project.

Resource expansion exploration program

Fieldwork will evaluate several targets with a goal of defining additional targets for resource expansion drilling. Follow-up on high-priority drill targets outside of the current inferred resources will include previously drilled gold mineralized zones at: Eradi, Boin NW, Sewum South, Achimfo and the Sewum-Tokosea. Additional work will be completed to advance high-priority airborne electromagnetic, geophysical and structural targets on the 568-square-kilometre project. Fieldwork will consist of geological mapping, trenching, auger drilling and geochemical sampling.

Environmental baseline study and environmental impact study

The company is anticipating starting the environmental baseline study in 2015. The data and results will be used in the preparation of an environmental impact study for a potential open pit heap leach operation. Additional information, as well as a copy of the technical report detailing the recently completed preliminary economic assessment, are available at SEDAR and on the company's website.

Gregory Smith, PGeo, vice-president, exploration, of Pinecrest, is the qualified person as defined by NI 43-101 and has prepared and approved the technical data and information in this news release.

We seek Safe Harbor.