Mr. Douglas Mason reports

COPPER LAKE HITS HIGH-GRADE MASSIVE SULPHIDES AND COPPER STRINGER ZONE AT MARSHALL LAKE

Rainy Mountain Royalty Corp.'s joint venture partner, Copper Lake Resources Ltd., has provided results of its winter drilling program on the Marshall Lake copper-zinc-silver-gold exploration property located 250 kilometres northeast of Thunder Bay, Ont., consisting of 10,430 hectares.

Highlights:

• Massive sulphides -- Billiton Main zone 30-metre stepout;
• One metre at 3.20 per cent Cu, 8.35 per cent Zn, 367.00 grams per tonne Ag and 8.01 g/t Au in hole MAR-18-07;
• Near-surface copper Stringer zone -- Gazooma zone stepout;
• 25.30 m at 1.07 per cent Cu, 20.1 g/t Ag from depth of 1.05 m, including 13.85 m at 1.54 per cent Cu, 28.30 g/t Ag from 11.20 m to 25.05 m in hole GAZ-18-01.

The purpose of the program was to test three versatile time domain electromagnetic conductors and other targets derived from a comprehensive compilation of historic data undertaken between 2014 and 2017. A total of 14 holes for 2,868 metres were completed.

Copper Lake's future plans

The 2018 drill program identified priorities in the area of historic work and numerous showings:

1. Main Billiton -- validate historic drilling and expand to depth;
2. Gazooma -- potential for shallow resource definition and trace the stringer zone east-southeast.

Assessment of the upper two-thirds of the Marshall felsic volcanic pile is recommended, particularly two strong airborne (VTEM) conductors associated with altered tuffs overlying interpreted vent facies coarse fragmental domes located along the south shore of Marshall Lake.

Marshall Lake's exceptional geology

The Marshall Lake property is deemed favourable to host Cu-Zn-Ag-Au VMS (volcanogenic massive sulphide) deposits of potential economic merit.

The volcanic pile consists of a moderately east plunging and verging anticline capped by chertmagnetite iron formation.

The discovery of Cu-Zn showings in the 1950s sparked an exploration rush. Extensive yet shallow work was focused in the lower third of the felsic volcanic pile and was constrained by a patchwork of owners and claim boundaries. The upper portions of felsic volcanic pile remain essentially unexplored and display favourable geology, alteration and untested conductors.

Copper Lake has spent considerable time consolidating the entirety of the Marshall Lake felsic volcanic centre. A detailed digital compilation and reinterpretation of extensive previous work were conducted between 2014 and 2017. This compilation guided this winter's drill program focused in the area of previous work. A comprehensive discussion of the scope and details of historic work including historic resource estimates, development of new targets and geological model is available in a National Instrument 43-101 technical report dated June 7, 2016, and authored by Thomas Hart, PGeo.

The 2018 drilling serves to highlight potential of the Main Billiton zone which remains open below 150 m depth, displays strong precious metals contents and demonstrates reasonable continuity in 3-D modelling of historic data. Hole MAR-18-07 was a 30 m stepout from historic hole GM-78-230 drilled by Imperial Oil Ltd in 1978.

• GM-78-230: 7.40 metres at 2.97 per cent Cu, 10.98 per cent Zn, 219.70 g/t Ag;
• Including 1.65 m at 5.5 per cent Cu, 31.50 per cent Zn, 320.20 g/t Ag.

Hole MAR-18-07 serves some purpose in advancing the process of validating historic drill information in the Main Billiton area. A 3-D interpretation of historic drill data illustrates drill coverage and the system remains open at depth.

These data suggest a steeply dipping series of conformable lenses spanning a 300 m strike length. Only six holes have been drilled deeper than 150 m and the system appears to remain open at depth.

The other significant finding of the 2018 drilling was the confirmation of copper stringer mineralization at Gazooma. This showing is part of a cluster of copper showings located approximately three kilometres southwest of the Billiton Main zone. They appear to align along an east-southeast crosscutting trend and demonstrate a copper-to-zinc zonation east-southeast or upward in the volcanic stratigraphy. The projection of this trend has not been adequately explored to date.

Qualified persons

The Marshall Lake drill program was overseen by George Mannard, PGeo, consultant, and managed in the field by Robert S. Middleton, PEng, and field geologists were Justin Johnson, MSc, PGeo, and Dr. Jordan Laarman, PhD, PGeo. The contents of this news release were read and approved by Mr. Middleton, who is acting as QP for the company under the rules of National Instrument 43-101.

We seek Safe Harbor.