Mr. Peter Gianulis reports

ALLEGIANT GOLD ANNOUNCES PROPOSED SHARE CONSOLIDATION AND EXPLORE FINANCING OPTIONS

Allegiant Gold Ltd., subject to approval from the TSX Venture Exchange, intends to effect a consolidation of its issued and outstanding common shares on the basis of one new share for two existing shares.

Under the consolidation, for every two shares currently held by a shareholder, each shareholder will, as a result of the consolidation, receive one share after the consolidation takes effect. The company currently has 106,076,830 shares issued and outstanding. Upon completion of the consolidation, the company will have 53,038,415 shares issued and outstanding in the capital of the company, subject to rounding.

No fractional shares will be issued as a result of the consolidation. Any fractional interest in shares that is less than 0.5 of a share resulting from the consolidation will be rounded down to the nearest whole share, and any fractional interest in shares that is equal to or greater than 0.5 of a share will be rounded up to the nearest whole share. The exercise or conversion price of, and the number of shares issuable under, any convertible securities of the company will be proportionately adjusted upon the completion of the consolidation.

The company will obtain new Cusip number and ISIN for the consolidation. The record date and effective date of the consolidation, and the new Cusip number and ISIN, will be disclosed in a subsequent news release.

Notwithstanding the foregoing, the board of directors of the company may, at its discretion, determine to amend the terms or to not to move forward with the consolidation.

Company update

The company is actively evaluating all available financing options to support the advancement of Eastside, its flagship project. Management remains committed to pursuing strategic and accretive financing opportunities that will allow for continued exploration and development while maximizing shareholder value.

About Allegiant Gold Ltd.

Allegiant owns five highly prospective gold projects in the United States, all of which are in the mining-friendly jurisdiction of Nevada. Allegiant's flagship, district-scale Eastside project hosts a large and expanding gold resource, and is in an area of excellent infrastructure. Preliminary metallurgical testing indicates that both oxide and sulphide gold mineralization at Eastside is amenable to heap leaching.

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