Mr. Richard Osmond reports

ELEMENT 29 ANNOUNCES FULLY-COMMITTED PRIVATE PLACEMENT OF UP TO $12,000,000 WITH STRATEGIC INVESTORS

Element 29 Resources Inc. intends to complete a non-brokered private placement of up to 7,272,727 common shares of the company at a price of $1.65 per share for aggregate gross proceeds to the company of up to $12-million, which is fully committed with participation from strategic investors.

Use of proceeds

The net proceeds from the financing will be used to finance exploration activities across the company's portfolio of copper projects in Peru, including the flagship Elida, as well as the Flor de Cobre and Paka projects.

Financing details

The company may compensate certain finders a cash fee equal to 7 per cent of the aggregate gross proceeds raised from subscriptions under the financing arranged by such finders.

The financing remains subject to final acceptance by the TSX Venture Exchange. All securities issued pursuant to the financing will be subject to a statutory four-month-and-one-day hold period from the date of issuance.

About Element 29 Resources Inc.

Element 29 is an emerging junior resource company with a highly experienced management team and board focused on the discovery and advancement of copper projects in Peru, one of the lowest-cost, lowest-risk mining jurisdictions globally. The company's flagship project is the Elida porphyry Cu-Mo-Ag (copper-molybdenum-silver) deposit in west-central Peru, which has an initial pit-constrained inferred mineral resource estimate of 321.7 million tonnes grading 0.32 per cent Cu, 0.03 per cent Mo and 2.61 grams per tonne Ag at a 0.2-per-cent Cu cut-off grade. Alongside Elida, the company has three early stage, highly prospective porphyry Cu projects in Peru that include the Flor de Cobre porphyry Cu-Mo prospect situated in the Southern Peru copper belt, just 26 km from the Cerro Verde copper mine (Freeport-Buenaventura), as well as the Paka and Pahuay porphyry Cu skarn prospects. All projects are well located for future mine development and will benefit from nearby infrastructure including roads, power infrastructure, ports, water and a skilled work force.

We seek Safe Harbor.