Mr. Graeme Sloan reports

GOLDEN HORSE ISSUES PERFORMANCE RIGHTS AND OPTIONS

Pursuant to its equity incentive plan, Golden Horse Minerals Ltd. is granting an aggregate of 15,916,294 performance rights redeemable for common shares, 3.18 million inducement shares and 10.05 million options to acquire common shares to certain employees, officers, consultants, directors and non-executive directors of the company as follows:

• 9,444,945 performance rights were issued to certain directors, non-executive directors and officers and will vest on the one-year anniversary of the date of grant, provided the company achieves certain milestones which trigger the vesting of such performance rights and 4,091,724 performance rights were issued to certain directors and officers, such performance rights vesting in equal instalments over three years provided the company achieves certain milestones which trigger the vesting of such performance rights (the "Insider Grants");
• 1,412,500 performance rights were issued to certain employees and consultants and will vest on the one-year anniversary of the date of grant, provided the company achieves certain milestones which trigger the vesting of such performance rights;967,125 performance rights were issued to certain employees, such performance rights vesting in equal instalments over three years provided the company achieves certain milestones which trigger the vesting of such performance rights;
• 3,180,000 inducement shares were issued to certain employees and officers and will vest on between one to three year anniversary of the date of grant, provided the company achieves certain milestones which trigger the vesting of such performance rights;
• 6,250,000 options, each exercisable for one common share, with a term of 5 years and a strike price of C$0.0975 were issued to certain officers, directors and non-executive directors, provided the company achieves certain milestones which trigger the vesting of such options (the "Insider Options"); and
• 3,800,000 options, each exercisable for one common share, with a term of 5 years and a strike price of C$0.0975 were issued to certain employees and consultants, provided the company achieves certain milestones which trigger the vesting of such options.

In accordance with the policies of the TSX Venture Exchange ("TSXV"), the Insider Grants are subject to receipt of disinterested shareholder approval no later than the company's next annual general meeting or 12 months from the date of grant of the Insider Grants and Insider Options, as the issuance of such grants exceeds the insider limits set out in the company's Equity Incentive Plan. The awards issued pursuant to the Insider Grants and Insider Options may not be settled or exercised until such disinterested shareholder approval has been approved and if such disinterested shareholder approval is not received, then the Insider Grants and Insider Options will be cancelled.

The granting of all the awards set out in this release remain subject to TSXV approval and where applicable, the disinterested shareholder approval set out above.

About Golden Horse Minerals Limited

Golden Horse is a gold exploration company which has consolidated the rights to a large highly prospective area covering one of Australia's most successful gold provinces in the Southern Cross region of Western Australia. The Golden Horse tenure is more than 900km2 within a large geological phenomenon known as the Southern Cross Greenstone Belt. The Belt spans approximately 400km in length and has produced more than 12 million ounces of gold. It is one of the top precious metals provinces in Western Australia. The Greenstone belt consists of altered intrusive and meta-sedimentary rocks which are supported by two operating gold mills at the Marvel Loch and Edna May processing plants. To learn more about the company, visit our website at https://goldenhorseminerals.com/.

We seek Safe Harbor.