Mr. James Macintosh reports

GRAYCLIFF CLOSES FIRST TRANCHE OF LIFE FINANCING

Graycliff Exploration Ltd. has closed the first tranche of its previously announces non-brokered private placement offering of up to eight million units of the company at a price of 35 cents per unit. The first tranche consists of 1,964,457 units for aggregate gross proceeds of $687,560. Each unit consists of one common share in the capital of the company and one-half of one common share purchase warrant of the company. Each warrant entitles its holder to acquire one additional share at an exercise price of 55 cents for a period of 12 months from the date of issuance; the warrants may not be exercised for a period of 60 days from the date of issuance.

"The company intends to use the proceeds of this offering to begin exploration activities at our Shakespeare gold project in Sudbury and for corporate purposes," stated James Macintosh, chairman.

Subject to compliance with applicable securities laws and Canadian Securities Exchange policies, the company paid eligible finders $57,000, a fee equal to 8 per cent of the cash proceeds received from the sale of the units payable in cash, and issued 162,880 warrants equal to 8 per cent of the aggregate number of units issued. The finders' warrants have the same terms as the warrants.

The units were issued on a private placement basis pursuant to the listed issuer financing exemption (LIFE) under Part 5A of National Instrument 45-106, Prospectus Exemptions, as amended and supplemented by Coordinated Blanket Order 45-935, Exemptions from Certain Conditions of the Listed Issuer Financing Exemption. Subject to compliance with applicable regulatory requirements and in accordance with NI 45-106, the units sold under the offering pursuant to the LIFE will be offered to purchasers resident in each of the provinces and territories of Canada, except Quebec, and such securities are expected to be immediately freely tradeable and will not be subject to a hold period under applicable Canadian securities laws. There is an offering document related to the units issuable pursuant to the LIFE that can be accessed under the company's profile on SEDAR+ and on the company's website. Prospective investors should read the offering document before making an investment decision.

About Graycliff Exploration Ltd.

Graycliff Exploration is a mineral exploration company focused on its 1,366 hectares of prospective ground, located roughly 88 kilometres west of Sudbury on the prolific Canadian Shield. The company's Shakespeare project consists of one Crown patented lease, two Crown leases and 82 claims on a property that includes the historic Shakespeare gold mine, which operated from 1903 to 1907. Graycliff to date has drilled over 12,900 metres, with visible gold mineralization and significant gold assay intervals in numerous drill holes.

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