Mr. William Wagener reports

GETCHELL GOLD CORP. ANNOUNCES FINAL TRANCHE OF DEBENTURE FINANCING

Getchell Gold Corp. has closed the final tranche of its debenture financing. In this third tranche of the debenture financing, the company has subscriptions for $1,441,900 principal amount of non-convertible debentures for total aggregate funds of $4,363,318 across all tranches of the debenture financing. In connection with this closing, the company will issue 14,419,000 warrants. Each debenture warrant will entitle the holder to purchase a common share of the company at 10 cents per share for three years. Fifty per cent of the debenture warrants will vest on closing and the remaining 50 per cent will vest and be exercisable 14 months following closing if the debenture has not been repaid prior to that vesting date.

In connection with the third tranche of the debenture financing, the company may issue finders' fees. The proceeds from the third tranche of the debenture financing will be used to conduct exploration work on the company's properties and for general working capital.

It is anticipated that one insider of the company will participate in the debenture financing. The debenture warrants of this insider will be exercisable at 16 cents per share for three years, with the same vesting terms as applicable to the other debenture warrants. The insider's participation constitutes a related party transaction under Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions. The company intends to rely on the exemptions from the formal valuation and minority shareholder approval requirements under Section 5.5(a) and Section 5.7(1)(a) of MI 61-101 as the fair market value of the securities issued to the related party will not exceed 25 per cent of the company's market capitalization.

The securities to be issued in connection with the third tranche of the debenture financing are subject to a statutory hold period of four months from the date of issuance in accordance with applicable securities laws. Closing of the third tranche of the debenture financing is subject to approval of the Canadian Securities Exchange.

About Getchell Gold Corp.

The company is a Nevada-focused gold and copper exploration company trading on the CSE under the symbol GTCH, on the OTCQB under the symbol GGLDF and on the Frankfurt Stock Exchange under the symbol GGA1. Getchell Gold is primarily directing its efforts on its most advanced-stage, 100-per-cent-owned Fondaway Canyon gold project, a past gold producer with a large mineral resource estimate. Complementing Getchell's asset portfolio are the 100-per-cent-owned Dixie Comstock project (a past gold producer with a historic resource) and two earlier-stage exploration projects (the Star (copper/gold/silver) and Hot Springs Peak (gold) projects). The Fondaway Canyon and Dixie Comstock properties are located in Churchill county, Nevada.

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