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File: 20170509 Definitive Share Exchange Agreement with E3.doc

SAVANNAH GOLD CORP.

FOR IMMEDIATE RELEASE
Contact: Investor Relations May 8, 2017 Phone (604) 684-2181 (No. 2017-05-09)
info@varshneycapital.com 

NEWS RELEASE

SAVANNAH GOLD CORP. (TSX.V:SAV.H) (the "Corporation" or "Savannah") is pleased to announce that it has entered into th
--->e definitive Share Exchange Agreement (the "Definitive Agreement") dated May 8, 2017 with 1975293 Alberta Ltd., operat
--->ing as E3 Metals ("E3 Metals") and E3's securities holders, whereby all outstanding securities of E3 Metals will be ex
--->changed for securities of Savannah (the "Transaction").  Savannah has also received conditional approval from the TSX 
--->Venture Exchange (the "TSXV") for the Fundamental Acquisition (as that term is defined in the policies of the TSXV).
It is anticipated that Savannah will change its name to E3 Metals Corp. and will carry on with the development of E3 M
--->etals' "petro-brine" projects in south-central Alberta.  The Corporation proposes to complete its reactivation and upg
--->rade to Tier 2 on the TSXV on closing of the Transaction.
"I am very pleased to have this important step in the acquisition process completed. As we have solidified the Transac
--->tion, we can begin to set our sights on the first phase of the project development while the TSXV finalises their revi
--->ew of the National Instrument 43-101 technical report (the "Report") on the Clearwater and Exshaw Projects." said Chri
--->s Doornbos, who will assume the role of President and CEO of the Corporation on closing of the Transaction.  "E3 Metal
--->s is working on some exciting new developments that we hope to finalise over the coming months.  When the Transaction 
--->closes, we will outline the details of our project plan for the next 12 months."
Share Exchange Transaction
On closing of the Transaction, Savannah will pay E3 Metals $150,000 and issue to the securities holders of E3 Metals (
--->i) a total of 6,000,000 common shares of the Corporation in exchange for 100% of the outstanding shares of E3 Metals a
--->nd (ii) 600,000 share purchase warrants (the "Warrants") in exchange for 100% of the outstanding share purchase warran
--->ts of E3 Metals.  Each Warrant will be exercisable into one common share in the capital of the Corporation at an exerc
--->ise price of $0.30 per share until April 19, 2020. Savannah has also provided a loan of $35,000 to E3 Metals for the p
--->urpose of continuing with various project related initiatives.  
Mr. Praveen Varshney, President of Savannah stated: "We are very excited to have quickly come to agreement on this opp
--->ortunity in the emerging petro-brine field of the lithium resource sector.  We look forward to closing the Transaction
---> and the resumption of trading shortly." 
The completion of the Transaction is subject to a number of conditions, including but not limited to, the completion o
--->f satisfactory due diligence including the delivery and satisfactory review of the audited financial statements of E3 
--->Metals and the satisfactory review and approval of the Report by the TSXV. 
Miscellaneous Terms
The securities to be issued in connection with the Transaction have not been and will not be registered under the Unit
--->ed States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be o
--->ffered or sold within the United States or to U.S. Persons (as defined in Regulation S promulgated under the U.S. Secu
--->rities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from 
--->such registration is available. 
About Savannah
The Corporation's historical business activity has been related to the exploration and development of precious metals 
--->properties. Subsequent to completing the Transaction, the Corporation will not pursue precious metals exploration or d
--->evelopment but will continue with the development of resource assets in the lithium sector.
 Completion of the Transaction is subject to a number of conditions, including TSXV acceptance. The Transaction cannot
---> close until the required approvals are obtained. There can be no assurance that the Transaction will be completed as 
--->proposed or at all. 
The TSX Venture Exchange has in no way passed upon the merits of the proposed Transaction and has neither approved nor
---> disapproved the contents of this press release.
ON BEHALF OF THE BOARD OF SAVANNAH GOLD CORP.
 (Signed) "Praveen Varshney"
Praveen Varshney President