Mr. Greg Gibson reports

BONTERRA PROVIDES CORPORATE UPDATE

Bonterra Resources Inc. has provided a corporate update on its winter drilling and exploration activities at the Gladiator, Barry and Moroy projects as well as on the bulk sample being completed underground at the Moroy project.

The winter drill program is now under way, with drills mobilized on ice set-ups at the Gladiator and Barry projects during the last week. The timing of the drill start-up on the ice is approximately three weeks later than anticipated and scheduled due to a mild winter with heavy and persistent snowfall.

The company now has drills working at all three projects, as described herein.

Gladiator

At the Gladiator project, there are currently a total of four drills running:

• Two drills are on the ice, focused on infill drilling the Gladiator deposit with the objective of upgrading inferred resource.
• One drill is on the Duke target area. Drilling at Duke includes testing earlier-stage targets and evaluating historical drilling and resource potential in the Lac Rouleau area. The company will be adding a second drill to the Duke target area in the near future.
• One drill is currently drilling targets in the St. Cyr target area. The St. Cyr target area is located east of the Gladiator deposit and encompasses an interpreted structural and gold-bearing trend that includes the Gladiator deposit.

All drill rigs at the Gladiator project are fully staffed and running at 100-per-cent capacity.

Barry

There are currently two drills operating at the Barry project:

• One drill is located on the ice and is testing for an eastward extension to the Barry deposit.
• One drill is working in the deposit area and is focused on a combination of infill drilling to increase resource confidence and also local expansion and definition of the deposit.
• The company anticipates adding a third drill to the Barry project, aimed at testing Barry deposit expansion targets and exploration targets proximal to the Barry deposit.

All drill rigs at the Barry project are fully staffed and running at 100-per-cent capacity.

Moroy

The company currently has three drills working on the Moroy deposit:

• Two drills are currently underground: one on each of levels 11 and 14. The drills are focused on the downplunge expansion of known mineralization.
• One drill is on surface and is focused on defining the up-plunge potential of mineralization of the Moroy M1 zone.

The underground rigs are running short staffed and at approximately 70-per-cent capacity, while the surface drill is similarly running at approximately 50-per-cent capacity due to current staffing issues. Pending drill and personnel availability, the company is considering adding a third underground drill at Moroy.

Moroy bulk sample

The company has initiated work on the Moroy bulk sample, planned for completion on Level 11, zone 11-M1-01 and zone 11-M1-01 SN. Longhole drilling has been completed in the first subdrift, with production hole sludge samples returning better-than-expected grades.

Outlook

The company remains focused on the earlier announced objectives for its winter drill program, which include deposit infill drilling, resource expansion drilling and exploration along deposit trends. Given the late start to the season, it may be difficult to complete the winter drill program as planned. The company will focus on its core projects, and any shortfall in metres drilled will be in the area of regional, earlier-stage targets. Weather permitting, the company intends to advance on the following projects:

• Gladiator deposit infill;
• St. Cyr and area exploration (Gladiator trend);
• Duke option property earlier-stage exploration and evaluation of the Lac Rouleau target;
• Barry deposit infill;
• Barry deposit expansion;
• Barry regional exploration (Barry-Bart-Moss trend) and evaluation of resource potential at the Bart and Moss targets;
• Moroy deposit resource expansion.

The company continues to develop and update all geological models at the Gladiator, Barry and Moroy deposits. The extent and timing of future model updates will be dependent on the winter drilling accomplished. Assays have begun to be received.

The company continues its work on permitting and engineering for expansion of the Bachelor-Moroy mill and tailings facility. Gladiator underground exploration permitting is on schedule for completion in the second quarter.

Greg Gibson, chief executive officer of Bonterra, commented: "It is good to see drills turning on our core projects. The patience that our shareholders have demonstrated is greatly appreciated, and your frustrations are shared. I expect to see drill results shortly, and we are encouraged by the initial sample results from our Moroy bulk sample."

We seek Safe Harbor.