Mr. Roger Rosmus reports

GOLIATH RESOURCES SIGNS MOU WITH FIVE OTHER COMPANIES TO STUDY THE VIABILITY OF HUB AND SPOKE MILL COMPLEX AT A PERMITTED SITE AT KITSAULT, B.C.

Goliath Resources Ltd. has signed a memorandum of understanding (MOU) with BWCG Holding Ltd. (formerly Blackwolf Copper and Gold Inc.), Blackwolf Copper and Gold, Coast Copper Corp., Dolly Varden Silver Corp., and New Moly LLC (collectively, the companies) to jointly study the viability of using New Moly's Kitsault project as the potential site for a centralized polymetallic processing facility that could accept mineralized material from the companies' respective deposits and/or new discoveries, located nearby on tidewater in northwestern British Columbia and/or southeastern Alaska.

Prior to signing the initial MOU, Blackwolf Copper and Gold undertook initial discussions with Nisga'a Lisims government regarding potential amendments to the Mines Act permits for Kitsault to support a polymetallic mill.

"Nisga'a Lisims government has had initial discussions with Blackwolf Copper and Gold on the concept of a hub and spoke mill at the site of the Kitsault project. We look forward to further consultation on this and other natural resource opportunities within the Nass area which is subject to the Nisga'a final agreement where we have constitutionally protected title and rights," said Charles Morven, Secretary-Treasurer for Nisga'a Lisims government.

"We look forward to working with this collaboration of companies to study the potential synergies that include reduced respective capital, processing costs, as well as reduce permitting timelines and risks by using a permitted site located on tidewater," said Roger Rosmus, founder and chief executive officer. "With the Surebet's gold-silver-copper-lead-zinc discovery that has two barge access points located on tidewater and marine bulk transport being reasonably cost-effective. We believe that the Kitsault site could potentially be an excellent fit for Goliath to unlock additional shareholder value."

The proposed site at Kitsault previously hosted a molybdenum mine. Within the past decade, Kitsault received Canadian federal and provincial permits, and, given the buoyant molybdenum market, New Moly is now considering financing requirements to restart a larger-scale project. The project is located on the B.C. Hydro grid, has road access to the Nass Valley and tidewater access. The Kitsault polymetallic mill concept may assist to enhance and derisk the potential restart of Kitsault.

The companies have engaged Fuse Advisors Inc. to complete an initial assessment of the technical viability of the Kitsault polymetallic mill concept and will jointly share the costs of this study. By reviewing the respective metallurgical test work completed at the various deposits, Fuse will assess the potential for blending or batching mineralized material, potential process flowsheets, potential throughputs from the various deposits, and associated mill sizing and timelines.

New Moly Kitsault mine

The Kitsault mine project is one of the largest and highest-grade primary molybdenum deposits in the world. The project is owned by Avanti Kitsault Mine Ltd. (AKML), in which New Moly has a 100-per-cent interest. The Kitsault mine is located in northwestern British Columbia within the regional district of Kitimat-Stikine, approximately 140 kilometres northeast of Prince Rupert and south of the terminus of Alice Arm, an inlet of the Pacific Ocean.

The Kitsault mine is a brownfield site with considerable past mining activity and basic infrastructure in place. From as early as 1968, and intermittently until 1982, the mine produced approximately 30 million pounds of molybdenum from open-pit mining. Rehabilitation of the 1981 to 1982 mining program was started under an approved reclamation program in the mid-1990s and was completed in 2006.

AKML completed the purchase of an undivided 100-per-cent direct interest in the Kitsault mine (molybdenum mine and surrounding mineral tenures) from Aluminerie in October, 2008. Under AKML, permits have been well advanced with key provincial and federal permits in place for development of an estimated mine life of 15 years with an ore production rate of 16.2 million tonnes/year. Kitsault's development would include construction of a process plant, upgrade of the existing power line, expansion of the existing open pit, construction of a low-grade ore stockpile, waste rock management facility and a tailings management facility with associated water management ponds. In 2014, AKML entered into a co-operation and benefits agreement (CBA) and an environmental agreement with the Nisga'a Nation. This agreement recognizes and formalizes the working relationships between the Nisga'a Nation and AKML and is a vital step in the development of Kitsault mine.

New Moly also owns 80 per cent of the Mt. Hope molybdenum project in Nevada, one of the largest permitted primary molybdenum projects in the world with more than a billion pounds of molybdenum and a proposed mine life of more than 40 years.

Niblack

Blackwolf Copper and Gold's Niblack project hosts multiple Cu-Au-Zn-Ag deposits and prospects, located next to tidewater on Prince of Wales Island in southeast Alaska. Current mineral resources include 5,851,000 tonnes averaging 0.94 per cent Cu, 1.83 grams per tonne Au, 1.73 per cent Zn and 29 g/t Ag in the indicated category, and 214,000 tonnes averaging 0.93 per cent Cu, 1.52 g/t Au, 1.38 per cent Zn and 18 g/t Ag in the additional inferred category. Primarily hosted in the Lookout zone, the mineral resources have excellent metallurgical recoveries within a wide mineralized zone, up to 120 metres in true width, and is accessed with a production-size underground ramp. Mineralization is wide open for expansion in most areas, and numerous prospects have only received limited drill testing.

Coast Copper

Coast Copper's exploration focus is the optioned Empire mine property, located on northern Vancouver Island, British Columbia, which covers three historical open-pit mines and two past-producing underground mines that yielded iron, copper, gold and silver. Coast Copper's other properties include its 100-per-cent-owned Knob Hill NW property located on northern Vancouver Island, its Home Brew and Shovelnose South properties in central B.C., and its Scottie West property located in the Golden Triangle of Northern B.C.

Dolly Varden/Homestake Ridge

The contiguous Dolly Varden and Homestake Ridge projects, owned 100 per cent by Dolly Varden Silver, make up a 163 square km land package that is accessible to tidewater at the end of Alice Arm, just across the inlet from the Kitsault site, via a 28 km historic mine road. Mineralization in the area consists of silver and gold systems in several areas, often with significant zinc and copper values. The Dolly Varden and Torbrit deposits have seen combined historic production of approximately 20 million ounces Ag and have demonstrated good metallurgical recoveries. The property remains prospective for the discovery of additional deposits along a 15-kilometre trend of favourable host rocks and alteration.

Goliath Resources/Surebet zone

Goliath controls 100 per cent of the Golddigger property that covers an area of 59,089 hectares, located on tidewater northwest of the Kitsault site and west of Dolly Varden Silver's Kitsault Valley project. The company has discovered a new high-grade polymetallic gold-silver shear zone, the Surebet zone, on the property that has been confirmed over a 1.6 square km area averaging 6.31 g/t gold equivalent (4.45 g/t Au and 110 g/t Ag) over 6.88 metres wide. Mineralization within the Surebet zone consists of structurally controlled massive, semi-massive and disseminated sulphides containing galena, sphalerite, pyrrhotite and pyrite. These lenses occur within broad alteration halos of silica-flooded sediments which also contain polymetallic mineralization up to 43.5 metres wide. The initial metallurgy shows exceptional results of 92.2-per-cent gold recovery using traditional gravity and flotation processes; inclusive of 48.8 per cent free gold from simple gravity at a 327-micron crush.

Qualified persons

Andrew Hamilton, PGeo, a qualified person, and Rein Turna, PGeo, a qualified person as defined by National Instrument 43-101, have reviewed and approved the technical information in this release.

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