Kapuskasing Gold Closes Private Placement

October 30, 2017 – Kapuskasing Gold Corp. (TSX-V: KAP) (the “Company” or “KAP”) announces that the Company has closed a non-brokered private placement of 2,220,000 units (the “Units”) of the Company at a price of $0.05 per Unit for gross proceeds of $111,000. Each Unit will consist of one common share in the capital of the Company and one common share purchase warrant (a “Warrant”). Each Warrant will be exercisable into one common share at $0.075 for a period of 12 months from the closing of the financing.

All securities issued in connection with the Offering will be subject to a four month hold period expiring on March 2, 2018, in accordance with applicable Canadian securities laws. Net proceeds of the private placement will be used for general working capital purposes and to advance the company’s mineral properties.

On behalf of the Board of Directors,

Kapuskasing Gold Corp.

Jonathan Armes President & CEO Phone 1 (416) 708-0243

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

KAPUSKASING GOLD CORP.

133 Richmond Street West, Suite 501, Toronto, ON M5H 2L3 Canada TSXV: KAP