1,872,000 Warrants Exercised at $0.08 for Gross Proceeds of $149,760

Suite 915 – 700 West Pender Street Vancouver, BC Canada V6C 1G8

Tel: 604-708 3788 Fax: 604-708 3728 Email: [email protected]

NEWS RELEASE TSX-V: CLZ # 10 – 2014: December 16, 2014 www.canasil.com

1,872,000 Warrants Exercised at $0.08 for Gross Proceeds of $149,760

Vancouver, December 16, 2014 – Canasil Resources Inc. (“Canasil”, TSX-V: CLZ, DB Frankfurt: 3CC) announces that following the TSX Venture Exchange approval to reduce the exercise price of 1,972,000 warrants expiring on December 6 and 31, 2014, and February 17, 2015, from $0.15 to $0.08, a total of 1,872,000 warrants have been exercised for gross proceeds of $149,760. These warrants were issued in connection with a private placement which closed on December 6 and 31, 2013, and February 17, 2014.

About Canasil:

Canasil is a Canadian mineral exploration company with interests in precious and base metal properties in Durango, Sinaloa and Zacatecas States, Mexico, and in British Columbia, Canada. The Company’s directors and management include industry professionals with a consistent track record of identifying and advancing successful mineral exploration projects. The Company is actively engaged in the exploration of its mineral properties.

For further information please contact:

Bahman Yamini President and C.E.O.

Canasil Resources Inc.

Tel: (604) 709-0109 www.canasil.com

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