Roughrider Announces Acquisition of Iron Butte Gold Project, Nevada

Roughrider Announces Acquisition of Iron Butte Gold Project, Nevada

VANCOUVER, BC / ACCESSWIRE / April 25, 2017 / Roughrider Exploration Limited (TSX-V:

REL) ("Roughrider") is pleased to announce that it has signed a Letter of Intent granting it the right to

acquire, by option, a 100% interest in the Iron Butte oxide gold-silver project located along the western

margin of the Carlin Gold Trend in Lander County, Nevada. The property is approximately 60 kilometres

south of Battle Mountain on state highway 305 and has excellent nearby infrastructure, and power within

four kilometres.

Gold and silver mineralization and silica alteration has been delineated on the Iron Butte property within a

north-northeast trending area 2,900 metres long and 1,300 metres wide. Past exploration, focused

primarily on the Red Ridge and North Zones, includes 225 reverse circulation ("RC") drill holes totalling

34,029 metres completed between 1980 and 2009 by Homestake Mining, Cameco, Newcrest, Newmont

Mining and C3 Resources. Work was also undertaken on the property by Aurelio Resources Corporation

("Aurelio") in 2009 and Alpaca Resources Inc. ("Alpaca") in 2010, the latter of which commissioned an

unpublished National Instrument 43-101 ("NI 43-101") formatted report by Caracle Creek International

Consulting Inc.

At the Red Ridge Zone, oxide gold and silver mineralization has been delineated from near surface to

depths averaging roughly 120 metres. Sulphide mineralization has been outlined extending below the

oxide mineralization a further 150 metres. Higher grade gold and silver identified at the Red Ridge and

North Zones is associated with fault controlled jasperoid bodies and the contact between host

Pennsylvanian and Permian sedimentary rocks of the Cedars Sequence and overlying Tertiary volcanic

rocks. Mineralization exhibits characteristics typical of epithermal-style veins with some indications for

Carin-type sediment-hosted mineralization.

Historical Resource Estimate

Two historical resource estimates have been calculated for the Red Ridge and North Zone. Utilizing data

partitioned into 5,222 six metre, mine bench-scale sample composites from 211 RC drill holes, Aurelio

(Detra, 2009) outlined a resource estimate for gold and silver that did not partition between oxide and

sulphide mineralization (Table 1). Alpaca (Cleath, 2010) delineated both oxide and sulphide resource

estimates for gold only using sectional ore boundaries and a 0.3 g/t gold cut-off (Table 2). Both resource

estimates were undertaken "in-house" by Aurelio and Alpaca, respectively.

Table 1: 2009 Unclassified Historical Resource Estimate

Cut-off

(ppm)

Tons

(short)

Calculated

Tonnes

(metric)

Au

(ppm)

Ag

(ppm)

Total Au

(oz)

Total Ag

(oz)

0.100 225,826,300 204,866,232 0.204 3.652 1,484,166 26,513,455

0.250 47,555,637 43,141,761 0.372 6.824 568,590 10,432,796

0.333 21,180,858 19,214,957 0.480 9.065 326,780 6,173,156

0.400 12,414,366 11,262,127 0.563 11.027 224,542 4,401,081

0.500 6,175,529 5,602,347 0.685 14.808 136,005 2,940,117

1.000 387,178 351,242 1.157 14.080 14,402 175,269

Table 2: 2010 Unclassified Historical Resource Estimate*

Zone Type

Tons

(short)

Calculated

Tonnes

(metric)

Au

(ppm)

Total Au

(oz)

RED RIDGE Oxide 14,072,175 12,766,066 0.664 300,376

Sulphide 9,661,356 8,764,637 0.515 160,410

Total 23,733,531 21,530,703 0.604 460,786

NORTH Oxide 641,179 581,668 0.656 13,523

Sulphide 6,182,878 5,609,014 0.663 131,877

Total 6,824,057 6,190,682 0.663 145,400

TOTAL Oxide 14,713,354 13,347,734 0.664 313,899

Sulphide 15,844,234 14,373,651 0.574 292,287

Total 30,557,588 27,721,385 0.617 606,186

*Resource calculated using a 0.3 g/t Au cut-off.

A Qualified Person has not completed sufficient work to verify these resource estimates. A Qualified

Person has not done sufficient work to classify the resource estimates as current mineral resources and the

issuer is not treating the resource estimates as current mineral resources. These estimates are unclassified

and do not use the categories ("inferred", "indicated" or "measured" mineral resource, or "probable" or

"proven" mineral reserve) set out in Sections 1.2 and 1.3 of NI 43-101 as defined by the Canadian

Institute of Mining, Metallurgy and Petroleum ("CIM"). These resource estimates are only relevant to

obtain a reference to gold and silver mineralization potential present on the property. Additional drilling

would need to be completed in order to upgrade and verify mineral resource estimates.

Roughrider has not undertaken any data verification of the historical data upon which these resources are

based. Roughrider plans an initial work phase compiling the historical data and verifying results as part of

its due diligence work as outlined in the Letter of Intent.

Exploration Potential

The Red Ridge and North Zones remain inadequately tested. Historic drill holes are predominantly

vertical, possibly inadequately testing the structures that control the higher grade mineralization. Potential

exists to identify a higher grade core zone at Red Ridge, as indicated by hole NC-31 which ran 7.48 g/t

gold over a 1.52 metre intercept. Numerous other areas on the Iron Butte property host significant gold

that have only been partially tested to date, notably to the east, north and south of the Red Ridge and

North Zones where anomalous gold and mercury have been detected in rock samples. No trenching or

drilling has been completed on a ridge 300 metres north of the North Zone where four rock samples,

spread roughly 100 metres apart, produced assays between 0.21 g/t and 1.44 g/t gold.

Subject to permitting, Roughrider will undertake a program of remapping, detailed lithological and grid

controlled surface soil sampling where data gaps exist to establish a robust geologic model on which

future drilling can be planned. This initial phase of work will also focus on the Tertiary volcanic and

basement sedimentary lithological contact, identifying areas where it is cross-cut by later structures.

Iron Butte Property Letter of Intent

The terms of the Letter of Intent signed April 20, 2017 provides an exclusivity during which the parties

will endeavour to execute a Definitive Agreement and close the transaction by June 10, 2017.

Under the terms of the Letter of Intent, Roughrider can earn a 100% interest in the Iron Butte project by

making a total of $1,000,000 USD in cash payments and issuing 1,500,000 shares in Roughrider over 6

years, in accordance with the schedule set out in Table 3, below. If a positive production decision is made

regarding Iron Butte, Roughrider will pay a further $1,000,000 USD and issue an additional 500,000

Roughrider shares. The vendor will also receive a $500,000 USD payment for every 1,000,000 ounces of

gold production and $500,000 USD payment for every 10,000,000 ounces of silver production at Iron

Butte. The vendor will also retain a 2.5% NSR subject to buy-down provisions of $1,000,000 USD for the

first 1% and $1,000,000 USD for an additional 0.5%. All Roughrider shares issuable under the transaction

will be subject to a four month hold period.

Table 3: Terms of the Letter of Intent

Cash

(USD)

Shares

(REL)

Advanced Royalty

Payments

On Signing LOI $5,000

Within 5 Days of TSX-V Approval of

Definitive Agreement

$20,000 75,000

1st Anniversary of TSX-V Approval $50,000 125,000

2nd Anniversary of TSX-V Approval $75,000 200,000

3rd Anniversary of TSX-V Approval $100,000 250,000

4th Anniversary of TSX-V Approval $150,000 350,000

5th Anniversary of TSX-V Approval $200,000 500,000

6th Anniversary of TSX-V Approval $400,000 $2,000/month until

Production

Total $1,000,000 1,250,000

The Option is subject to certain customary conditions including without limitation, completion by

Roughrider of satisfactory due diligence in respect of the property, execution of definitive transaction

documents and receipt of all necessary regulatory and third party approvals, including the approval of the

TSX Venture Exchange (the "TSXV").

David Tupper, P. Geo. is a qualified person within the context of National Instrument 43-101, and has

read and approved the technical aspects of this release.

About Roughrider Exploration Limited

Roughrider Exploration is a Vancouver-based mineral exploration and development company operating

principally in Canada and the US. The Company has an experienced management team with a strong

background in the acquisition, exploration, development and financing of mineral projects. For more

information, please refer to Roughrider's website at www.roughriderexploration.com.

For further information, please contact:

Scott Gibson

Chief Executive Officer

604 6970028

Neither 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 release.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION

Certain information contained or incorporated by reference in this press release, including any

information as to our strategy, projects, plans or future financial or operating performance, constitutes

"forward-looking statements." All statements, other than statements of historical fact, are to be

considered forward-looking statements. Forward-looking statements are necessarily based on a number

of estimates and assumptions that, while considered reasonable by the company, are inherently subject to

significant business, economic, geological and competitive uncertainties and contingencies. Although the

Company believes the expectations expressed in such forward-looking statements are based on

reasonable assumptions, such statements are not guarantees of future performance. Known and unknown

factors could cause actual results to differ materially from those projected in the forward-looking

statements. Such factors include but are not limited to: completion of due diligence in respect of the

Property, receipt of requisite corporate and regulatory approvals and and closing of the transactions

discussed above, fluctuations in market prices, exploration and exploitation successes, continued

availability of capital and financing, changes in national and local government legislation, taxation,

controls, regulations, expropriation or nationalization of property and general political, economic,

market or business conditions. Many of these uncertainties and contingencies can affect our actual results

and could cause actual results to differ materially from those expressed or implied in any forward-

looking statements made by, or on behalf of, us. Readers are cautioned that forward-looking statements

are not guarantees of future performance and, therefore, readers are advised to rely on their own

evaluation of such uncertainties. All of the forward-looking statements made in this press release, or

incorporated by reference, are qualified by these cautionary statements. We do not assume any obligation

to update any forward-looking statements.

UNITED STATES ADVISORY The securities referred to herein have not been and will not be registered

under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), have been offered

and sold outside the United States to eligible investors pursuant to Regulation S promulgated under the

U.S. Securities Act, and may not be offered, sold, or resold in the United States or to, or for the account of

or benefit of, a U.S. Person (as such term is defined in Regulation S under the United States Securities

Act) unless the securities are registered under the U.S. Securities Act, or an exemption from the

registration requirements of the U.S. Securities Act is available. Hedging transactions involving the

securities must not be conducted unless in accordance with the U.S. Securities Act. This press release

shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be

any sale of securities in the state in the United States in which such offer, solicitation or sale would be

unlawful.

SOURCE: Roughrider Exploration Limited