Greatbanks Resources Issues Default Status Report Pursuant to National Policy 12-203

Greatbanks Resources Ltd. Suite 615 – 800 West Pender Street

TSX-V: GTB Vancouver, B.C., V6C 2V6

www.greatbanksresources.com

GREATBANKS RESOURCES ISSUES DEFAULT STATUS REPORT PURSUANT TO NATIONAL POLICY 12-203

VANCOUVER, BRITISH COLUMBIA, January 19, 2018 – Greatbanks Resources Ltd. (TSXV: GTB ) ("Greatbanks" or

the "Company") announces that further to its defaul t announcement on November 29, 2017 regarding the f iling of

its annual financial statements, which as a result has also delayed it in meeting the deadline for fil ing its first

quarter financial statements, Management Discussion and Analysis and related CEO / CFO certifications due

December 31, 2017. The Company confirms that:

1. There has been no material change in the inform ation contained in the default announcement

other than as disclosed in this report;

2. There is no further anticipated default of a fin ancial statement filing requirement subsequent to

that disclosed in the default announcement and the updated announcement herein;

3. The Company expects to file both the fiscal yea r-end financial statements for the period ended Jul y

31, 2017 and first quarter financial statements for the period ended October 31, 2017, on or

before January 29, 2018; and

4. There is no other material information concerni ng the affairs of the reporting issuer that has not

been generally disclosed.

About Greatbanks Resources Ltd.

Greatbanks is a resource based exploration company based in Canada. The Company is focused on identif ying

assets that meet the following criteria; producing, near term enhancement and exploration opportunitie s.

Investments may be by way of acquisition, participation and/or fractional interest.

Issued on behalf of the Board of Directors of Greatbanks Resources Ltd.

Ronnie Doman

Director

For further information please contact Ronnie Doman at 250-715-8456.

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy

or accuracy of this release.

This news release may contain forward-looking information which is not comprised of historical facts. Forward- looking information involves risks,

uncertainties and other factors that could cause ac tual events, results, performance, prospects and opportunities to differ materially from those

expressed or implied by such forward-looking inform ation. Forward-looking information in this news rel ease includes, without limitation,

projections or estimates made by us and our management in connection with our business operations. Various assumptions were used in drawing

the conclusions or making the forecasts and project ions contained in the forward-looking information c ontained in this press release, which

assumptions are based on management analysis of historical trends, experience, current conditions and expected future developments pertaining

to the Company and the industry in which it operates as well as certain assumptions as specifically outlined in the release above. Forward-looking

information is based on current expectations, estim ates and projections that involve a number of risks , which could cause actual results to vary

and in some instances to differ materially from those anticipated by the Company and described in the forward-looking information contained in

this press release. Although the Company believes t hat the assumptions used in preparing the forward-l ooking information in this news release

are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance

can be given that such events will occur in the dis closed time frames or at all. Forward-looking infor mation is based on the estimates and

opinions of the Company’s management at the time the information is released and the Company disclaims any intention or obligation to update

or revise any forward-looking information, whether as a result of new information, future events or ot herwise, other than as required by

applicable securities laws.