GoldON Sells Paterson Lake Lithium Prospect to Avalon Advanced Materials

GoldON Resources Ltd. | 108 - 800 Kelly Road, Suite 416, Victoria, BC V9B 6J9 | Tel.: (250) 474-7999

FOR IMMEDIATE RELEASE

GoldON Sells Paterson Lake Lithium Prospect to Avalon

Advanced Materials

VICTORIA, BC, March 3, 2017 – GoldON Resources Ltd. (“GoldON” or the “Company”) (TSX-V:

GLD) is pleased to announce it has closed a transac tion to sell its Paterson Lake property to Avalon

Advanced Materials Inc. (“Avalon”). The seven-claim , 1,008 hectare property is located adjacent to the

north and west of Avalon’s Separation Rapids Lithium Project in Ontario’s Kenora Mining Division.

Pursuant to the asset purchase agreement, GoldON sold a 100% interest in the Paterson Lake claims in

return for 500,000 common shares of Avalon. The shares are subject to a 4-month hold period expiring on

July 2, 2017.

“The sale of our Paterson Lake claims makes sen se for both companies and provides us with some

residual exposure to lithium through Avalon’s deve lopment work at Separation Rapids,” said Mike

Romanik, President of GoldON. “The sale is also on plan with our effort to monetize non-core assets,

strengthen our balance sheet, limit dilution, and re main focused on discovery-stage gold exploration

projects in northwestern Ontario.”

About GoldON Resources Ltd.

GoldON Resources is an exploration company geogra phically focused on the prolific mining belts of

Ontario, Canada. All of its projects are in good standing and include the drill-ready Slate Falls gold-silver-

VMS property and the Rainy Gold project that ad joins New Gold’s Rainy River mine where first

production is targeted for fall-2017.

To view GoldON’s latest presentation visit the Company’s website or click here.

For more information contact Michael Romanik.

ON BEHALF OF THE BOARD

Signed “Michael Romanik”

Michael Romanik, President

Direct line: (204) 724-0613

Email: [email protected]

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Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.