GLD.V · 2017-01-24 12:00:00

GoldON Signs Definitive Agreement to Sell Pickle Lake Mining Claims to First Mining Finance

Mergers & Acquisitions

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

FOR IMMEDIATE RELEASE

GoldON Signs Definitive Agreement to Sell Pickle Lake

Mining Claims to First Mining Finance

VICTORIA, BC, January 24, 2017 – GoldON Resources Ltd. (“GoldON” or the

“Company”) (TSX-V: GLD) is pleased to announce it has entered into a definitive

agreement to sell its Pickle Lake mining claims to First Mining Finance Corp. (“First

Mining).

Pursuant to the asset purchase agreement, Gold ON has agreed to sell a 100% interest in its

five (5) unpatented mining claims located near Pickle Lake, Ontario in exchange for 200,000

shares of First Mining. The deemed value of the transaction is approximately $168,000 and

was based on the 5-day volume we ighted average price of Firs t Mining’s shares. The First

Mining shares will be subject to a statutory re sale restriction in Ca nada for a four-month

period from completion of the transaction.

The transaction is subject to the receipt of applicable regulatory approvals by First Mining

and the satisfaction of certain other closing c onditions customary in transactions of this

nature. GoldON and First Mining expect to complete the transaction by January 31st.

“The sale of our Pickle Lake claims furthe r strengthens First Mining’s land position in the

Pickle lake Camp and enables us to mone tize a non-core asset,” said Mike Romanik,

President of GoldON. “We are focused on our two other gold exploration projects: (1) the

recently acquired Rainy Gold cl aims adjoining New Gold’s Rainy River project, where they

are targeting first production mi d-year; and (2) the Slate Falls property, where we recently

received a 3-year extension of our exploration permit and look forward to working with the

local First Nations groups to facilitate drilling of the high-grade targets to test our new

exploration model.”

About GoldON Resources Ltd.

GoldON Resources is an exploration company geographically focused on the prolific mining

belts of Ontario, Canada. All of its projects are in good sta nding and include: the drill-ready

Slate Falls gold-silver-VMS property; the Rainy Gold project that adjoins New Gold’s Rainy

River mine where first productio n is targeted for mid-2017; and the Pa terson Lake lithium-

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

pegmatite property that adjoins the Separatio n Rapids lithium project being developed by

Avalon Advanced Materials. To view GoldON’s latest pres entation 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

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