Lupaka GOLD Completes Closing of Non-Brokered Private Placement

LUPAKA GOLD COMPLETES CLOSING OF NON-BROKERED PRIVATE PLACEMENT

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES

OR FOR DISSEMINATION IN THE UNITED STATES

VANCOUVER, BRITISH COLUMBIA, May 24, 2017 -- Lupaka Gold Corp ("Lupaka Gold" or the

“Company") (TSX V:LPK, FRA:LQP) announces that it has closed the non -brokered private

placement (the “Placement”) previously announced on May 19, 2017.

The Company issued 2,000,000 units (the “Units”) priced at $0.15 per Unit for gross proceeds of

$300,000. Each Unit consists of one common share and one transferable common share purchase

warrant (each, a “Warrant”). Each Warrant entitles the holder to purchase one additional

common share, exercisable at $0.23 for a period of thirty-six months from closing.

Directors, Officers and Insi ders of the Company acquired 853,667 Units under the Private

Placement. Their participation is considered to be a "related party transaction" as defined under

Multilateral Instrument 61 -101 Protection of Minority Security Holders in Special Transactions .

The transaction is exempt from the formal valuation and minority shareholder approval

requirements of MI 61 -101 as neither the fair market value o f the Units issued to them, or the

consideration paid, exceeded 25% of the Company's market capitalization.

No Finder’s fee or commission has been paid in respect of the Placement. Proceeds from the

Placement will be used for general working capital purposes in Canada and to further the

Company’s Peruvian projects. The shares and Warrants issued in the Placement are subject to a

four-month hold period.

Neither the TSX Venture Exchange nor its Regulation Service Provider (as the term is defined in

the policies of the TSX Venture Exchange) accepts responsibility for the adequacy of this news

release

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of

the securities in the United States. The Securities have not been and will not be registered under

the United States Securities Act of 1933, as amended, or any state securities laws and may not

be offered or sold within the United States or to U.S. Persons unless a n exemption from such

registration is available.

About Lupaka Gold

Lupaka Gold is a Peru -focused gold explorer and developer with geographic diversification and

balance through its interests in asset-based resource projects spread across three regions of Peru.

FOR FURTHER INFORMATION PLEASE CONTACT:

Gordon L. Ellis, C.E.O.

+1 (604) 681-5900

or visit the Company’s profile at www.sedar.com or its website at www.lupakagold.com