Equitorial Announces Signing of Letter of Intent to Purchase up to 49% of First Nevada Mining Corp. __________________________________________________________

Equitorial Exploration Corp. 1220-1111 Melville St.

Vancouver, BC V6E 2M6

EQUITORIAL ANNOUNCES SIGNING OF LETTER OF INTENT TO PURCHASE UP TO 49% OF FIRST NEVADA MINING CORP.

__________________________________________________________ January 23, 2014 TSX Venture Exchange Trading Symbol: EXX

Equitorial Exploration Corp. (the “Company” or “Equitorial”), a TSX-V listed company, is pleased to announce that it has signed a Letter of Intent (“LOI”) with First Nevada Mining Corp. (“First Nevada”) which forms the basis for the terms of an agreement for Equitorial to purchase up to 49% of First Nevada. Under the terms of the LOI, Equitorial will purchase 45% of the outstanding shares of First Nevada for $250,000 cash, 5,000,000 shares, and the title transfer of it’s wholly owned IGR 3000 30 tonne per hour, modular, heavy mineral recovery plant. Upon the completion of the 45% purchase of First Nevada, Equitorial will commit to provide a further $500,000 to First Nevada to be used for exploration, development and equipment purchases. Equitorial can increase its ownership to 49% by providing an additional $750,000 and has the Right of First Refusal in the event that First Nevada receives any Acquisition Proposal from an arm’s length third party.

The LOI specifies that the parties agree to negotiate the terms of a Definitive Agreement in good faith with a view to its execution within 21 days of signing the LOI. The above transaction is also subject to a finder’s fee payable to Canaccord Genuity Corp. in the amount of 500,000 shares, subject to applicable hold periods and Exchange acceptance.

About First Nevada

First Nevada is a private Canadian corporation with two mineral properties in Nevada and owns proprietary, patent pending, environmentally friendly, heavy metal extraction technology. The company has invested over $2.6 million on its mineral properties and proprietary upstream and downstream technologies to date. Duane Nelson is the founder, President and CEO of First Nevada. He was the CEO and co-founder of Silvermex Resources Inc., a past TSX listed company. Silvermex was successful silver and gold producer focused on projects in Mexico and was acquired by First Majestic Silver Corp in 2012 for $175 Million.

First Nevada has two mineral properties in Nevada. The Barrel Springs placer gold project in Pershing County, Nevada contains some 6,000 acres of lode and placer claims covering a large Tertiary alluvial fan. Barrel Springs lies south of, and adjacent to Allied Nevada’s (NYSE – ANV) operating Hycroft mine. The property is strategically located 3 miles to the southeast of the Hycroft pit and is approximately 3 hours northeast of Reno, Nevada. The property has been the focus of small scale alluvial gold production dating back to the late 1870s but has not been explored using modern evaluation techniques. The company holds valid water use permits and a valid exploration permit. The company has initiated the necessary studies and permitting processes required for a bulk sampling program and pilot plant operation.

First Nevada’ second mineral property is the fully-permitted Big Canyon Gold Mine located 129 kms southeast of Reno, in Lyon County, near Yerington, Nevada. The Company has an option to purchase this near-term production project which is fully permitted to operate a 540 TPD gravimetric plant. Infrastructure in place includes water supply and tailings facilities. The land position consists of approximately 106 acres of lode and placer claims and 21 acres of patented land. The project is strategically located within the claim group of Quaterra Resource Inc.’s (NYSE – QMM) MacArthur Project. Big Canyon is a past producer with small scale production dating back to the 1930s. Big Canyon has had basic exploration work completed including geologic mapping, seismic profiling and test pit sampling. First Nevada intends to commence a bulk sampling and pilot plant program on this property’s gold bearing Tertiary sands and gravels in Q1 of this year.

First Nevada’s proprietary and patent pending heavy mineral extraction technology is based on a mobile classification and gravimetric processing unit with an integrated water filtration, clarification and recycling system. This allows for the concentration and extraction of heavy minerals from soil, gravel or crushed material with minimal environmental impact, discharge and water consumption. First Nevada also holds a patent pending process for the utilization of portable extraction technologies at mine locations around the world to provide operators with a portable, eco-friendly, low-cost, mineral extraction alternative, which in some locations, would reduce permitting timelines due to the system’s minimal environmental footprint, impact and discharge. There are numerous small mining operations with high-grade material that do not have the capabilities or financial means to process their own ore. First Nevada is strategically positioned to provide a viable solution to this underserved market.

First Nevada’s processing system has been designed for the concentration and extraction of heavy minerals in both the mining industry and the environmental remediation industry. The system can be used for the extraction of heavy mineral based soil contaminants, including; lead, zinc, cadmium, mercury, chromium, copper, tin, zinc and depleted uranium. Depleted uranium (DU) contaminated soils present one of the major environmental challenges to the US Government due to the number of contaminated sites and the volume of material. The US Department of Defense has identified approximately 29,500 DU contaminated sites in the United States. The US Federal Government estimated its environmental liability to clean up the DU waste at $249 billion in fiscal 2004, representing the government’s third largest liability – Government Accountability Office. IBIS World market research estimates the remediation and environmental cleanup market in Canada at $1 billion annually and the United States at $25 billion annually, growing at a projected 8.8% per year.

Private Placement

Equitorial is also pleased to announce a non-brokered private placement of up to 10,000,000 common shares at a price of CDN$0.15 per share for gross proceeds to the Company of up to CDN$1,500,000. The common shares will be subject to a four-month hold period in accordance with the policies of the TSX Venture Exchange and applicable securities legislation. The Private Placement remains subject to the approval of the TSX Venture Exchange. The Company may pay finder's fees on a portion or all of the Private Placement, in accordance with the rules and policies of the TSX Venture Exchange.

Proceeds from the private placement will be used to conduct geologic mapping, soil sampling, trenching, and ground geophysics (IP, and Magnetics) on the El Havila copper-gold property in Colombia, South America. The Property is located thirty kilometers East North East of Frontino in the state of Antioquia, and lies within the prolific Choco gold belt, a highly prospective area with potential for porphyry-related gold and copper and epithermal precious metal deposits. The Property is hosted within the Santa Cecillia- La Equis volcanic complex in the western slope of the Columbian Western Cordillera mountain range. The area is being explored by numerous companies including AngloGold Ashanti (La Colosa), Gran Colombia (Marmato) and Continental Gold (Buritica).

Also, proceeds will be used for exploration, development, and equipment acquisitions in regards to the proposed transaction with First Nevada, and for general corporate purposes.

On behalf of the Board of Directors

EQUITORIAL EXPLORATION CORP.

“Dean Pekeski”

Dean Pekeski, President and Director

For further information, please contact either Dean Pekeski or Patrick Power at 604-689-1799.

Qualified Person Statement

Technical information related to Equitorial’s El Havila Property contained in this news release has been reviewed and approved by Dean Pekeski P.Geo, a Qualified Person as defined by National Instrument 43-101.

Technical information related to First Nevada’s Barrel Springs and Big Canyon Properties contained in this news release has been reviewed and approved by Ed Morrow P.Geo, a Qualified Person as defined by National Instrument 43-101.

Neither the 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.