Northern Lion Completes Shares for Debt Transactions

P.O. BOX 62, 488-625 HOWE STREET, VANCOUVER, BRITISH COLUMBIA, CANADA V6C 2T6

TELEPHONE: (604) 669-2701 FAX: (604) 687-4670 Email: [email protected]

Northern Lion Completes Shares for Debt Transactions

TSX-V Symbol: NL

Frankfurt Symbol: N3E

Vancouver, British Columbia, January 30, 2017: Northern Lion Gold Corp. (the “Company”)

is pleased to announce that it has completed its previously announced shares-for-debt

transactions (the " Settlement Transactions"). Pursuant to the Settlement Transactions,

Northern Lion issued 1,781,416 common shares at a price of $0.14 per share to settle an

aggregate of $249,400 of debt relating to unpaid director and consulting fees and expenses and

other payables.

All securities issued pursuant to the Settlement Transactions are s ubject to a 4 -month hold

period expiring May 31, 2017 . In addition , 438,328 of the shares are subject to resale

restrictions imposed by the TSX Venture Exchange (the “ TSXV”) with such shares being

released in stages over the 12 months following the TSXV’s final approval of the Settlement

Transactions.

The President and CEO of the Company participated in a Settlement Transaction. That

transaction is considered to be a related party transaction subject to TSX V Policy 5.9 and

Multilateral Instrument 61 -101. The Company is exempt from the need to obtain minority

shareholder approval and a formal valuation as required by MI 61 -101 as the Company is listed

on the TSX Venture Exchange and the fair mar ket value of that shares -for-debt transaction did

not exceed 25% of the Company’s market capitalization.

NORTHERN LION GOLD CORP.

John Lando, President

For information with respect to Northern Lion or the contents of this news release, please

contact the Company at (604) 669-2701 or toll free at 1 800 663 0510.

This news release includes "forward-looking information", as such term is defined in applicable securities laws. These

statements reflect management's current estimates, beliefs, intentions and expectations; they are not guarantees of

future performance. The Company cautions that all forward-looking information is inherently uncertain and that actual

performance may be affected by a number of material factors, many of which are beyond the Company's control.

Such factors include, among others, risks and unc ertainties relating to exploration and development; the ability of the

Company to obtain additional financing; the Company's limited operating history; the need to comply with

environmental and governmental regulations; potential defects in title to the Co mpany's properties; fluctuations in

currency exchange rates; fluctuating prices of commodities; operating hazards and risks; competition; and other risks

and uncertainties. Accordingly, actual future events, conditions and results may differ materially fro m the estimates,

beliefs, intentions and expectations expressed or implied in the forward -looking information. All statements are made

as of the date of this news release and, except as required by law, the Company is under no obligation to update or

alter any forward-looking information.

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 NEWS RELEASE