Red Pine Announces Results of Annual Meeting

NEWS RELEASE

January 31, 2017

Red Pine Announces Results of Annual Meeting

Toronto, Ontario ‐ January 31, 2017 ‐ Red Pine Exploration Inc. ( R P X : T S X ‐ V ) ( t h e

"Company" or “Red Pine”) announces the results of the Annual an d Special Meeting of its

Shareholders (the “Meeting”) held in Toronto, Ontario, Canada on January 30, 2017.

At the meeting, all the resolutions were passed with the required majorities:

 The shareholders fixed the number of directors at five (5).

 The shareholders elected Elgin Wolfe, Quentin Yarie, Brent Nyko liation, Myles Johnson

and Petra Decher to be duly elected as directors of the Company until the earlier of the

close of the next annual meeting of shareholders or the closing of the Arrangement (as

d e f i n e d i n t h e C i r c u l a r ) , a t w h i c h p o i n t E l g i n W o l f e , Q u e n t i n Yarie, Brent Nykoliation,

Petra Decher, G. Michael Newman, Robert Dodds, and Peter Kampian w i l l b e t h e d u l y

elected directors of the Company.

 The shareholders approved a resolution to appoint MNP LLP, Char tered Accountants, as

a u d i t o r s o f t h e C o m p a n y t o h o l d o f f i c e u n t i l t h e n e x t a n n u a l m eeting of shareholders,

and to authorize the Directors to fix their remuneration.

 T h e s h a r e h o l d e r s a p p r o v e d a s p e c i a l r e s o l u t i o n e m p o w e r i n g t h e B o a r d t o d e t e r m i n e ,

f r o m t i m e t o t i m e , b y r e s o l u t i o n o f t h e d i r e c t o r s , t h e n u m b e r of Directors of the

Company and the number of directors to be elected at the annual m e e t i n g o f t h e

shareholders.

 The shareholders approved a resolution re‐approving the Company’s stock option plan.

In addition, following the Meeting, the Board of Directors appr oved the following executive

and committee appointments:

 Petra Decher as Chairperson

 Quentin Yarie as President and Chief Executive Officer

 Marc Johnson as Chief Financial Officer

 Audit Committee: Petra Decher, Myles Johnson and Brent Nykoliation

 G o v e r n a n c e a n d N o m i n a t i o n C o m m i t t e e : P e t r a D e c h e r , E l g i n W o l f e and Brent

Nykoliation

Arrangement Agreement with Augustine Ventures

The Company and Augustine Ventur es Inc. (“Augustine”) entered i nto an arrangement

agreement (the “Arrangement”) dated November 14, 2016 pursuant to which the Company

will acquire all of the outstanding securities of Augustine in accordance with the plan of

arrangement provisions o f t h e B u s i n e s s C o r p o r a t i o n s A c t ( O n t a r i o ) , s u b j e c t t o t h e t e rms

and conditions of the Arrangemen t. The Arrangement is subject to a number of conditions,

including the approval of the Superior Court of Justice of Ontario.

It is expected that if the Arrangement receives all necessary a pprovals, it will be completed

on or about February 3, 2017.

Once completed, Augustine will become a wholly‐owned subsidiary o f t h e C o m p a n y a n d

each Augustine share will be exchange for 0.76 Company shares ( the “Exchange Ratio”) and

each outstanding Augustine convertible security will be exercisable to acquire common

shares of the Company after adjusting for the Exchange Ratio.

Once completed, the Board of Directors has determined, and has agreed pursuant to the

Arrangement, that the number of directors will be seven (of whi c h f o u r s h a l l b e t h e

nominees of the Company and three shall be the nominees of Augustine).

About Red Pine Exploration Inc.

Red Pine Exploration Inc. is a gold and base‐metals exploration company headquartered in

Toronto, Ontario, Canada. The Company's common shares trade on the TSX Venture

Exchange under the symbol “RPX”.

R e d P i n e h a s a 3 0 % i n t e r e s t i n t h e W a w a G o l d P r o j e c t a n d i s p a rt of a Joint Venture

Agreement (JVA) with Citabar LLP and Augustine Ventures Inc. Un der the terms of the JVA,

Red Pine is the Operating Manage r and continues to explore and advance the current gold

resource on the property.

On December 17, 2015, Red Pine and Augustine Ventures conjointly s i g n e d a L e t t e r o f

Intent to merge.

For more information about the Company visit www.redpineexp.com or contact:

 Quentin Yarie, President & CEO, (416) 364‐7024, [email protected]

 Mia Boiridy, Investor Relations, (416) 364‐7024, [email protected]

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX

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

This News Release contains forward‐looking statements. In some cases, you can identify forward‐looking

statements by terminology such as “may”, “should”, “expects”, “plans”, “anticipates”, “believes”, “estimates”,

“predicts”, “potential” or “continue” or the negative of these terms or other comparable terminology. These

statements are only predictions and involve known and unknown risks, uncertainties and other factors that may

cause our or our industry’s actual results, levels of activity, performance or achievements to be materially

different from any future results, levels of activity, performance or achievements expressed or implied by these

forward‐looking statements.

Although the Company believes that the assumptions and factors used in preparing the forward‐looking

information in this news release are reasonable, undue reliance should not be placed on such information, which

only applies as of the date of this news release. The Company disclaims any intention or obligation to update or

revise any forward‐looking information, whether as a result of new information, future events or otherwise,

other than as required by law.