Kodiak Copper

Fremont Gold Acquires Option on Jarbidge District Property in Northeast Nevada

Vancouver, British Columbia--(Newsfile Corp. - August 10, 2017) - Fremont Gold Ltd. (TSXV: FRE) (the "Company") is pleased to announce that it has entered into an option agreement with Mr. John Bernt, a Wyoming-based geologist who controls 48 unpatented and 4 patented mining claims (the "Property"). The Property comprises approximately 389 hectares and is located in Elko County 104 miles by road north of Elko City in Northeast Nevada. The Property is in the historic Jarbidge mining district which produced 355,000 oz of gold and 1,600,000 oz of silver from approximately 800,000 tons of ore between 1918 and 1932.1

Under the terms of the option agreement, the Company can earn a 100% interest in the Property, subject to 2% Net Smelter Return Royalty in favour of Mr. Bernt, by making an initial payment of US$50,000, a subsequent US$25,000 payment in December 2018, and then quarterly cash payments beginning July 31, 2018. The quarterly payments start at US$20,000 and increase by US$2,000 per quarter for a period of 5 years, for total consideration of US$635,000 A final payment of US$5M (2/3 of which is payable in shares) is due at the end of 5 years, but can be deferred for an additional 18 months, by payment of US$1,000,000.

In addition to the payments, the Company must complete the following work in order to exercise the option on the Property:

  1. 1500 m of drilling in year 1;
  2. 2500 m of drilling in year 2;
  3. 5,000 m of drilling year 3; and
  4. 10,000 m of drilling or equivalent underground access work in year 4.

The Company can accelerate the exercise of the option and acquire 100% of the Property at any time, by making the final $5 million payment, in which case the payments and work commitments not yet due will be waived.

The option agreement is subject to prior TSXV acceptance and further details on the Property will be contained in a NI 43-101 compliant report, which is currently being prepared for the Company.

CEO Dennis Moore stated, "The Jarbidge district in Nevada is one of the last low-sulfidation, epithermal districts not being actively explored in the state. This type of mineralization has the potential to host what have been termed "bonanza-grade" deposits, which makes the Property a compelling acquisition for the Company. The best examples of this style of mineralization are the Midas mine in Elko County and the former Sleeper mine located in Humboldt County, both in northern Nevada."

About Fremont Gold Ltd.

Fremont Gold Ltd. holds exclusive leasing rights to the Hurricane Project, a gold exploration project located in Lander County, Nevada, and owns the Goldrun Project in Humboldt County, Nevada. The Company's strategy is to conduct exploration on its existing projects and to build a quality portfolio of gold projects in Nevada using the collective exploration expertise of the new management team. Further information regarding the Hurricane Project and Goldrun Project are described in the filing statement of the Company dated May 29, 2017, available at www.sedar.com.

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