Best Intersection to Date at Cascabel Project

Copper‐Gold Open at Depth as

Drilling Continues in Hole 9

1050.8m @ 0.68% Cu & 0.92 g/t Au, including

772m @ 0.80% Cu & 1.19 g/t Au

HIGHLIGHTS:

• Best drill intersection to date received for Cascabel Project. Comparable to globally significant drill intersections at existing large porphyry copper‐gold deposits. H
• Hole CSD‐14‐009 ("Hole 9") total downhole interval extends over 1 kilometre and remains open at depth. Hole 9 has been assayed to 1700.8m. Drilling recommenced last week, and is at a current depth of 1,750.7m.
• Bulk intersection of 1270.8m grading 0.59% copper and 0.77 g/t gold for 1.05% copper equivalent from 430m to 1700.8m.

Includes1050.8m grading 0.68% Cu and 0.92 g/t Au for 1.23% Cu equivalent from 650m to 1700.8m (current hole depth), and 772m grading 0.80% Cu and 1.19 g/t Au for 1.51% Cu equivalent from 710m to 1482m.

• Two distinct high grade porphyry stockwork zones intersected:

Upper High Grade Zone of 110m @ 1.13% Cu and 2.32g/t Au for 2.53% Cu equivalent from

710m; and

Lower High Grade Zone of 420m grading 1.00% Cu and 1.34 g/t Au for 1.81% Cu equivalent from 1062m; including 298m @ 1.24% Cu & 1.72g/t Au for 2.28% Cu equivalent from

1184m.

• Hole 9 intersection gives three dimensions to high grade mineralisation.

Commenting on today's update, SolGold CEO and Managing Director, Alan Martin said:

"The intersection of more than a kilometre of copper and gold mineralisation, including multiple high grade zones, in Hole 9 is very pleasing. The mineralisation intersected in Hole 9 extends the high grade copper and gold interval which was intersected in Hole 5 laterally to the north. Importantly this intersection in Hole 9 extends the high grade copper and gold zone into a third dimension at Central Alpala. The discovery of multiple high grade zones at Central Alpala, which are open in all dimensions, bodes well for the definition of high grade resources at Alpala within the broader large tonnage porphyry system."

FURTHER INFORMATION

Drilling of Hole 9 commenced on 28 October 2014. On 17 December 2014 the hole was at a depth of
1700.8 metres ("m") and located within the MVI modelled magnetic high. Drilling was ceased at that time for the Christmas break. Drilling recommenced from 1700.8m on 8 January 2015, and is currently drilling ahead to a planned depth of 1800m, subject to ground conditions.
Hole 9 is located 120m north of the Hole 5 drill pad and is being drilled with an 85 degree inclination towards 210 degrees UTM (Universal Transverse Mercator) (Appendix 1).
Hole 9 was sited to test for the northwest and north extension of the high‐grade copper and gold mineralisation in Hole CSD‐13‐005 ('Hole 5') and to test for vertical extension of this mineralisation beneath that intersected in Hole 5.
The Hole 9 results demonstrate the substantial breadth of the porphyry system at Cascabel. Table 1 summarises the intersections to date from Hole 9.