Balmoral Announces Brokered $3.0 Million Private Placement of Flow-Through Common Shares

VANCOUVER, British Columbia, Aug.08, 2017(GLOBE NEWSWIRE) -- Balmoral Resources Ltd. (TSX:BAR) ("Balmoral" or the "Company") is pleased to announce that it has entered into an agreement with PI Financial Corp. as lead agent on behalf of a syndicate of agents (collectively the "Agents"), pursuant to which the Agents have agreed to offer 4,225,000 national flow-through common shares of the Company (the "National FT Shares") at a price of C$0.71 per National FT Share for aggregate gross proceeds of C$2,999,750 (the "Offering"). In addition, the Company will grant the Agents an option (the "Over-allotment Option") to place up to an additional 633,750 National Flow-Through Shares (the "Over-Allotment Shares" and together with the Flow-Through Shares, the "Offered Securities"), exercisable in whole or in part, at any time prior to the Closing Date (as defined below).

The gross proceeds from the Offering will be used by the Company to continue exploration of its Detour Gold Trend Project and for the exploration of other gold properties held by the Company in Canada, such exploration work to constitute Canadian exploration expenses (as defined in the Income Tax Act (Canada)) with the expenses to be renounced for the 2017 taxation year.

Closing of the Offering is anticipated to occur on or before August 29, 2017 (the "Closing Date"). Closing of the Offering is subject to certain conditions including the receipt of regulatory approvals, such as the acceptance of the Offering by the Toronto Stock Exchange. The Offered Securities will be subject to a four month hold period under applicable securities laws in Canada.

In consideration of the Agents' services, the Company has agreed to pay the Agents a cash commission of 5.0% of the gross proceeds of the Offering. The Offering is being made on a best efforts private placement basis to be offered for sale in British Columbia, Alberta and Ontario and such other Canadian jurisdictions as the Company and the Agent may agree.

This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein in the United States. The securities described herein have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to the account or benefit of a U.S. person absent an exemption from the registration requirements of such Act.

About Balmoral Resources Ltd. - www.balmoralresources.com

Balmoral is a well-funded, Canadian-based company actively delineating and expanding a series of gold deposits on its Martiniere Property located within the prolific Abitibi greenstone belts in Quebec, Canada. The Martiniere Property is just one of several large, highly prospective properties comprising the Company's wholly owned, 1,000 km² Detour Gold Trend Project. Employing a drill focused exploration strategy in one of the world's preeminent mining jurisdictions, Balmoral is following an established formula with a goal of maximizing shareholder value through discovery and definition of high-grade, Canadian gold and base metal assets.

On behalf of the board of directors of
BALMORAL RESOURCES LTD.

"Darin Wagner"

President and CEO

This press release contains forward-looking statements and forward-looking information (collectively, "forward looking statements") within the meaning of applicable Canadian and United States securities laws. All statements, other than statements of historical fact, included herein, including statements regarding the anticipated closing date and approval of the Offering by the Toronto Stock Exchange, the existing funding of the Company being sufficient to fund, the anticipated content, commencement, duration and cost of exploration programs, anticipated exploration program results, the discovery and delineation of mineral deposits/resources/reserves, the timing of the receipt of assay results, and business and financing plans and trends, the potentially open nature of the mineralized zones on the property and the potential for future discoveries of additional mineralization on the property are forward-looking statements. Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions or are those which, by their nature, refer to future events. Although the Company believes that such statements are reasonable, there can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. The Company cautions investors that any forward-looking statements by the Company are not guarantees of future performance, and that actual results may differ materially from those in forward-looking statements. Important factors that could cause actual events and results to differ materially from the Company's expectations include those related to weather, equipment and staff availability; related to the existing funding of the Company being sufficient, performance of third parties; risks related to the exploration stage of the Company's projects; market fluctuations in prices for securities of exploration stage companies and in commodity prices; and uncertainties about the availability of additional financing; risks related to the Company's ability to identify one or more economic deposits on the properties, and variations in the nature, quality and quantity of any mineral deposits that may be located on the properties; risks related to the Company's ability to obtain any necessary permits, consents or authorizations required for its activities on the properties; and risks related to the Company's ability to produce minerals from the properties successfully or profitably. Trading in the securities of the Company should be considered highly speculative. All of the Company's public disclosure filings may be accessed via www.sedar.com and readers are urged to review these materials, including the latest technical reports filed with respect to the Company's mineral properties.

This press release is not, and is not to be construed in any way as, an offer to buy or sell securities in the United States.

Neither the TSX Exchange nor its Regulatory Services Provider (as that term is defined in the policies of the TSX Exchange) accepts responsibility for the adequacy or accuracy of this release.