Resource Capital Gold Corp. Closes Acquisition of the Tangier and Forest Hill Gold Mines in Nova Scotia, Canada

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 17, 2016) -

NOT FOR DISTRIBUTION TO US NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

Further to its press release of September 9, 2016, Resource Capital Gold Corp. (TSX VENTURE:RCG) ("RCG" or the "Company") is pleased to announce that it has closed the acquisition of the Tangier and Forest Hill historic gold mines in Nova Scotia.

The Tangier Gold mine is located 30 kms from RCG's Dufferin Mine. It has mineral resources of 41,700 ounces gold in the indicated category (134,000 tonnes grading 9.67 g/t Au), and 131,500 ounces gold in the inferred category (271,000 tonnes grading 15.09 g/t Au) (Mercator Geological Services, 2004, technical report on mineral resource estimate, Acadian Gold Corporation, Tangier Property, Halifax County, Nova Scotia, Canada, effective date September 29, 2004). The mine sits on a project area of 2,187 hectares in 135 exploration claims.

The Forest Hill mine is located 70 kms from RCG's Dufferin Mine. It has a mineral resource of 173,800 ounces gold in the indicated category (225,000 tonnes grading 24.02 g/t Au) and 152,900 ounces gold in the inferred category (383,000 tonnes grading 12.42 g/t Au) (Mercator Geological Services, 2005, technical report on updated mineral resource estimate, Acadian Gold Corporation, Forest Hill Property, Guysborough County, Nova Scotia, Canada, effective date September 28, 2005). The Forest Hill mine sits on a project area of 3,398 hectares in 210 exploration claims.

To the best of the Company's knowledge, information, and belief, there is no new material scientific or technical information that would make the disclosure of the mineral resources above inaccurate or misleading.

The Company considers the mineral resource estimates to be current, and is working on a technical report in form 43-101F1 and a Preliminary Economic Assessment of the Forest Hill and Tangier projects. The technical report is expected to be completed during early 2017 and in any case, within 180 days of September 9, 2016.

The Forest Hill and Tangier mines are held through Maritime Gold Corp.

Qualified Person

The scientific and technical data contained in this news release was reviewed and prepared under the supervision of David S. Smith, MS, MBA, CPG, who is a Qualified Person under National Instrument 43-101 Standards of Disclosure for Mineral Projects. Mr. Smith reviewed the technical reports referenced above on behalf of the Company.