Pitchblack Enters Into Agreement to Acquire Option to Acquire Troilus Gold Project in Quebec

TORONTO, ONTARIO--(Marketwired - June 21, 2017) - Pitchblack Resources Ltd. (NEX:PIT.H) ("Pitchblack" or the "Company") is pleased to announce that today it has entered into a definitive share purchase agreement (the "Purchase Agreement") with Sulliden Mining Capital Inc. ("Sulliden") to purchase from Sulliden all of the shares of a wholly owned subsidiary of Sulliden which holds an option to acquire 100% of the past producing Troilus Gold Project (the "Troilus Project"), located approximately 450 kilometers north east of Val-d'Or (the "Transaction"). 2507868 Ontario Inc., a wholly owned subsidiary of Sulliden (the "Sulliden Sub"), is party to an option agreement with First Quantum Minerals Inc. ("First Quantum") pursuant to which the Sulliden Sub has the right to acquire the Troilus Project upon satisfaction of certain conditions. The two year option was signed in May 2016 and Pitchblack intends to exercise the option following completion of the Transaction.

Agreement with Sulliden

Pitchblack will purchase from Sulliden all of the outstanding equity securities of Sulliden Sub, in consideration for the issuance of 100,000,000 common shares of Pitchblack to Sulliden (the "Consideration"). Based on the closing price of Pitchblack's common shares on June 21, 2017, the deemed sale price for the Sulliden Sub shares is $41 million.

Pitchblack had established a special committee of the board of directors to review the Transaction and they have unanimously approved the Transaction. Although Bill Clarke is considered to be a Non-Arm's Length Party to the Transaction as he is a director of each of Pitchblack and Sulliden, the Transaction constitutes an Arm's Length Transaction as defined by the policies of the TSX Venture Exchange (the "TSXV"). Pitchblack is not paying any finder's fees in connection with the Transaction.

The Transaction is subject to receipt of certain third party and regulatory approvals, including approval of the TSXV.

G. Scott Moore. President and Chief Executive Officer of Pitchblack, commented: "The opportunity to acquire a project of this size in the Province of Quebec, one of the best mining jurisdictions globally, is a significant opportunity for Pitchblack shareholders."

Details of the Option Agreement Between Sulliden and First Quantum

In May 2016, First Quantum entered into an option agreement (the "Option Agreement") with the Sulliden Sub pursuant to which the Sulliden Sub was granted a two-year option to purchase a 100% interest in the Troilus Project, with First Quantum retaining a variable net smelter royalty of 1.5% or 2.5% depending on the price of gold.