NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

VANCOUVER, British Columbia, March 15, 2019 (GLOBE NEWSWIRE) -- Balmoral Resources Ltd. (TSX:BAR) (OTCQX: BALMF) ("Balmoral" or the "Company") announces that it has closed the first tranche of the previously announced (see NR19-04 dated March 8, 2019) non-brokered private placement (the “Offering”). Upon closing of the first tranche of the Offering, the Company issued 7,823,180 flow-through common shares (the “Flow-Through Shares”), at a price of $0.19 per Flow Through Share, for gross proceeds of $1,486,404 and 2,174,999 units (the “Units”), at a price of $0.14 per Unit, for gross proceeds of $304,499.86, where each Unit consists of one common share and one-half (1/2) of one common share purchase warrant. Each whole warrant will entitle the holder to purchase one additional common share of the Company at a price of $0.25 for a period of 18 months from today’s closing. The Flow-Through Shares and the common shares and warrants issued as part of the Units will be subject to a four month and one day hold period from the date of closing of the first tranche of the Offering under applicable securities laws in Canada.

As previously announced the Company anticipates that the second and final tranche of the Offering will close on or about April 11, 2019.

The gross proceeds from the sale of the Flow-Through Shares will be used for the exploration of the Company’s Canadian exploration properties, specifically those located in the province of Quebec, and the net proceeds from the sale of the Units will be used for additional exploration and/or general working capital purposes.

In consideration of their assistance with the Offering the Company has agreed to pay to certain Finders cash fees totaling $73,370.22 and to issue 386,158 common share purchase warrants (the “Finders Warrants”). Each Finders Warrants will entitle the holder to purchase one common share of the Company at a price of $0.25 for a period of 18 months from today’s closing. The Company also paid a total of $17,000 in legal and administration fees upon closing.

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 multi-award winning Canadian-focused exploration company actively exploring a portfolio of gold and base metal properties located within the prolific Abitibi greenstone belt. The Company’s flagship, 1,000 km² Detour Gold Trend Project hosts the resource stage Bug and Martiniere West gold deposits and the Grasset nickel-copper-cobalt-PGE deposit. Employing a drill focused exploration style in one of the world’s preeminent mining jurisdictions, Balmoral is following an established formula with a goal of maximizing shareholder value through the 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

For further information, contact:
John Foulkes, Vice-President, Corporate Development
Tel: (604) 638-5815 / Toll Free: (877) 838-3664
E-mail: jfoulkes@balmoralresources.com

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, 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 Company’s properties and the potential for future discoveries of additional mineralization on the properties 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.