Alopex Gold Inc. Announces the Filing of Preliminary Prospectus for an Initial Public Offering

TORONTO, ONTARIO--(Marketwired - May 3, 2017) -

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

Alopex Gold Inc. (the "Corporation" or "Alopex") is pleased to announce that it has filed a preliminary prospectus dated May 1, 2017 (the "Prospectus") with the securities regulatory authorities in each of the provinces of Canada, other than Québec, in connection with a proposed initial public offering of its common shares (the "Offering").

The Offering is being made through a syndicate of agents led by Paradigm Capital Inc. and including Canaccord Genuity Corp. (the "Agents"). The net proceeds of the Offering will be used primarily for exploration at the Nalunaq mine and Tartoq gold property, for regional exploration in Greenland as well as for general corporate purposes.

The Prospectus contains important information relating to these securities and is still subject to completion or amendment. There will not be any sale or any acceptance of an offer to buy the securities until a receipt for the final Prospectus or other authorization is obtained from the relevant securities regulatory authorities.

A copy of the Prospectus is available from the Agents and under the Corporation's profile on SEDAR at www.sedar.com. The Prospectus notes that an investment in the common shares of the Corporation is speculative and involves a high degree of risk. For more information, potential investors should read the Prospectus, including the information appearing therein under the heading "Risk Factors".

This press release is not for distribution, directly or indirectly, in or into the United States (including its territories and possessions, any State of the United States and the District of Columbia) or any other jurisdiction outside Canada. This press release does not constitute or form a part of any offer or solicitation to buy or sell any securities in the United States or any other jurisdiction outside of Canada. The securities offered pursuant to the Prospectus have not been and will not be registered under the United States Securities Act of 1933, as amended, (the "U.S. Securities Act") or the securities laws of any State of the United States and may not be offered or sold within the United States other than pursuant to an available exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws. There will be no public offer of securities in the United States.

About Alopex

Alopex's principal business objectives are the identification, acquisition, exploration and development of gold properties in Greenland. The Corporation's principal asset is a 100% interest in the Nalunaq gold project, an advanced exploration stage property with an exploitation licence including the previously operating Nalunaq gold mine, which hosts a high-grade National Instrument 43-101 ("NI 43-101") compliant gold Inferred Mineral Resource estimate of 263k oz at a grade of 18.7 g/t and a number of near-mine and regional exploration targets.

The Corporation has an experienced board of directors with a depth of experience and market credibility and an exploration and development team with experience in operating in Greenland.

Alopex is incorporated under the Canada Business Corporations Act and wholly owns Nalunaq A/S, incorporated under the Greenland Public Companies Act.

The technical information presented in this press release has been approved by James Gilbertson C Geol, who is a full time employee and Managing Director of SRK Exploration Services Limited and a Chartered Geologist with the Geological Society of London, and as such a Qualified Person as defined by NI 43-101.

Forward-Looking Information

This press release contains forward-looking information within the meaning of applicable securities legislation, which reflects the Corporation's current expectations regarding future events, including expectations regarding the completion of the Offering and related transactions, the receipt of necessary authorizations from securities regulatory authorities and the use of proceeds from the Offering. In this press release there is forward-looking information based on a number of assumptions and subject to a number of risks and uncertainties, many of which are beyond the Corporation's control, that could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. Such risks and uncertainties include, but are not limited to, failure to complete the Offering and related transactions and the factors discussed under "Risk Factors" in the Prospectus available under the Corporation's profile on SEDAR at www.sedar.com. Any forward-looking information included in this press release is based only on information currently available to the Corporation and speaks only as of the date on which it is made. Except as required by applicable securities laws, the Corporation assumes no obligation to update or revise any forward-looking information to reflect new circumstances or events.

No securities regulatory authority has either approved or disapproved of the contents of this press release.