Buccaneer Gold Corp. Provides Corporate Update

TORONTO, ONTARIO--(Marketwired - Aug. 10, 2015) - Buccaneer Gold Corp. (the "Corporation") (TSX VENTURE:BGG) is pleased to provide a corporate update with respect to certain developments described below.

Appointment of New Director

The Corporation is pleased to announce the appointment of Eric Lowy as a director and secretary of the Corporation, effective immediately. Mr. Lowy replaces Blaine Schmidt who, as previously announced, resigned as a director effective June 25, 2015.

Mr. Lowy is a partner of Irwin Lowy LLP and has held this position since August 2007. He has extensive experience advising public and private companies on corporate finance and merger and acquisition transactions, as well as securities law and public Corporation governance and regulation. Mr. Lowy has served or serves as a director and officer, as the case may be, of a number of public and private companies.

Annual and Special Meeting Date

The Corporation is also pleased to announce that it will hold its 2015 Annual and Special Meeting of Shareholders (the "Annual Meeting") at 10:00 am (eastern daylight time) on November 2, 2015 at the offices of Irwin Lowy LLP located at 365 Bay Street, Suite 400, Toronto, Ontario, Canada M5H 2V1. The record date for determining the holders of the Corporation's common shares entitled to vote at the Annual Meeting is September 28, 2015.

Settlement of Litigation with Mark McGinnis

On July 22, 2015, the Corporation reported that it had commenced an action in the Ontario Superior Court of Justice against Xtra-Gold Resources Corp. ("Xtra-Gold") and Mark McGinnis. The Corporation is pleased to announce the amicable settlement of all disputed matters between the Corporation and Mr. McGinnis. The Corporation is continuing its action against Xtra-Gold.

In connection with the settlement, the Corporation entered into a settlement agreement (the "Agreement") dated August 7, 2015 with Mr. McGinnis, Carole Dainard and Walter Dainard (collectively, the "Shareholder Parties"). Under the terms of the Agreement, the parties agreed, among other things, that the Corporation will recommend that each of the incumbent directors, Paul Zyla, Kevin C. Swanborough, Richard Walter Grayston and Eric Lowy, together with Peter Clausi, a nominee of the Shareholder Parties, be elected as directors of the Corporation at the Annual Meeting.

Pursuant to the Agreement, each of the Shareholder Parties also agreed that at the Annual Meeting, such party will vote all of the common shares of the Corporation (the "Common Shares") beneficially owned or over which control or direction is exercised by such party for each of the Corporation's nominees and, in any matters proposed by shareholders of the Corporation, in accordance with the recommendation of the Corporation's board of directors. In addition, the Shareholder Parties agreed not to, directly or indirectly, participate in a proxy contest or make a shareholder proposal or a shareholder requisition during the twelve (12) month period following the date of the Agreement.

About Buccaneer

Buccaneer is a mineral exploration Corporation whose long-term objective is to build a diversified Corporation focused on the acquisition, exploration and development of mineral properties. Additional information about the Corporation is available on www.buccaneergold.com.

This press release contains forward-looking statements which reflect the Corporation's current expectations regarding future events. The forward-looking statements involve risks and uncertainties. Actual results could differ significantly from those projected herein. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) has reviewed this news release and neither accepts responsibility for the adequacy or accuracy of this news release.