Era Resources Obtains Interim Order and Announces Anticipated Mailing of Meeting Materials With Respect to Going Private Transaction

TORONTO, ONTARIO--(Marketwired - May 8, 2017) -

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Era Resources Inc. ("Era" or the "Company") (TSX VENTURE:ERX) is pleased to announce that today it obtained an interim order (the "Interim Order") from the Ontario Superior Court of Justice (Commercial List) (the "Court") in connection with its previously announced proposed going-private transaction, to be completed via an arrangement (the "Arrangement") and implemented under a statutory plan of arrangement (the "Plan of Arrangement") pursuant to section 192 of the Canada Business Corporations Act. The Interim Order, among other things, authorizes Era to call and hold a special meeting (the "Meeting") of shareholders of the Company (the "Shareholders") to consider and vote upon the Arrangement. In accordance with the Interim Order, the Meeting will be held on June 6, 2017, with a record date at the close of business on May 3, 2017.

In connection with the Meeting, Era will be commencing a mail out of the Management Information Circular (the "Circular"), the Letter of Transmittal, the form of proxy and related meeting materials (collectively, the "Meeting Materials"). Shareholders are urged to carefully review all Meeting Materials, including the Letter of Transmittal, as they contain important information concerning the Arrangement and the rights and entitlements of the Shareholders in relation to the Arrangement. The Meeting Materials will be available on SEDAR under the Company's profile at www.sedar.com on May 10, 2017.

The terms of the Arrangement are summarized in the Company's press release dated April 26, 2017 and full details of the Arrangement are contained in the Circular and the other Meeting Materials that the Company anticipates that it will mail to Shareholders on May 10, 2017.

The hearing date for the application for the final order of the Court (the "Final Order") has been scheduled for June 7, 2017. Subject to obtaining the Final Order, the required approvals from the Shareholders at the Meeting and the TSX Venture Exchange, and the satisfaction or waiver of all conditions precedent set out in the Plan of Arrangement, the Arrangement is anticipated to be completed on or about June 14, 2017.

Cautionary Statement Regarding Forward-Looking Information

This news release contains forward looking information within the meaning of applicable securities laws, including but not limited to forward looking information concerning the expected timing for closing of the Arrangement, the anticipated mailing of the Meeting Materials and the Company's expectations and assumptions concerning time of receipt of required regulatory approvals and the satisfactory other conditions to the completion of the Arrangement. Such forward-looking information is often, but not always, identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "expect" and "intend" and statements that an event or result "may", "will", "should", "could", or "might" occur or to be achieved and any other similar expressions.

Forward-looking information is subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those contained in the forward-looking information, including actual results of exploration activities, changes in market conditions, risks relating to international operations, fluctuating metal prices and currency exchange rates, and other risks of the mining industry. Some of these risks, uncertainties and other factors are described under the heading "Risks Factors" in the Company's annual information form available on the Company's profile on SEDAR at www.sedar.com. Forward-looking information is based on estimates and opinions of management at the date the statements are made. Except as required by applicable securities laws, Era does not undertake any obligation to update forward-looking information even if circumstances or management's estimates or opinions should change. Readers should not place undue reliance on forward-looking information.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.