Golden Tag Resources Ltd.: Sale of Company's Interest in the Aquilon Property, James Bay, Quebec

MONTREAL, QUEBEC--(Marketwired - Oct. 15, 2015) - Golden Tag Resources Ltd. (the "Company") (TSX VENTURE:GOG) announces that it has signed an option agreement to sell its 50% interest in the Quebec Aquilon property located in James Bay Quebec to an arms-length private company. The agreed price is $1 million plus any applicable transfer costs or taxes. An initial non-refundable payment of Thirty-Seven Thousand, Five Hundred Dollars ($37,500) has been made. The remaining option payments must be made in increments of: Twenty Two Thousand Five Hundred Dollars ($22,500) payable on November 1, 2015; Forty Thousand Dollars ($40,000) payable on January 15, 2016; and a final payment of Nine Hundred Thousand Dollars ($900,000) to be paid no later than June 1, 2016. The final payment can be made at the sole discretion of the Company in cash or in form of a cash payment of Four Hundred Thousand Dollars ($400,000) and the remaining amount of Five Hundred Thousand Dollars ($500,000) in stock payment of the share capital of a proposed public company of the seller. The Company carries the Aquilon project on its books at a value of $1,010,318 which represents just under 10% of the book value of all of the Company's mineral properties. A director of the Company has advised that he has made a secured personal loan to the purchaser to help facilitate the purchase. The proceeds of the sale will be used to fund the continuing operations of the Company.

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