Honey Badger Announces Completion of First Tranche of Flow-Through Private Placement

TORONTO, ONTARIO--(Marketwire - Sept. 30, 2011) - Honey Badger Exploration Inc. ("Honey Badger" or the "Company") (TSX VENTURE:TUF) announces the closing of the first tranche of a private placement offering (the "Offering") of securities of the Company for total gross proceeds of $500,000.

Pursuant to the Offering, the Company issued an aggregate of 5,000,000 units (the "Units") today at a price of $0.10 per Unit. Each Unit is comprised of one "flow-through" common share and one half of one non-flow through common share purchase warrant. Each full warrant entitles the holder to purchase one common share of the Company for $0.20 per share and expires 24 months from the date of closing. The Company may issue up to an additional 10,000,000 Units in connection with the Offering.

The Company paid fees totaling $35,000 and issued 350,000 non-transferable compensation options, with each such option entitling the holder to acquire one Unit at a price of $0.10 per Unit for a period of 24 months following closing.

All securities issued pursuant to the Offering are subject to a restricted period of four months and one day from the date of issuance. The Offering is subject to receipt of final approval from the TSX Venture Exchange.

The Company intends to primarily use the proceeds of the Offering to further exploration activities on its Radisson property in Northern Quebec.

About Honey Badger Exploration Inc.

Honey Badger Exploration is a gold and base metals exploration company headquartered in Toronto, Ontario, Canada. The Company's common shares trade on the TSX Venture Exchange under the symbol "TUF".

For more information, please visit our website at http://www.honeybadgerexp.com.

This News Release contains forward-looking statements and forward-looking information (together, "forward-looking statements") within the meaning of applicable securities laws and the United States Private Securities Litigation Reform Act of 1995, with respect to its exploration results, the potential for discovery of additional mineralized zones and future exploration programs and budgets. These forward-looking statements are made as of the date of this news release. Users of forward-looking statements are cautioned that actual results may vary from the forward-looking statements contained herein. While the Company has based these forward-looking statements on its expectations about future events as at the date that such statements were prepared, the statements are not a guarantee of the Company's future performance and are subject to risks, uncertainties, assumptions and other factors which could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Such factors and assumptions include, among others, the effects of general economic conditions, the prices of gold and copper, changing foreign exchange rates and actions by government authorities, uncertainties associated with legal proceedings and negotiations and misjudgments in the course of preparing forward-looking statements. In addition, there are known and unknown risk factors, which could cause the Company's actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company is under no obligation to update or alter any forward-looking statements except as required under applicable securities laws.