Suparna Gold Updates Disposal Well Acquisition

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan. 30, 2015) - Suparna Gold Corp. ("Suparna") (TSX VENTURE:SUG) wishes to provide an update to its previously announced proposed acquisition of up to a 75% working interest in, and to, a disposal well, surface lease and related assets (the "Assets") located in Drayton Valley, Alberta at 102/06-10-049-06 W5M (the "Transaction"). The letter agreement related to the Transaction, which had previously been assigned to Suparna, has expired in accordance with its terms however, Suparna and XS Energy Ltd. ("XS") continue to negotiate in good faith the terms and conditions of a definitive agreement that would govern the Transaction. It is expected that such definitive agreement would provide that Suparna shall continue to have the right to acquire up to a 75% working interest in and to the Assets in consideration for delivering to XS the necessary funds to to construct and build a water disposal facility at the site of the disposal well.

Reader Advisory

Except for statements of historical fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. In particular, forward-looking information in this press release includes, but is not limited to, statements with respect to the negotiation and entering into of the definitive agreement related to the Transaction and the proposed terms of the Transaction. Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, performance or achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information.

Forward-looking information is based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Some of the risks and other factors that could cause the results to differ materially from those expressed in the forward-looking information include, but are not limited to: general economic conditions in Canada and globally; industry conditions, including governmental regulation and environmental regulation; failure to obtain industry partner and other third party consents and approvals, if and when required; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; stock market volatility; liabilities inherent in water disposal facility operations; competition for, among other things, skilled personnel and supplies; incorrect assessments of the value of acquisitions; geological, technical, processing and transportation problems; changes in tax laws and incentive programs; failure to realize the anticipated benefits of acquisitions and dispositions; and the other factors. Readers are cautioned that this list of risk factors should not be construed as exhaustive.

The forward-looking information contained in this news release is expressly qualified by this cautionary statement. We undertake no duty to update any of the forward-looking information to conform such information to actual results or to changes in our expectations except as otherwise required by applicable securities legislation. Readers are cautioned not to place undue reliance on forward-looking information.

The TSX Venture Exchange has in no way passed upon the merits of the proposed Transaction and has neither approved nor disapproved the contents of this press release.

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.