Vancouver, Canada – January 12, 2017 – Blackrock Gold Corp. (“Blackrock” or the “Company”) (TSXV: BRC) is pleased to announce a new CEO appointment, a new strategy, the addition of a new director and the amendment its non-brokered private placement previously announced on November 21, 2016.

The Company is pleased to announce that Michael O’Connor has been appointed CEO of Blackrock effective January 12, 2017. Michael brings over 29 years of experience in wealth management, investor relations, corporate communications and corporate development and more recently held the position of President and CEO of Cream Minerals for five years.

Michael commented: “I am both honored and very excited to be joining Blackrock at this important and transformative time for the Company. In order to make Blackrock a successful gold and silver Company, our highly experienced board has implemented a strategy focused on the acquisition of quality advanced gold and silver projects that have near term production potential and are located in mining friendly jurisdictions.

I am confident that while working closely with the members of the Board of Directors, all of whom are very experienced and well respected mining industry professionals, as a team we can deliver concrete results on the Company’s new goals and objectives.”

The Company is also pleased to announce the appointment of Mr. Catalin Chiloflischi, CEO of Canarc Resource Corporation to the Board of Directors of Blackrock effective January 12, 2017. Catalin is a Professional economist with 20 years of experience in business development, mergers and acquisitions, corporate finance, communications, governance and sustainability in Canada, US, Europe and Asia.  He has been instrumental in raising over CA$200 million in joint venture, equity and debt financings for mineral resource projects since 2010.

Catalin stated “I am pleased to join a board team comprised of very skilled, experienced and successful mining professionals. Because of the quality of people involved both at the board and management level, I see Blackrock as a unique opportunity to help build a successful gold and silver company. While working together I believe we can realize Blackrock’s new vision to acquire and advance gold and silver projects towards production.”

A total of 300,000 stock options for a term of five years at an exercise price of CAD $0.075 have been granted to management and directors.

To deliver on its new strategy the Company will aim to secure a non-brokered private placement (the “Private Placement”) of up to 4,000,000 units (the “Units”) at a price of $0.075 per Unit, for gross proceeds of up to $300,000. Each Unit is comprised of one common share and one share purchase warrant.

Each whole warrant will entitle the holder to acquire one additional common share in the capital of the Company at a price of $0.15 per share, for a period of two years from the date the Units are issued.

If during the exercise period of the warrants, but after the resale restrictions on the shares have expired, the Company’s shares trade at or above a weighted average trading price of $0.30 per share for 15 consecutive trading days, the Company may accelerate the expiry time of the warrants by giving written notice to warrant holders that the warrants will expire 30 days from the date of providing such notice.

The Company plans to allocate the gross proceeds of the Private Placement for general working capital.

A portion of the Private Placement may be completed in accordance with the exemption set out in BC Instrument 45-536 (Exemption from prospectus requirement for certain distributions through an investment dealer) (the “Investment Dealer Exemption”).

The Company may pay finder’s fees on a portion of the offering in accordance with applicable securities laws and the policies of the TSX Venture Exchange (the “Exchange”). If the Private Placement is not fully subscribed, the Company will apply the proceeds to the above uses in priority and in such proportions as the Board of Directors and management of the Company determine is in the best interests of the Company. Although the Company intends to use the proceeds of the Private Placement as described above, the actual allocation of proceeds may vary from the uses set out above, depending upon future operations, events or opportunities.

In accordance with the requirements of the Investment Dealer Exemption, the Company confirms there is no material fact or material change related to the Company which has not been generally disclosed.

The Private Placement is subject to the approval of the Exchange.

The Private Placement securities have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “1933 Act”), or under any state securities laws, and may not be offered or sold, directly or indirectly, or delivered within the United States or to, or for the account or benefit of, U.S. persons (as defined in Regulation S under the 1933 Act) absent registration or an applicable exemption from the registration requirements.  This news release does not constitute an offer to sell or a solicitation to buy such securities in the United States.

The Company also wishes to announce that Mr. David Robinson has resigned as President, CEO and Director of Blackrock effective January 12, 2017. The Company would like to thank David for his contributions in establishing Blackrock and wishes him every success in his future endeavours.

For further information, please contact:

Michael E. O’Connor
President & CEO
Blackrock Gold Corporation
Telephone 604-317-6197