True Grit Meets All Obligations for First Year Commitment on Nevada Assets

VANCOUVER, BC / ACCESSWIRE / May 21, 2015 / True Grit Resources Ltd. (NEX-TGI.H) ("True Grit" or the "Company") responds to Redstar Gold Corp.'s ("Redstar") news release of May 15, 2015 suggesting that True Grit has not met the Company's commitments as set out in the option agreement dated January 24, 2014 (the "Option Agreement").

True Grit denies any suggestion that it has not met the commitments required under the Option Agreement and asserts that the Option Agreement remains operative.

On April 27, 2015, True Grit delivered to Redstar and Redstar accepted $50,000 and 500,000 common shares of the Company ("Common Shares"), representing True Grit's first anniversary payment under the Option Agreement. To date, True Grit has made payments totaling $100,000 and 1,000,000 Common Shares to Redstar.

True Grit also incurred more than $250,000 of expenditures to meet True Grit's first anniversary expenditure commitment under the Option Agreement. Moreover, the report required by the Option Agreement was delivered to Redstar by the March 31, 2015 deadline, as set out in the Option Agreement. True Grit has also repeatedly delivered to Redstar additional information not required under the Option Agreement.

The Company is of the view that the arbitration process initiated by Redstar is wholly unnecessary; however, True Grit welcomes the opportunity to obtain an arbitrator's ruling that True Grit has satisfied the Company's commitments under the Option Agreement.

True Grit will continue to work towards advancing the Company's projects in Nevada and seeking potential joint venture partners. A drilling program is expected to be carried out on the Cooks Creek project this summer. True Grit will continue to look for new and exciting projects in Nevada and surrounding states.

True Grit will proceed with an equity financing in spite of the news release that Redstar has disseminated. The Company intends to proceed with a non-brokered private placement for up to $500,000 (the "Offering"). The Offering will comprise up to 10,000,000 units of the Company ("Units") at a price of $0.05 per Unit. Each Unit will consist of one Common Share and one non-transferable Common Share purchase warrant (a "Warrant"). Each Warrant will entitle the holder to purchase one Common Share at a price of $0.10 per Common Share for 24 months following the closing of the Offering.

Finders' fees in cash and/or Units, together with broker warrants containing the same terms as the Warrants ("Broker Warrants"), may be payable on a portion of the financing to finders who assist in the Offering. The Offering, including such compensation arrangements, will be completed in accordance with applicable securities laws and will be subject to the approval of the TSX Venture Exchange.

Proceeds of the Offering will be used for exploration work on the Company's Nevada properties and for general working capital. The securities issued under the Offering will be subject to a hold period of four months plus one day from the date of completion of the Offering, in accordance with applicable securities laws.

On behalf of the Board,

TRUE GRIT RESOURCES LTD.

Doug Fulcher
Doug Fulcher
President and CEO

This release includes certain statements that may be deemed to be "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration and development activities and events or developments that the Company expects, are forward-looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploration and development successes, continued availability of capital and financing, and general economic, market or business conditions. Please see our public filings at www.sedar.com.

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.

CAN: 18951311.1

SOURCE: True Grit Resources Ltd.