October 19, 2016,  Vancouver, British Columbia.  Blackrock Gold Corp. (the “Company”) is pleased to announce that it has closed the second and final tranche of the nonbrokered private placement that was announced on August 22, 2016, and September 9, 2016.  The Company has issued 2,866,666 units (the “Units”) at a price of $0.075 per Unit for gross proceeds of $215,000.  Each Unit is comprised of one common share and one share purchase warrant.  Each warrant entitles the holder to acquire one additional share in the capital of the Company at a price of $0.15 until October 19, 2018.  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.  Finder’s fees of 7% were paid to Canaccord Genuity Corp. ($4,725).  The common shares comprising the Units and any shares issued upon the exercise of any Warrants are subject to a hold period expiring at midnight on February 19, 2017.

Deepak Malhotra and Alan Carter, both insiders of the Company, acquired 100,000 Units and 266,667 Units respectively.  Such transactions constitute “related party transactions” under Multilateral Instrument 61101 Protection of Minority Security Holders in Special Transactions (“MI 61101”).  The related party transactions are exempt from the formal valuation requirements of Section 5.4 of MI 61101 pursuant to subsection 5.5(a) of MI 61101, and exempt from the minority approval requirements of Section 5.6 of MI 61101 pursuant to subsection 5.7(1)(a) of MI 61101.  A material change report was not filed more than 21 days prior to closing as contemplated by the related party transaction requirements under MI 61-101 as the insider participation was only recently confirmed.

The Company also announces that it has closed the non-brokered private placement that was announced on September 20, 2016.  The Company has issued 500,000 units (the “Units”) at a price of $0.09 per Unit for gross proceeds of $45,000.  Each Unit is comprised of one common share and one share purchase warrant.  Each warrant entitles the holder to acquire one additional share in the capital of the Company at a price of $0.15 until October 19, 2018.  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 common shares comprising the Units and any shares issued upon the exercise of any Warrants are subject to a hold period expiring at midnight on February 19, 2017.

For further information, please contact:

David R. Robinson, President& CEO

Blackrock Gold Corp.

Phone: 1.403.399.9047

Email: drobinson@blackrockgoldcorp.com