VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov 2, 2017) - In Orca Gold Inc.'s (TSX VENTURE:ORG) news release dated November
1, 2017 regarding the expansion of the water aquifer at its Block 14 project in Sudan, the Company made the following
statement:
"With the expansion at Area 5, GSS can now be developed to its full design potential. The decision by our Board to
proceed with a 6.0 Mtpa operation is a game changer for the project, almost doubling the production throughput from the Revised
PEA," Richard Clark, Director and CEO, commented. "This is expected to increase annual gold production in excess of 200,000
ounces, making GSS and Block 14 one of the most exciting pre-development stories in Africa today. With the early success of our
most recent resource expansion programme we anticipate that our Feasibility Study will highlight a mine with an impressive annual
production and financial profile and a significant mine life."
The Company has today been advised by IIROC that it must retract the above paragraph because it is not supported by
an existing preliminary economic assessment, pre-feasibility study or feasibility study. Accordingly, the Company hereby retracts
the above statement.
About Orca Gold Inc.
Orca Gold Inc. (TSX VENTURE:ORG) is a Canadian resource company focused on exploration
opportunities in Africa, where it is currently focused on its 70%-owned Block 14 Gold Project in the Republic of the Sudan. Block
14 is situated on a 2,170 km2 concession. The Company is currently conducting a Definitive Feasibility Study on the
project, which is scheduled for completion in early Q2 2018.
The technical contents of this release have been approved by Hugh Stuart, BSc, MSc, a Qualified Person pursuant to
NI 43-101. Mr. Stuart is President of the Company and a Chartered Geologist and Fellow of the Geological Society of London.
On behalf of the Board of Directors:
Richard P. Clark, CEO and Director
Cautionary Statement Regarding Forward-Looking Information
This press release contains forward-looking information and forward-looking statements within the meaning of
applicable Canadian securities laws, including statements regarding Orca's (the "Company", the "Corporation", "we" or "our")
plans and expectations relating to the Block 14 project ("Block 14") in northern Sudan and the revised Preliminary Economic
Assessment (the "Revised PEA") and Feasibility Study ("FS") currently being completed and/or conducted by the Corporation. These
statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts
not yet determinable and assumptions of management. Statements concerning mineral resource estimates may also be deemed to
constitute "forward-looking statements" to the extent that they involve estimates of the mineralization that will be encountered
if the property is developed. The assumptions, risk and uncertainties outlined below are non-exhaustive. Should one or more of
these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results, performance or
achievements of the Corporation, or industry results, may vary materially from those described in this press release.
Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans,
projections, objectives, assumptions or future events or performance (often, but not always, identified by words or phrases such
as "expects", "anticipates", "believes", "plans", "projects", "estimates", "assumes", "intends", "strategy", "goals",
"objectives", "potential", "possible" or variations thereof or stating that certain actions, events, conditions or results "may",
"could", "would", "should", "might" or "will" be taken, occur or be achieved, or the negative of any of these terms and similar
expressions) are not statements of historical fact and may be forward-looking statements.
Forward-looking statements and forward-looking information are not guarantees of future performance and are
based upon a number of estimates and assumptions of management at the date the statements are made including without limitation,
assumptions about the following (the "Forward-Looking Factors"): future prices of gold and other metals; successful exploration,
development, and production of Block 14; the timing and completion of the FS; the timing and likelihood of a production decision;
performance of contractual obligations by counterparties; operating conditions; political stability; obtaining governmental
approvals and financing on time; financial projections and budgets; obtaining licenses and permits; government regulation of the
Corporation's mining activities; environmental risks and expenses; market conditions; the securities market; price volatility of
the Corporation's securities; currency exchange rates; foreign mining tax regimes; insurance and uninsured risks;
financial projections and results; competition; availability of sufficient capital, infrastructure, equipment and labour;
dependence on key personnel; dependence on outside parties; conflicts of interest; litigation; land title issues; local community
issues; estimation of mineral resources; realization of mineral resources; timing and amount of estimated future production; the
life of Block 14; reclamation obligations; changes in project parameters as plans continue to be evaluated; and anticipated costs
and expenditures and our ability to achieve the Corporation's goals. While we consider these assumptions to be reasonable, the
assumptions are inherently subject to significant business, social, economic, political, regulatory, competitive and other risks
and uncertainties, and contingencies, many of which are based on factors and events that are not within the control of the
Corporation and there is no assurance they will prove to be correct.
Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors
that could cause actual events or results to differ from those reflected in the forward-looking statements, including, without
limitation known and unknown risks, uncertainties and other factors relating to the Forward -Looking Factors above, and those
factors disclosed under the heading "Risk Factors" in the Corporation's documents filed from time to time with the securities
regulators in the provinces of Canada.
In addition, a number of other factors could cause the actual results, performance or achievements of the
Corporation to differ materially from any future results, performance or achievements expressed or implied by the forward-looking
information, and there is no assurance that the actual results, performance or achievements of the Corporation will be consistent
with them. For further details, reference is made to the risk factors discussed or referred to in the Corporation's annual and
interim management's discussion and analyses on file with the Canadian securities regulatory authorities and available
electronically on the SEDAR website at www.sedar.com. Although the Corporation
has attempted to identify important factors that could cause actual actions, events, results, performance or achievements to
differ materially from those described in forward-looking statements and forward-looking information, there may be other factors
that cause actions, events, results, performance or achievements not to be as anticipated, estimated or intended. There can be no
assurance that forward-looking statements or information will prove to be accurate, as actual results and future events
could differ materially from those anticipated in such statements. Such forward-looking statements and information are made or
given as at the date of this press release and the Corporation disclaims any intention or obligation to update or revise any
forward-looking statements, whether as a result of new information, future events or otherwise, except as required under
applicable securities law. The reader is cautioned not to place undue reliance on forward-looking statements or forward-looking
information.
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.