Zaff LP Disposes of Common Shares of GB Minerals Ltd.

TORONTO, ONTARIO--(Marketwired - Nov. 1, 2016) - Zaff LP (Zaff) announced that it has disposed, pursuant to a share purchase agreement with A.B. Aterra Resources Ltd. (Aterra), ownership of and control over 55,081,664 common shares (the Transferred Shares) of GB Minerals Ltd. (GB Minerals) at a price of C$0.055 per Transferred Share, for aggregate consideration of C$3,029,491.52. The share purchase agreement was entered into on October 21, 2016 in connection with a prior written commitment by Zaff to Aterra, as described in an early warning report filed on SEDAR by Zaff on July 15, 2016.

Prior to the disposition and transfer of the Transferred Shares, Zaff had direct or indirect ownership of or control over 396,551,929 common shares of GB Minerals, representing 36.40% of the issued and outstanding common shares of GB Minerals (on an undiluted basis).

After giving effect to the disposition and transfer of the Transferred Shares, Zaff has direct or indirect ownership of or control over 341,470,265 common shares of GB Minerals, representing 31.34% of the issued and outstanding common shares of GB Minerals (on an undiluted basis).

Zaff may take actions in the future in respect of its holdings in GB Minerals based on the then existing facts and circumstances, which actions could include, without limitation, acquisitions or dispositions of shares, whether in the open market, by privately negotiated agreement or otherwise, or in connection with a strategic transaction with GB Minerals.

The head office of GB Minerals Ltd. is located at Suite 1500 - 701 West Georgia Street, Vancouver, British Columbia V7Y 1C6.