VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 9, 2012) - Tarsis Resources Ltd. (TSX VENTURE:TCC) ("Tarsis" and "the Company") is pleased to announce that the financing announced on September 16, 2012 and increased on October 2, 2012 has been closed.

Several strategic investors participated in the financing and five groups now hold just over 50 percent of the issued shares. These groups include one former large shareholder that increased their position, an investor that is part of the Sprott group of companies, Almaden Minerals Ltd., the management team, and one other individual investor.

Tarsis issued 6.87 million units (a "Unit") at $0.15 per Unit for gross proceeds of $1,030,500 million. Each Unit is comprised of one common share and one non-transferable common share purchase warrant. Each warrant entitles the holder to purchase one additional common share on for a 36 month period expiring October 3, 2015 at a price of $0.25 per common share.

Finder's warrants, entitling the holder to purchase up to 471,500 Units for a period of 36 months from issue at $0.15 per Unit were issued. A cash finder's fee of $35,363 was paid. The securities issued are subject to a four month hold period expiring on February 3, 2013. Insiders participated in the offering for a total of 400,000 Units.

The proceeds will be used for certain prospect generation efforts in the Yukon, Mexico and the USA, certain early stage exploration work to upgrade currently held projects, and for general corporate purposes.

About Tarsis Resources

Tarsis is an exploration company following the prospect generator business model, with nine mineral properties in the Yukon, Canada and one in Mexico. The Company acquires prospective exploration projects when metal prices are low or of strategic value, and vends or options out projects to partners for advancement.

On behalf of the Board,

Marc G. Blythe, P.Eng., MBA, President, Director and CEO

This news release was prepared by Company management, which takes full responsibility for content.

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.

Contact Information:

Tarsis Resources Ltd.
Marc G. Blythe, P.Eng., MBA
President and Chief Executive Officer
(604) 689-7644

Tarsis Resources Ltd.
Mark T. Brown, C.A.
Chief Financial Officer
(604) 687-3520