Granite Creek Closes $40,000 Non-Brokered Private Placement Annual General Meeting, Grant of Options

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan. 22, 2015) - Granite Creek Gold Ltd. (the "Company") (TSX VENTURE:GCX) is pleased to report that it has closed the previously announced non-brokered private placement of up to 2,000,000 units at a price of $0.05 per unit. Due to market conditions, the Company has chosen to close placement at 800,000 units for gross proceeds totalling $40,000. Each unit consists of one common share and one half of a transferable common share purchase warrant. Each full common share purchase warrant is exercisable for one common share of the Company's capital stock at an exercise price of $0.07 until July 20, 2016. The Company received TSX Venture Exchange ("TSXV") approval for the private placement on January 16, 2015. The net proceeds from the placement will be used by the Company for operations and general working capital purposes. All shares, warrants and any shares issued upon exercise of warrants are subject to a hold period and may not be traded in British Columbia until May 21, 2015, except as permitted by the applicable Securities Acts and the Rules made thereunder and the TSXV.

The Company is also pleased to report that it held its Annual General Meeting on January 21, 2015, at which time Timothy Johnson, Keon Kwan, Willis W. Osborne, Mamadou Keita, Kyler Hardy and Michael Rowley were re-elected to the Company's Board of Directors. Shareholders approved the Company's Stock Option Plan, pursuant to which the directors may, from time to time, authorize the issuance of options to directors, officers, employees and consultants of the Company to a maximum of 10% of the issued and outstanding common shares at the time of the grant with a maximum of 5% of the Company's issued and outstanding shares being reserved to any one person. Crowe MacKay LLP was appointed as auditors for the ensuing year.

Subsequent to the Annual General Meeting, the Board of Directors appointed Messrs. Kwan, Hardy and Rowley to the audit committee and the following persons were appointed as officers: Timothy Johnson as President and Chief Executive Officer, Keon Kwan as Chief Financial Officer and Jennifer Nestoruk as Secretary.

The Board has approved the granting of stock options to directors, officers and consultants of the Company for the purchase of up to 340,000 common shares of the Company's capital stock for a period of five years at a price of $0.07 per share in accordance with the Company's Stock Option Plan and subject to regulatory approval.

About Granite Creek Gold

Granite Creek is a Vancouver based exploration company in the business of acquiring and carrying out exploration on mineral properties, especially those with precious metals potential, with the goal of establishing a mineable mineral resource. Granite Creek's Malian projects consist of the 75 sq km Darsalam gold concession, on which it has an option to acquire a 100% interest and the 94 sq km Niaouleni gold concession on which it also has an option to acquire a 100% interest. The Company also holds the 5611 ha Troitsa Property, a copper/molybdenum/gold/silver property located in central British Columbia, on which it has an option to acquire a 100% interest.

This news release includes certain forward-looking statements or information. All statements other than statements of historical fact included in this release, including, without limitation, statements relating to regulatory approvals, exploration programs, and other future plans, objectives or expectations of the Company are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's plans or expectations include the Company's ability to obtain regulatory approval and to complete its exploration programs on schedule and other risks detailed herein and from time to time in the filings made by the Company with securities regulators. The Company expressly 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 otherwise required by applicable securities legislation.

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.