QUÉBEC CITY, QUÉBEC--(Marketwired - Aug. 12, 2016) - Komet Resources Inc. ("Komet" or the "Company") (TSX VENTURE:KMT) announced a significant increase in gross sales of gold in Q2 2016 from CA$383,164 March 31, 2016, to CA$658,586 on June 30, 2016. The production rates at the Guiro Mine are improving every month as the rehabilitation work is still ongoing.

Project Update

To summarize, here are the recent developments at the Guiro Mine: the second gravimetric concentrator has been operating since July 1st, 2016, the Consep Acacia CS250 Intensive Leach Reactor (ILR) which will process concentrates with high efficiency and the third concentrator have been ordered. These acquisitions will almost complete the flow sheet planned since 2014.

Several pieces of equipment, parts and consumables orders are underway to Burkina Faso, many by sea freight containers, and will be delivered over the coming weeks and months. All these acquisitions are aimed at improving operations and avoiding further production shutdowns.

Concerning exploration, an airborne geophysical survey of the Guiro/Diouga permit is planned and should be launched soon to further define the property. Drilling campaigns are scheduled on Guiro/Diouga (Burkina Faso) and Moussala (Mali), Komet's recent acquisition. The geological team is currently planning the campaigns in order to proceed at the end of the rainy season, i.e. during Q4.

Issuance of a research report

Komet is also pleased to announce the issuance of an initial research report compiled by New York-based consulting firm, RB Milestone Group LLC ("RBMG").

RBMG's initial research report can be accessed by visiting Komet's corporate website (http://kometgold.com/en). The report provides a thorough overview of Komet's production and its steps towards scaling up operations. RBMG's market intelligence team also provides a good overview of the current and future position of the gold market.

About RB Milestone Group LLC:

RB Milestone Group ("RBMG") is a New York-based consulting firm that specializes in assisting small and venture-stage companies with enhancing: corporate strategy, business development, market intelligence and research. RBMG partners with clients internationally and across a wide range of industry segments, including: energy, clean tech, mining, oil & gas, healthcare, professional services, consumer goods and technology. Staff specialists have diverse sector knowledge centered on capital markets. Website: http://rbmilestone.com.

Business trip in New York

President and CEO, Mr André Gagné, is just coming back from New York at the initiative of RB Milestone Group whereby the Company met with several high net worth investors, fund managers and family offices.

More information about the corporation is available at: http://kometgold.com.

Forward-Looking Statements

Neither TSX Venture Exchange nor the regulatory service provider (as the term is defined in TSX Venture Exchange's policies) accepts any liability of any kind as to the authenticity or accuracy of this release. This press release contains statements that may constitute "forward-looking information" or "forward-looking statements" as set out within the context of security law. This forward-looking information is subject to many risks and uncertainties, some of which are beyond Komet Inc.'s ("Komet") control. The actual results or conclusions may differ considerably from those that have been set out, or intimated, in this forward-looking information. There are many factors which may cause such disparity, especially the instability of metal market prices, the results of fluctuations in foreign currency exchange rates or in interest rates, poorly estimated reserves, environmental risks (stricter regulations), unforeseen geological situations, unfavorable extraction conditions, political risks brought on by mining in developing countries, regulatory and governmental policy changes (laws and policies), failure to obtain the requisite permits and approvals from government bodies, or any other risk relating to mining and development. There is no guarantee that the circumstances anticipated in this forward-looking information will occur, or if they do occur, how they will benefit Komet. The forward-looking information is based on the estimates and opinions of Komet's management at the time of the publication of the information and Komet does not assume any obligation to make public updates or modifications to any of the forward-looking statements, whether as a result of new information, future events, or any other cause, except if it is required by securities laws.

Outstanding shares: 65,934,123

Contact Information:

Investors relations and information:
Komet Resources Inc.
Andre Gagne
President and CEO
a.gagne@kometgold.com / Skype: andregagne11