Pat DiCapo Acquires Securities of Newstrike Resources Ltd.

TORONTO, ONTARIO--(Marketwired - Sept. 21, 2016) - Pasquale DiCapo (the "Acquiror") announces that on September 20, 2016 he acquired ownership and control of 4,000,000 units of the Issuer (the "Units") at a price of $0.05 per Unit as part of a private placement of Units by Newstrike Resources Ltd. (the "Transaction"). Each Unit is comprised of one common share (the "Common Shares") and one warrant (the "Warrants") of the Issuer.

The Common Shares acquired represent approximately 8.58% of the outstanding common shares of the Issuer post-Transaction (or approximately 15.8% on a partially diluted basis, i.e. assuming the exercise of all Warrants owned by the Acquiror). The Acquiror did not own any securities prior to the Transaction. The Acquiror paid total consideration of $200,000 in connection with the Transaction.

Each Warrant entitles the holder to acquire one additional common share of the Issuer at $0.075 for a period of five years following the closing date of the Transaction, provided that if at any time following January 21, 2017, the volume weighted average price of the common shares of the Issuer on the TSX Venture Exchange or other stock exchange where the majority of trading volume occurs is equal to or exceeds $0.20 for 10 consecutive trading days, the Issuer may disseminate a press release accelerating such expiry date and the Warrants will thereafter expire on the 30th day following the dissemination of such press release.

The Transaction was a private placement transaction, and did not occur through the facilities of any stock exchange. The Acquiror acquired the Units for investment purposes, and the Acquiror may, depending on market and other conditions, increase or decrease beneficial ownership, control or direction over these securities or other securities of the Issuer, whether through market transactions, private agreements, treasury issuances, exercise of convertible securities or otherwise. The Acquiror does not have any plans or future intentions in respect of the matters set forth on the list in Item 5 of Form 62-103F1.

The Acquiror's address is 130 King Street West, Suite 2210, Toronto, Ontario, M5X 1E4. The address of the Issuer's head office is 82 Richmond Street East Toronto, Ontario, M5C 1P1.

To obtain a copy of the report filed pursuant to applicable securities regulations in connection with the foregoing, please contact Shaun Drake via the contact information listed below.