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UPDATE - Golden Dawn Completes Kettle River Resources Acquisition

VANCOUVER, BC--(Marketwired - February 16, 2017) - Wolf Wiese, CEO of Golden Dawn Minerals Inc., (TSX VENTURE: GOM) (FRANKFURT: 3G8A) (OTC PINK: GDMRF) (the "Company" or "Golden Dawn ") announces it has completed the acquisition of Kettle River Resources Ltd. (KRR) with New Nadina Explorations Ltd. (TSX VENTURE: NNA).The KRR assets include the Greenwood Area Properties (GAP), with mineral claims totaling 11,000 ha., covering 78 mineral showings, including 29 historic metal mines.

Golden Dawn has acquired this property through the acquisition of Kettle River Resources Ltd., a wholly owned subsidiary of New Nadina Explorations Limited. Golden Dawn and New Nadina Explorations Limited signed a Letter of Intent regarding this transaction which includes the mineral property assets (See news release Oct. 18, 2016). Consideration for the acquisition consisted of a non-refundable deposit of $80,000 on signing the LOI, $15,000 by November 26, 2016, and on closure cash payments totaling CAD$1,010,000 (inclusive of deposits and closing extension fee of $10,000), as well as 2,222,250 shares of the Company issued at $.27 which are subject to a 4 month and one day hold period. The properties are subject to a 1% NSR where the Company can purchase a ½% for $1,000,000 up to five years and thereafter $1,200,000 up to 10 years leaving a ½% NSR payable to New Nadina.

The Greenwood Area Property lies in southern B.C. near Provincial Highway 3 between Rock Creek to the west and Grand Forks to the east. It lies in the Boundary Falls area, of the Greenwood Mining Division, to the South, East and West of the City of Greenwood. The Property is comprised of 57 Crown Granted claims with sub-surface mineral rights covering 814.3 hectares, 24 Crown Granted claims with surface and sub-surface rights covering 277.4 hectares, and 51 mineral tenure claims with subsurface rights covering 10,263 hectares. The area covered by the various claim types exceeds 11,000 hectares.

The property map may be viewed at: http://www.goldendawnminerals.com/wp-content/uploads/2017/01/GOM-Property-Map.jpg

This land package has an abundance of mineral prospects, encompassing 29 historical past producing mines and 49 documented mineral showings. Included is the historic Phoenix mine which produced nearly 1 million ounces of gold and 235,700 tonnes of copper from a total of 21 million tonnes mined from 1900-1919 and 1956-1978.

Mine production records from 1959 through 1967 show that 4.19 million tonnes of tailings at an average grade of 0.15% Cu, 0.38 g/t Au and 3.8 g/t Ag, were discharged to the Tremblay site, as reported in a previous technical report prepared for Kettle River, effective date July 9, 2012 and titled "National Instrument 43-101 Technical Report on the Phoenix Tailings Property, Boundary District".

Note: This historical estimate is not a mineral resource or mineral reserve and the issuers are not treating this as a current mineral resource. This estimate is relevant to the current property because the tailings deposit is still present and warrants further investigation. The estimate cannot be considered accurate, given the age of the original records and uncertainties in the key assumptions, parameters, and methods used to prepare the historical estimate. The historical estimate uses categories other than the ones set out in sections 1.2 and 1.3 of NI 43-101 because it is an estimate of tailings produced and is not a mineral resource estimate. More recent sampling was documented in a 1985 report titled "Report on Drill Testing of the Tremblay Tailings, Noranda Exploration". This report describes a vibra-core drill program in which 18 vertical holes were drilled for a total of 191.7 metres. The holes were spaced on a 100 metre grid. The drilling was performed with a vibra-core drill with NQ rod size, with samples taken every 1.5 metres (5 feet) vertically. Only a few of the holes penetrated entirely through the deposit. The resulting samples were analyzed at Rossbacher Labs of 2225 S. Springer Rd. Burnaby B.C. The samples were screened to a -80 mesh with the +80 mesh being discarded; the -80 mesh fraction was analyzed and found to contain gold, silver, copper, zinc, and lead contents at reasonably consistent grades. The total number of samples collected and analyzed was 137. The arithmetic means of analytical results were 304.8 ppb Au (0.30 g/t Au), 1088.5 ppm Cu (0.11% Cu), 2.4 ppm Ag, 83.6 ppm Zn and 6.7 ppm Pb. These results are comparable but slightly lower in Au and Cu than indicated from the production records. In order to upgrade or verify this historical estimate as a current mineral resource, an accurate survey to determine the volume of tailings, as well as a representative sample suite with density measurements and accurate metal analyses, and mineralogical characterization would be required. Metallurgical testing would also be required. A qualified person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves.

All of the historic mines are less than 150 meters in depth with the majority being less than 50 meters deep. In addition to potential extensions to known deposits, large areas of the Greenwood Area Property remain under-explored. Early exploration was focused on copper and little exploration work has been conducted in the last 20 years.

The Kettle River acquisition also includes an extensive catalogued library of records from over 100 years of exploration and development. The data, much of it proprietary, is invaluable for assessing the mineral showings in light of new structural and metallogenic models.

All showings and historic mines are within a 15 km radius from the company's Greenwood mill. These historic copper-gold deposits are clustered in two areas: Phoenix and Summit camps.

This localized grouping of occurrences suggests the two areas may overlie porphyry-copper gold source intrusions, and were generated by metal-rich hydrothermal fluids that ascended from the intrusions.

The majority of mineralization in the Greenwood Camp can be classified as copper-gold skarns or skarn-related. Early pre-1919 exploration in the Greenwood camp focussed on such massive sulphide/oxide ores that were self-fluxing and could be shipped directly to smelters. Lower grade footwall stringer mineralization was largely ignored, as the mines wished only to ship high grade ore. As such there is excellent potential to discover large tonnage deposits of low to moderate grade copper-gold skarn material peripheral to the historic mines. In addition, since most of the historic mines were focussed on copper, iron-rich skarn zones of mineralization were largely ignored. It will be important to re-evaluate all of the skarn deposits for gold.

                                                                            
Summary of Past Producing Mines                                             
----------------------------------------------------------------------------
                                                                    Tonnes  
 Property    Minfile  Northing Easting   Model       Commodity     Produced 
----------------------------------------------------------------------------
  Phoenix   082ESE020  5438785  383228   Skarn        Cu-Au-Ag    21,552,283
----------------------------------------------------------------------------
  Rawhide   082ESE026  5438732  384281   Skarn        Cu-Au-Ag      855,634 
----------------------------------------------------------------------------
  Snowshoe  082ESE025  5439164  384331   Skarn        Cu-Au-Ag      545,129 
----------------------------------------------------------------------------
  Brooklyn  082ESE013  5440016  383093   Skarn        Ag-Au-Cu      292,834 
----------------------------------------------------------------------------
    Emma    082ESE062  5443063  386967   Skarn   Cu-Au-Ag-Gr-Mo-Co  241,538 
----------------------------------------------------------------------------
 Oro Denoro 082ESE063  5442630  387019   Skarn      Cu-Au-Ag-Co     123,782 
----------------------------------------------------------------------------
 Stemwinder 082ESE014  5439926  383333   Skarn         Cu-Au        105,336 
----------------------------------------------------------------------------
 B.C. Mine  082ESE060  5443204  389159   Skarn        Cu-Au-Ag      93,874  
----------------------------------------------------------------------------
 Grey Eagle 082ESE018  5438536  383324   Skarn         Fe-Cu        45,360  
----------------------------------------------------------------------------
  Skylark   082ESE011  5438910  380288 Poly Vein    Ag-Pb-Zn+-Au    38,761  
----------------------------------------------------------------------------
Last Chance 082ESE216  5439276  379099    Vein      Au-Ag-Pb-Zn       704   
----------------------------------------------------------------------------
    Bay     082ESE005  5438408  379202 Poly Vein    Ag-Pb-Zn+-Au      447   
----------------------------------------------------------------------------
  Marshall  082ESE031  5441016  382930   Skarn      Au-Cu-Pb,Zn       370   
----------------------------------------------------------------------------
  Bluebell  082ESE188  5443134  388063   Skarn        Cu-Au-Ag        353   
----------------------------------------------------------------------------
                                                                            
                                                                          
Summary of Past Producing Mines (cont'd)                                  
--------------------------------------------------------------------------
                                                                   Tonnes 
  Property     Minfile Northing Easting     Model      Commodity  Produced
--------------------------------------------------------------------------
    R.Bell    082ESE064 5441827  388523   Skarn/Vein    Cu-Ag-Au     287  
--------------------------------------------------------------------------
   Cyclops    082ESE122 5442111  386724  Skarn(strat)  Zn-Pb-Ag-Cu   259  
--------------------------------------------------------------------------
   Crescent   082ESE012 5440073  379360   Vein Meso   Ag-Pb-Zn+-Au   250  
--------------------------------------------------------------------------
    Mavis     082ESE027 5438129  379277      Vein         Ag-Au      29   
--------------------------------------------------------------------------
 Prince Henry 082ESE250 5438915  378625      Vein      Ag-Au-Pb-Zn   19   
--------------------------------------------------------------------------
  Gold Drop   082ESE028 5439105  384168     Skarn         Cu-Au      12   
--------------------------------------------------------------------------
                                                                   Part of
    Aetna     082ESE022 5439027  384476     Skarn       Cu-Au-Ag   Phoenix
--------------------------------------------------------------------------
                                                                   Part of
    Curlew    082ESE024 5438913  384508     Skarn       Cu-Au-Ag   Phoenix
--------------------------------------------------------------------------
                                                                   Part of
   Monarch    082ESE027 5438619  383812     Skarn       Cu-Au-Ag   Phoenix
--------------------------------------------------------------------------
                                                                   Part of
Old Ironsides 082ESE021 5439494  383324     Skarn       Cu-Au-Ag   Phoenix
--------------------------------------------------------------------------
                                                                   Part of
   Victoria   082ESE023 5439333  383625     Skarn       Cu-Au-Ag   Phoenix
--------------------------------------------------------------------------
                                                                   Part of
  War Eagle   082ESE019 5438625  383324     Skarn         Fe-Cu    Phoenix
--------------------------------------------------------------------------
  Gilt Edge   082ESE015 5440225  383826     Skarn          Cu        N/A  
--------------------------------------------------------------------------
     Lake     082ESE003 5439330  379425   Poly Vein   Ag-Pb-Zn+-Au   N/A  
--------------------------------------------------------------------------
  May Alice   082ESE197 5441175  371596     Skarn          Cu        N/A  
--------------------------------------------------------------------------
   Niagara    082ESE065 5440546  392391    unknown       unknown     N/A  
--------------------------------------------------------------------------
     Pac      082ESE194 5441826  388341      Vein          Au        N/A  
--------------------------------------------------------------------------
  Rathmullen  082ESE059 5443710  390122      Vein      Cu-Ag-Au-Zn   N/A  
--------------------------------------------------------------------------
     Stan     082ESE132 5442576  383673     Skarn         Cu-Mo      N/A  
--------------------------------------------------------------------------
 Sylvester K  082ESE046 5440524  382798Skarn(hornfels)     Au        N/A  
--------------------------------------------------------------------------
    Tokyo     082ESE257 5442636  389776      Vein      Cu-Ag-Au-Zn   N/A  
--------------------------------------------------------------------------
Yellow Jacket 082ESE030 5438878  384711     Skarn         Cu-Au      N/A  
--------------------------------------------------------------------------
                                                                          

Concurrently the company will explore the areas evidencing indications of intrusive porphyry deposits which may be sources for the numerous historic Mines and mineral showings. See National Instrument 43-101 Report on website or SEDAR (www.sedar.com). This is the first time of the plus 120 year history that the Greenwood Mining District with most of the significant mines and showing has been assembled by one company.

Technical disclosure in this news release has been approved by Dr. Mathew Ball, P. Geo., a Qualified Person as defined by National Instrument 43-101, and Chief Operating Officer of the Company.

For more details, please see the National Instrument 43-101 Technical Reports on the Company's website at www.goldendawnminerals.com.

On behalf of the Board of Directors:
GOLDEN DAWN MINERALS INC.

­­­­­­­­­"Wolf Wiese"______

­­­­Wolf Wiese
Chief Executive Officer

This Press Release Was Prepared By Management Who Takes Full Responsibility For Its Contents. Neither TSXVenture 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. This Document Contains Certain Forward Looking Statements Which Involve Known And Unknown Risks, Delays, And Uncertainties Not Under The Company's Control Which May Cause Actual Results, Performance Or Achievements Of The Company To Be Materially Different From The Results, Performance, Or Achievements Implied By These Forward Looking Statements. We Seek Safe Harbor.

Image Available: http://www.marketwire.com/library/MwGo/2017/2/16/11G130601/Images/GoldenDawnImage-33fa1c6f584db8fbb8f7e847686e615a.jpg

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