GT Gold Corp. (TSX-V:GTT) is pleased to report that it has closed its previously announced non-brokered private placement, as amended and upsized April 20, 2017, for aggregate gross proceeds of $3,193,328. The Offering involved the sale of 2,712,000 common shares of the Company at a price of $0.32 per share, and an additional 5,167,750 common shares sold on a flow-through basis at a price of $0.45 per share. Shares issued in the Offering will be subject to a resale hold period in Canada expiring August 26, 2017. In connection with the Offering the Company will pay finder’s fees totalling $30,030.

When combined with existing net cash in treasury of more than $1.8 million, the net proceeds of the Offering provide the Company with working capital of almost $5 million. The Company intends to use these funds, in part, to carry out a second phase drilling campaign at the Company’s high priority Saddle gold target in northern B.C. The Phase II drill program, targeted for the latter half of the summer, will make the most of the narrow summer weather window, and result in an estimated doubling of the total metres drilled this year. Phase II will be in addition to the carefully planned, 98-hole, 4,600 metre Phase I drilling program which is targeted to commence June 15 and run throughout the month of July. The Phase I program will consist of both reverse circulation and diamond drilling, geophysical surveying (20 line-km of IP), and soil geochemical sampling (1,200 samples). Should Phase I results be supportive, the Company now has more than sufficient resources to execute the follow-on Phase II campaign, and conduct further exploration work, as required.