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| Press Release

Gungnir Receives Final Approval for New Permits in Sweden and Provides Summary of Company Assets

VANCOUVER, BC / ACCESSWIRE / January 11, 2018 / Gungnir Resources Inc. (TSX-V: GUG, OTC PINK: ASWRF, FSE: AMO1) ("Gungnir" or the "Company") has received final approval for five exploration permits in the Norrbotten District in northern Sweden. These new exploration permits complement Gungnir's existing gold and base metal property portfolio in Sweden.

Company assets:

  • $4,000,000 advance royalty stream; next annual $1,000,000 payment due April 30, 2018
  • Knaften property: near surface gold mineralization (including 2.92 g/t Au over 13.0 metres) and new drill discovery of copper-nickel bearing sulphides
  • Lappvattnet and Rormyrberget properties: 70 million lbs of nickel in historical resources
  • New Norrbotten permits include reported grab samples with copper (up to 2.3 % Cu), gold (up to 7.7 g/t Au) and silver (up to 380 g/t Ag)

The Company plans a larger second phase 2018 drill program and prospecting activities and will provide more detailed exploration plans and timing once they are finalized.

Norrbotten samples noted above are historic surface grab samples of boulders/blocks and may not be representative of mineralization hosted on the permits. Assays results are from the Swedish Geological Survey (SGU) data files. The Company has not verified this data. Also, a qualified person has not done sufficient work to classify the historical estimates above as current resources and Gungnir is not treating the historical estimates as current mineral resources.

Mr. Jari Paakki, M.Sc., P.Geo., is a Qualified Person as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects. Mr. Paakki prepared the technical information contained in this news release and has approved its disclosure.

About Gungnir Resources

Gungnir Resources Inc. is a Canadian-based TSX-V listed mineral exploration company (TSX-V: GUG) with gold and base metal permits in northern Sweden within a region hosting 12 million ounces of gold delineated in existing and mined resources plus several past-producing and producing base metal mines. The Company's key gold project, Knaften, is situated at the southern extension of the "Gold Line" which hosts a number of gold deposits including Faboliden and Svartliden (Dragon Mining), and Barsele (Agnico Eagle and Barsele Minerals). The Company also has permits covering two nickel deposits in Sweden, Lappvattnet and Rormyrberget which collectively host 70 million pounds of nickel in historical resources (see NR dated February 24, 2015). Gungnir additionally holds a $5,000,000 royalty stream and received the first annual payment of $1,000,000 on May 2, 2017. The next annual payment of $1,000,000 is due on April 30, 2018. Further information about the Company and its properties may be found at www.gungnirresources.com or at www.sedar.com.

On behalf of the Board,

Jari Paakki, CEO and Director

For further information, contact:

Jari Paakki, CEO
Tel: 705-507-4470
jpaakki@eastlink.ca

Chris Robbins, CFO
Tel: 604-683-0484
robbinscr@shaw.ca

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.

Cautionary Note Regarding Forward-Looking Statements:

Certain statements made herein may contain forward-looking statements or information within the meaning of Canadian securities laws. In certain cases, forward-looking statements can be identified by the use of words such as "plans," "expects," "is expected," "budget," "scheduled," "estimates," "forecasts," "intends," "anticipates," or "believes," or variations of such words and phrases or statements that certain actions, events or results "may," "could," "would," "might," or "will be taken," "occur," or "be achieved," or the negative of these words or comparable terminology. By their very nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual performance of the Company to be materially different from any anticipated performance expressed or implied by the forward-looking statements. Such forward-looking statements or information include, but are not limited to, statements or information with respect to Gungnir Resources' plan for future funding, and exploration and development of its properties. Forward-looking statements or information are based on a number of estimates and assumptions and are subject to a variety of risks and uncertainties, which could cause actual events or results to differ from those reflected in the forward-looking statements or information. Should one or more of these risks and uncertainties materialize, or should underlying estimates and assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements or information. For example, there is no certainty, that any economically viable mineral deposit will be located on the properties, or that the Company will receive or be able to raise sufficient capital to complete all of its exploration programs. Accordingly, undue reliance should not be placed on forward-looking statements or information. Gungnir does not expect to update forward-looking statements or information continually as conditions change, except as may be required by securities law.

SOURCE: Gungnir Resources Inc.