Orca Gold Files NI 43-101 Technical Report on Revised Preliminary Economic Assessment of its Block 14 Gold Project in the Republic of the Sudan

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jul 7, 2017) - Orca Gold Inc. (TSX VENTURE:ORG) ("Orca" or the "Company") is pleased to announce that further to the Company's May 30th news release disclosing the results of the Revised Preliminary Economic Assessment ("Revised PEA") of the Block 14 Gold Project in the Republic of the Sudan, the supporting NI 43-101 Technical Report has now been filed and is available on the Company's website and on www.SEDAR.com.

Highlights of the Revised PEA on a 100% Basis

The Revised PEA is based on contract mining with material treated at Galat Sufar South ("GSS") through a 3.4 Mtpa standard carbon-in-leach ("CIL") processing plant. Process water will be supplied from a bore-field 85 km south west of GSS where the Company has discovered a new and extensive water resource in a Nubian sandstone aquifer system (see Company News Release dated May 30, 2017). Using a gold price of US$ 1,100/oz for mine design, and US$ 1,200/oz for economic analysis, highlights of the Revised PEA include:

• Pre-tax NPV_7% of US$ 278.2 million and an IRR of 26.5% (+78% from Jul '16 PEA);
• After-tax NPV_7% of US$ 227.7 million and an IRR of 23.1%;
• In-pit mineral resources comprising 41.0Mt grading 1.46g/t for 1,928 Koz (+57% from Jul '16 PEA) in the Indicated category and 3.4Mt grading 1.56g/t for 173 Koz (+25% from Jul '16 PEA) in the Inferred category;
• 92% of the in-pit mineral resource is in the Indicated category, the balance of which, 8%, is in Inferred;
• 1,630 Koz of gold produced from Indicated resources and 147 Koz produced from Inferred resources over the life of mine ("LOM");
• Mine life of 13.2 years with average annual LOM production of 135,000 ounces of gold;
• Average annual production in years 1-5 of 146,000 ounces of gold;
• Average gold recovery of 84.5%;
• Cash costs of US$ 701/oz for LOM;
• All-in sustaining costs of US$ 752/oz for LOM;
• Pre-production capital costs of US$ 211 million (including a 25% contingency);
• Sustaining capital costs of US$ 92 million; and
• Payback period of 3.0 years, after-tax, from commencement of production.

Based on the very positive conclusions of the Revised PEA, the Company has commenced a Feasibility Study on Block 14, scheduled for completion in Q1 2018.

About Orca Gold Inc.

Orca Gold Inc. (TSX VENTURE:ORG) is a Canadian resource company focused on exploration opportunities in Africa. Our flagship asset is the 70%-owned Block 14 Gold Project in the Republic of the Sudan. Block 14 is situated on a 2,170 km² concession. Orca has advanced the project from discovery to Feasibility Study stage within five years and plan to reach a construction decision by Q1 2018.

The technical contents of this release have been approved by Hugh Stuart, BSc, MSc, a Qualified Person pursuant to NI 43-101. Mr. Stuart is President of the Company and a Chartered Geologist and Fellow of the Geological Society of London.

On behalf of the Board of Directors:

Richard P. Clark, CEO and Director

Cautionary Statement Regarding Forward-Looking Information

This press release contains forward-looking information and forward-looking statements within the meaning of applicable Canadian securities laws, including statements regarding Orca's (the "Company", the "Corporation", "we" or "our") plans and expectations relating to the Block 14 project ("Block 14") in northern Sudan and the revised Preliminary Economic Assessment (the "Revised PEA") and Definitive Feasibility Study ("DFS") currently being completed and/or conducted by the Corporation. These statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. Statements concerning mineral resource estimates may also be deemed to constitute "forward-looking statements" to the extent that they involve estimates of the mineralization that will be encountered if the property is developed. The assumptions, risk and uncertainties outlined below are non-exhaustive. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results, performance or achievements of the Corporation, or industry results, may vary materially from those described in this press release.

Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, identified by words or phrases such as "expects", "anticipates", "believes", "plans", "projects", "estimates", "assumes", "intends", "strategy", "goals", "objectives", "potential", "possible" or variations thereof or stating that certain actions, events, conditions or results "may", "could", "would", "should", "might" or "will" be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking statements.

Forward-looking statements and forward-looking information are not guarantees of future performance and are based upon a number of estimates and assumptions of management at the date the statements are made including without limitation, assumptions about the following (the "Forward-Looking Factors"): future prices of gold and other metals; successful exploration, development, and production of Block 14; the timing and completion of the DFS; the timing and likelihood of a production decision; performance of contractual obligations by counterparties; operating conditions; political stability; obtaining governmental approvals and financing on time; financial projections and budgets; obtaining licenses and permits; government regulation of the Corporation's mining activities; environmental risks and expenses; market conditions; the securities market; price volatility of the Corporation's securities; currency exchange rates; foreign mining tax regimes; insurance and uninsured risks; financial projections and results; competition; availability of sufficient capital, infrastructure, equipment and labour; dependence on key personnel; dependence on outside parties; conflicts of interest; litigation; land title issues; local community issues; estimation of mineral resources; realization of mineral resources; timing and amount of estimated future production; the life of Block 14; reclamation obligations; changes in project parameters as plans continue to be evaluated; and anticipated costs and expenditures and our ability to achieve the Corporation's goals. While we consider these assumptions to be reasonable, the assumptions are inherently subject to significant business, social, economic, political, regulatory, competitive and other risks and uncertainties, and contingencies, many of which are based on factors and events that are not within the control of the Corporation and there is no assurance they will prove to be correct.

Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation known and unknown risks, uncertainties and other factors relating to the Forward-Looking Factors above, and those factors disclosed under the heading "Risk Factors" in the Corporation's documents filed from time to time with the securities regulators in the provinces of Canada.

In addition, a number of other factors could cause the actual results, performance or achievements of the Corporation to differ materially from any future results, performance or achievements expressed or implied by the forward-looking information, and there is no assurance that the actual results, performance or achievements of the Corporation will be consistent with them. For further details, reference is made to the risk factors discussed or referred to in the Corporation's annual and interim management's discussion and analyses on file with the Canadian securities regulatory authorities and available electronically on the SEDAR website at www.sedar.com. Although the Corporation has attempted to identify important factors that could cause actual actions, events, results, performance or achievements to differ materially from those described in forward-looking statements and forward-looking information, there may be other factors that cause actions, events, results, performance or achievements not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements or information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Such forward-looking statements and information are made or given as at the date of this press release and the Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required under applicable securities law. The reader is cautioned not to place undue reliance on forward-looking statements or forward-looking information.

Neither the TSX Venture 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.

Contact

Elina Chow
Investor Relations
416.645.0935 x 226