Kapuskasing Gold Closes Private Placement

Vancouver, BC / ACCESSWIRE/ October 23,2018 / Kapuskasing Gold Corp. (TSX-V: KAP) (the "Company" or "KAP"), announces that furtherto its news release of October 3, 2018, the Company has closed on a total of 4,000,000Units ("Units") at a price of $0.02per Unit pursuant to a discretionary waiver of the $0.05 minimum pricingrequirement granted by the TSX Venture Exchange (the "Exchange") for aggregate gross proceeds of $80,000 (the "Offering").Each Unit willconsist of one Common Share (a "Share")and one share purchase warrant ("Warrant").Each Warrant will entitle the holder to purchase one Share at $0.05 for 24months from the date of issuance.

All securities issued in connection with the Offering will be subject toa four month hold period expiring on February 22, 2019, in accordance withapplicable Canadian securities laws. Net proceeds from the Offering will beallocated as follows: (1) approximately $30,000 for exploration ($15,000 forthe Daniels Harbour Zinc Property for mapping, prospecting, sampling and acompilation report; $15,000 for the Lady Pond Property for data compilation andplanning for Phase 2 drill program); (2) approximately $50,000 for operatingcosts (that includes TMX fees, transfer agent, annual general meeting costs,auditor fees, geological consulting fees and general administration). TheOffering remains subject to final acceptance by the TSX Venture Exchange.

Although the Company intends to use the proceeds of the Offering asdescribed above, the actual allocation of net proceeds may vary from the usesset forth above, depending on future operations or unforeseen events.

On behalf of the Board of Directors:

KAPUSKASINGGOLD CORP.

JonathanArmes
President& CEO, Director
Phone 1(416) 708-0243

Neither theTSX Venture Exchange nor its Regulation Services Provider (as that term isdefined in the policies of the TSX Venture Exchange) accepts responsibility forthe adequacy or accuracy of this press release.