Mr. Quentin Yarie reports

RED PINE ENTERS INTO ROYALTY AGREEMENT WITH FRANCO-NEVADA FOR CONSIDERATION OF C$6,750,000

Red Pine Exploration Inc. has entered into a net smelter return royalty agreement with Franco-Nevada Corp. for the purchase and sale of a 1.5-per-cent net smelter return royalty on its Wawa gold project located in Ontario, for immediate cash proceeds to the company of $6.75-million.

Proceeds from the sale of the royalty will be used for continued exploration and advancement of Wawa, and continuing working capital.

Quentin Yarie, president and chief executive officer of Red Pine, commented: "We are thrilled to welcome Franco-Nevada as a new partner into the Red Pine and Wawa story. Red Pine has been fortunate to have strong support from existing partners, and the addition of Franco-Nevada, a true leader in the gold space, brings further validation to the Wawa gold project. On the back of this non-dilutive financing, and with over $10-million in cash on hand, we are well positioned to deliver on our exploration goals, including ongoing infill and expansion drilling, an updated mineral resource estimate defining the open-pit exploration target, and a potential preliminary economic assessment."

Paul Brink, president and CEO of Franco-Nevada, commented: "We are excited to be supporting Red Pine in its advancement of the Wawa gold project. We believe that the Michipicoten greenstone belt has great geological potential and are pleased to be partnering with Red Pine with the objective of advancing a new mine to production in Ontario."

Pursuant to the royalty agreement, Franco-Nevada has been granted a one-time option, exercisable within 30 business days of Red Pine providing notice to Franco-Nevada confirming both (i) a board-approved construction decision at Wawa and (ii) completion of a feasibility study at Wawa, to purchase an additional 0.5-per-cent net smelter return royalty (the additional royalty) at a cost of one times the net present value of the additional royalty, which is to be calculated based on the value of the mineral reserves within the Wawa feasibility study, after applying a 5-per-cent discount rate, and utilizing the then-prevailing analyst-consensus commodity price forecasts.

Adviser and counsel

Haywood Securities Inc. acted as exclusive financial adviser to Red Pine with respect to the sale of the royalty. Wildeboer Dellelce LLP acted as legal counsel to Red Pine.

About Red Pine Exploration Inc.

Red Pine Exploration is a gold exploration company headquartered in Toronto, Ont., Canada.

The Wawa gold project is in the Michipicoten greenstone belt of Ontario, a region that has seen major investment by several producers in the last five years. Its land package hosts numerous historic gold mines and is over 6,900 hectares in size. Led by Mr. Yarie, CEO, who has over 25 years of experience in mineral exploration, Red Pine is strengthening its position as a major mineral exploration and development player in the Michipicoten region.

We seek Safe Harbor.