Mr. Koby Kushner reports

ATHENA ANNOUNCES $1 MILLION NON-BROKERED PRIVATE PLACEMENT

Athena Gold Corp. has arranged a non-brokered private placement to raise up to $1-million through the issuance of up to five million units of the company at a price of 20 cents per unit.

Each unit will consist of one common share and one common share purchase warrant, with each warrant being exercisable to purchase one common share at a price of 25 cents for 36 months from the date of issuance, provided that if, at any time after the date that is four months and one day after the date of issuance of the warrants, the average volume weighted trading price of Athena's common shares on the Canadian Securities Exchange is at or above 60 cents per share for a period of 10 consecutive trading days, Athena may, at any time after the triggering event, accelerate the expiry date of the warrants by giving 10 calendar days of notice to the holders of the warrants, by way of news release and in such case the warrants will expire on the first day that is 30 calendar days after the date on which such notice is given by Athena announcing the triggering event.

The private placement may close in tranches and is subject to certain conditions, including, but not limited to, the receipt of all necessary regulatory and other approvals, including approval by the CSE. The company may pay finders' fees in connection with the private placement in cash, shares, warrants or a combination thereof. All securities to be issued under the private placement will be subject to a hold period of four months and one day from their date of issuance.

The company intends to use the proceeds of the private placement to advance exploration and development activities at its Laird and Forester properties in Ontario, as well as for working capital and general corporate purposes.

Any participation by insiders in the private placement will constitute a related party transaction subject to Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions. The company intends to rely on exemptions from the formal valuation and minority shareholder approval requirements provided under subsections 5.5(a) and 5.7(a) of MI 61-101 on the basis that participation in the private placement by insiders will not exceed 25 per cent of the fair market value of the company's market capitalization.

About Athena Gold Corp.

Athena is engaged in the business of mineral exploration and the acquisition of mineral property assets. Its objective is to locate and develop economic precious and base metal properties of merit and to conduct additional exploration drilling and studies on its projects across North America. Athena's Laird Lake project is situated in the Red Lake gold district of Ontario, covering more than 7,000 hectares along more than 10 kilometres of the Balmer-Confederation Assemblage contact, where the company recently made a high-grade, near-surface, grassroots gold discovery. This underexplored area is road-accessible, located about 10 kilometres west of West Red Lake Gold's Madsen mine and 34 km northwest of Kinross Gold's Great Bear project. Also in Northwestern Ontario is Athena's Forester project, a 14,930-hectare land package located less than 30 kilometres southeast of Equinox Gold's Musselwhite gold mine, with historical drill intercepts showing strong potential for both high-grade, narrow-vein and low-grade, bulk-tonnage gold mineralization. Meanwhile, Athena's Excelsior Springs project is located in the prolific Walker Lane trend in Nevada, where it is currently under an earn-in option with Mammoth Minerals Ltd. The Excelsior Springs project spans more than 2,500 hectares and includes at least three historic mines.

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