Mr. Paul Cowley reports

PHENOM ANNOUNCES LETTER OF INTENT FOR A STRATEGIC INVESTMENT PRIVATE PLACEMENT FINANCING AND JOINT VENTURE WITH SSR MINING INC. FOR 15% INTEREST IN DOBBIN PROJECT

Phenom Resources Corp. has signed a letter of intent governing an expected non-brokered private placement investment in Phenom by SSR Mining Inc. and proposed joint venture with SSR for the company's Dobbin property located in Nevada.

SSR Mining is a $6.5-billion (U.S.) Denver-based gold and silver mining company and the third-largest gold producer in the United States. SSR Mining has a portfolio of operating, development and exploration assets across the Americas, including locations in the United States, Canada and Argentina.

SSR's core operating assets include: Marigold mine: an open-pit gold mine in Nevada, United States; Cripple Creek & Victor mine: an open-pit gold mine in Colorado, United States; and Seabee mine: an underground gold mine in Saskatchewan, Canada. Puna operations: Located in the Jujuy province, Puna is the largest silver mine in Argentina.

Private placement -- strategic investment

It is proposed that SSR will become a strategic investor in the company through the non-brokered private placement purchase of 9.9 per cent of the company's issued and outstanding common shares (calculated on a non-diluted basis, after giving effect to this share issuance). Consequently, under the strategic investment, the company proposes to issue 13,518,353 common shares to SSR at a price of 40 cents per share for total proceeds of $5,407,341.20 (approximately $3,917,370 (U.S.)). The proceeds received from the strategic investment are proposed to be used as follows: (i) $1.3-million (U.S.) will be used toward the remaining payment and work commitments owed by the company to fully earn a 100-per-cent interest in the Dobbin project; (ii) $2.5-million (U.S.) will be available for unallocated general working capital of the company; and (iii) the balance (approximately $117,370 (U.S.)) will be used for general working capital purposes relating to the Dobbin project.

The shares will be subject to a statutory hold period expiring four months and one day after their issuance in accordance with applicable securities laws and the policies of the TSX Venture Exchange. In addition, SSR has agreed to voluntarily restrict the disposition of the shares for a period of one year from the closing date provided that SSR may sell up to an aggregate of 500,000 shares in any calendar month during the restricted period upon prior written notice to Phenom. This limit is fixed for each month, and any undisposed shares for a particular month will not be added to the next or any succeeding month's limit.

In conjunction with the strategic investment, it is proposed that the company will grant to SSR, for so long as SSR holds a 4.9-per-cent-or-greater ownership interest in Phenom, the right, at the sole discretion of SSR, to maintain that level of ownership interest or to increase its ownership percentage up to a maximum of 19.9 per cent of the outstanding Phenom shares, through participation and top-up rights.

The strategic investment is subject to the approval of the TSX Venture Exchange.

Sale of 15-per-cent interest in Dobbin project and resulting joint venture

As part of the non-binding letter of intent, Phenom and SSR have also agreed upon a framework for the sale by Phenom of a 15-per-cent interest in the Dobbin project to SSR for a further $4-million (U.S.), and the consequent joint venture arrangement to be carried on by the two companies in respect of the Dobbin project. It is proposed that all funds paid by SSR to purchase its 15-per-cent interest will be used to advance the Dobbin project. The LOI provides a binding two-year standstill provision and imposes standard confidentiality obligations on the parties.

The LOI also provides for a binding 30-day exclusivity period, during which time the parties have agreed to negotiate exclusively toward the execution of a definitive agreement relating to the Dobbin project transaction. There can be no assurance that the parties will enter into a definitive agreement or that the proposed transactions will be completed. The company will provide updates on the transactions if and when they become available.

About Phenom Resources Corp.

Phenom has a 100-per-cent interest in the Carlin gold-vanadium project, located six miles south from the town of Carlin, Nev., and Highway I-80 in Elko county, which hosts the Carlin vanadium deposit, North America's largest highest-grade primary vanadium resource. The company has a 100-per-cent interest in the Crescent Valley gold project, a bonanza high-grade gold vein-type target and an iron oxide copper/gold target and options on two gold projects in Nevada, the Dobbin and King Solomon properties, which are Carlin gold-type targets.

We seek Safe Harbor.