Spanish Mountain Gold Reports 2014 Drilling Results: High Grade Area Within Pit Continues to Expand

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sep 23, 2014) - Spanish Mountain Gold Ltd. (the "Company") (TSX VENTURE:SPA) is pleased to announce the assay results from the drilling program completed in 2014 within the Main Zone of its Spanish Mountain Gold Project (the "Project") located in central British Columbia, Canada.

Highlights of 2014 Drilling Results include:

• 46.63 metre (m) grading 1.06 grams per tonne (g/t), including 6.10m grading 2.03 g/t gold in hole 14SMRC-1210
  
• 50.29m grading 1.20 g/t gold in hole 14SMRC-1212
  
• 27.43m grading 1.04 g/t, including 6.10m grading 3.01 g/t gold in hole 14SMRC-1214
  
• 28.96m grading 1.66 g/t, including 10.67m grading 3.55 g/t gold in hole 14SMRC-1215
  
• 48.77m grading 1.41 g/t, including 24.38m grading 2.42 g/t gold in hole 14SMRC-1215B
  
• 33.5m grading 1.10 g/t gold in hole 14SMRC-1216

Significant assay results are contained in Table 1 appended to this news release. The drilling was carried out in the Phase 1 area of the potential open pit as outlined in the Preliminary Economic Assessment (the "PEA") announced on November 14, 2012. The above highlights can be judged favourably in context to the 10m bench height for mining assumed for the PEA. A map showing the location of the reported drill holes has been posted on the Company's website at http://www.spanishmountaingold.com .

Dr. Morris Beattie, Chief Executive Officer, commented "We continue to be encouraged by the high grade nature of the Phase 1 area of the potential open pit. This year's drilling was in an area adjacent to the high grade area outlined by the 2013 drilling and continues to expand the extent of this area. As the next step in advancing the Project, we will continue to evaluate alternatives such as a lower throughput project that focuses on the higher grade central portion of the deposit as outlined by the recent drill results. These alternatives will also enable us to consider a project with a potentially lower initial capital cost."

Judy Stoeterau, P.Geo., the Company's Vice-President of Geology and the qualified person as defined under National Instrument 43-101, has reviewed the contents of this news release. All samples were assayed at ALS Chemex Laboratory in Vancouver, BC. The Company has retained Discovery Consultants of Vernon, BC, to monitor independently the quality control and quality assurance (QC/QA) data on the Spanish Mountain Gold Project. Analytical precision and accuracy are being measured and monitored by the use of duplicates, prep and pulp samples and by standards (reference material). Possible contamination during the sampling and processing procedures is being monitored by the insertion of blank samples.

About Spanish Mountain Gold Ltd.

Spanish Mountain Gold Ltd. is focused on the responsible development of its flagship Spanish Mountain gold project in southern central British Columbia, Canada. The Company has no debt and owns 100% of the Spanish Mountain gold property.

On Behalf of the Board,

Spanish Mountain Gold Ltd.

Morris Beattie,

Chief Executive Officer

This News Release contains forward-looking statements. Forward looking statements are statements which relate to future events. In some cases, you can identify forward-looking statements by terminology such as "may", "should", "expects", "plans", "anticipates", believes", "estimates", "predicts", "potential", or "continue" or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors that may cause our actual results, level of activity, performance or achievements to be materially different from any future results, levels of activity, performance, or achievements expressed or implied by these forward-looking-statements. Management has assumed that these will be our major projects going forward. Risks include that we are unable to satisfy environmental or other regulators, that we determine that our resources are not commercially viable, or that we have difficulties due to unavailability of labour or equipment.

While these forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business, actual results will almost always vary, sometimes materially, from any estimates, predictions, projections, assumptions or other future performance suggests herein. Except as required by applicable law the Company does not intend to update any forward-looking statements to conform these statements to actual results.

Neither TSX Venture Exchange nor its Regulations Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Table 1: Significant Assay Results