Gungnir Resources Inc.: Closes First Tranche of Private Placement

Vancouver - Gungnir Resources Inc. (GUG: TSX-V) (“Gungnir” or the “Company”) wishes to announce that it has closed the first tranche of a non-brokered private placement ("the Offering") that was previously announced on October 14, 2015. The first tranche closing consisted of the issuance of a total of 5,000,000 units of the Company ("Units") at a price of $0.01 per Unit for gross proceeds of $50,000.

Directors and Officers of Gungnir subscribed for $30,000 of the proceeds.

The Offering consists of a maximum of 12,000,000 Units for maximum gross proceeds of $120,000 (the "Maximum Offering"). Each Unit consists of one common share of the Company (a "Share") and one common share purchase warrant (a "Warrant") at a price of $0.01 per Unit. Each Warrant will entitle the holder to purchase one Share at a price of $0.05 per Share for a period of five (5) years.

In addition to conducting the Offering pursuant to the Existing Shareholder Exemption, the Offering is also available through other prospectus exemptions, including sales to accredited investors. A finder's fee of cash, Gungnir common shares or finder's warrants, or a combination thereof, may be paid to eligible finders with respect to any portion of the Offering that is not subscribed for by existing shareholders. Proceeds from this Offering will be used for working capital and to maintain the Company's core properties into 2017.

The Offering is open until November 30, 2015. Investors interested in participating in the Offering should contact the Company using the contact information set out below.

The Shares and Warrants issued pursuant to the Offering will be subject to a hold period expiring four months and one day from the date of distribution of the Units. The Offering is subject to TSX Venture Exchange final acceptance.


On behalf of the Board,

Jari Paakki
CEO and Director



For further information contact:

Gungnir Resources Inc.
Chris Robbins, CFO
Tel: 604-683-0484
robbinscr@shaw.ca

Jari Paakki, CEO
Tel: 705-507-4470
jpaakki@eastlink.ca



About Gungnir Resources:

Gungnir Resources Inc. is a Canadian-based TSX-V listed mineral exploration company (GUG: TSX-V) with gold and base metal claim holdings in northern Sweden, both accessible year round with good transportation and industrial infrastructure. The Company holds a $5,000,000 royalty stream with five annual advance cash payments of $1,000,000 expected to commence on or before May 1, 2017. Further information about the Company and its properties may be found at www.gungnirresources.com or at www.sedar.com.


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

Cautionary Note Regarding Forward-Looking Statements: Certain statements made herein may contain forward-looking statements or information within the meaning of Canadian securities laws. In certain cases, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved", or the negative of these words or comparable terminology. By their very nature forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual performance of the Company to be materially different from any anticipated performance expressed or implied by the forward-looking statements. Such forward-looking statements or information include, but are not limited to, statements or information with respect to Gungnir Resources’ plan for future funding, and exploration and development of its properties. Forward-looking statements or information are based on a number of estimates and assumptions and are subject to a variety of risks and uncertainties, which could cause actual events or results to differ from those reflected in the forward-looking statements or information. Should one or more of these risks and uncertainties materialize, or should underlying estimates and assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements or information. For example, there is no certainty, that any economically viable mineral deposit will be located on the properties, or that the Company will receive or be able to raise sufficient capital to complete all of its exploration programs. Accordingly, undue reliance should not be placed on forward-looking statements or information. Gungnir does not expect to update forward-looking statements or information continually as conditions change, except as may be required by securities law.

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