Roughrider Exploration's Airborne Gravity Survey Commences on Genesis Property, Option Grant and Closing of Private Placement

VANCOUVER, BC / ACCESSWIRE / February 1, 2016 / Roughrider Exploration Limited (TSX-V: REL) ("Roughrider") and Kivalliq Energy Corporation (TSX-V: KIV) ("Kivalliq") today announce commencement of a 1,677 line-kilometre fixed-wing FALCON airborne gravity gradiometer survey on the Genesis uranium property in northeastern Saskatchewan. CGG Canada Services Ltd. has been contracted to do the survey and in3D Geoscience Inc. will provide independent review of the data.

The FALCON gravity gradiometer survey will be divided into five separate grids providing coverage over the Jurgen, Kingston, Johnston/GAP, Daniel's Bay and Melnick priority target areas. Flight lines will be flown at 200 metre spacing and the survey will also include magnetic and terrain data collection. Gravity low responses potentially represent alteration associated with uranium mineralization. The survey is expected to be completed in early February, with final deliverables expected in March.

David Tupper, VP Exploration explains, "This FALCON gravity gradiometer survey is the next logical step to provide focus to the ongoing exploration of this large land package. We will be looking closely for gravity lows that are coincident along the numerous electromagnetic conductor trends already identified at Jurgen, Kingston, Johnston/GAP, Daniels Bay and Melnick."

Exploration conducted on the Genesis Property during 2014 and 2015 has successfully demonstrated the existence of numerous high-priority targets for basement hosted uranium in the previously under-explored terrain to the northeast of the Athabasca Basin. Roughrider and Kivalliq plan to continue refining and upgrading existing targets while still seeking new ones throughout this large landholding.

The Company is also pleased to announce that it has completed a non-brokered private placement (the "Private Placement") consisting of 1,437,500 flow-through units (the "FT Units"), and 1,035,147 non flow-through units (the "Non-FT Units"), for gross proceeds of $187,460. Each FT Unit was issued at a price of $0.08 per FT Unit and is comprised of one flow-through common share and one-half of one non-flow-through warrant (a "Warrant"). Each Non-FT Unit was issued at a price of $0.07 per Non-FT Unit and is comprised of one non-flow-through common share and one full Warrant. The Warrants that form part of the FT Units and the Non-FT units have materially identical terms. Each whole Warrant entitles the holder to purchase one non flow-through common share at a price of $0.12 per share for a period of two years after the date of issuance. As a result, 718,750 of the Warrants are exercisable until December 31, 2017, and the remaining 1,035,147 Warrants are exercisable until February 1, 2018.

In connection with the closing of the Private Placement, the Company has paid finder's fees totaling $8,400 and issued an aggregate of 110,357 finder's warrants (the "Finder's Warrants") to certain arm's length parties. Each Finder's Warrant has the same key terms as the Warrants. 67,500 of the Finder's Warrants are exercisable until December 31, 2017, and the remaining 42,857 Finder's Warrants are exercisable until February 1, 2018. The proceeds of the Private Placement will be used for exploration on the Genesis Property and on Roughrider's 100%-owned Athabasca Properties as well as for general working capital purposes.

All of the securities issued under the Private Placement are subject to a hold period expiring four months and one day from the date of issuance. Shares issued pursuant to the FT Units were issued December 31, 2015 and may not be traded until May 1, 2016. Shares issued pursuant to the Non-FT Units were issued on February 1, 2016 and may not be traded until June 2, 2016.

Roughrider also announces that that it has granted 250,000 incentive stock options to a director of the company. The options are exercisable at $0.12 until February 1, 2021, are subject to the terms of the Company's stock option plan, and are valid only upon the approval of the TSX Venture Exchange.

David W. Tupper, P.Geo., V.P. of Exploration and a Qualified Person under National Instrument 43-101 has reviewed and approved the technical information contained in this release.


About Roughrider Exploration Limited

Roughrider's focus is exploring the 200,677 hectare (495,883 acre) Genesis uranium project located in the Wollaston-Mudjatik geological trend extending northeast from Saskatchewan's Athabasca Basin. Roughrider has the option to earn an 85% interest in Genesis from Kivalliq Energy Corporation.



For further information, please contact:

Roughrider Exploration Limited
Scott Gibson, Chief Executive Officer
604 697-0028



Neither 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.


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