Spanish Mountain Gold Announces Tax Refund of $3.9 Million

VANCOUVER, BC--(Marketwired - August 18, 2016) - Spanish Mountain Gold Ltd. (the "Company") (TSX VENTURE: SPA) is pleased to announce that it has successfully obtained a refund totalling approximately $3.9 million in relation to the mining exploration tax credit attributable to qualified mining exploration expenses incurred for the Spanish Mountain gold project.

Larry Yau, Interim CEO, commented: "Our hard work has resulted in this source of significant funding for the Company without any stock dilution, debt or sales of assets. We will now focus on advancing our project by further expanding its multi-million ounce mineral resource and demonstrating its robust economics even under a much lower gold price environment."

About Spanish Mountain Gold

Spanish Mountain Gold Ltd. is focused on advancing its flagship Spanish Mountain gold project in southern central British Columbia, Canada. The positive economics of the multi-million ounce Mineral Resource have been demonstrated in a Preliminary Economic Assessment. Additional information about the Company is available on its website: www.spanishmountaingold.com

On Behalf of the Board,
SPANISH MOUNTAIN GOLD LTD.

Larry Yau
Interim Chief Executive Officer

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.

This news release contains forward-looking information, which involves known and unknown risks, uncertainties and other factors that may cause actual events to differ materially from current expectation. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time on SEDAR (see www.sedar.com). Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Contact

Inquiries:
Phone: (604) 601-3651
E-mail: info@spanishmountaingold.com
Website: www.spanishmountaingold.com