Positive Determination From Nunavut Impact Review Board on Dunnedin's Kahuna Project

In a Screening Decision Report dated February 28, 2017, the NIRB stated that Dunnedin's project proposal "...is not likely to cause significant public concerns, and it is unlikely to result in significant adverse environmental and social impacts. The NIRB therefore recommends that the responsible Minister(s) accepts this Screening Decision Report." Details of the Screening Report can be found at www.nirb.ca.

Details of program mobilization dates, specific targets to be tested, and a record date for a proposed spinout will be announced over the near term. The Company is anticipating analytical results from till samples collected in 2016 which will help guide exploration priorities.

"I would like to take this opportunity to thank members of the communities of Chesterfield Inlet and Rankin Inlet for their feedback and guidance of our upcoming work, and for their letters of support for the project," said Chris Taylor, Dunnedin's CEO. "We will ensure local consultation continues as we progress the Kahuna project and look forward to a strong cooperative relationship with both communities on an ongoing basis."

Mr. R. Bob Singh, P.Geo, Exploration Manager, is the qualified person responsible for the technical content of this news release.

For further information please contact Mr. Knox Henderson, Investor Relations, at 604-551-2360.

On behalf of the Board of Directors

Dunnedin Ventures Inc.

Chris Taylor

Chief Executive Officer

About the Kahuna Project

Kahuna is an advanced stage high grade diamond project located near Rankin Inlet, Nunavut. Dunnedin is now recovering diamonds and indicator minerals from a series of kimberlite and till samples collected during two seasons of field work. An Inferred Resource released by Dunnedin showed over 4 million carats of macrodiamonds (+0.85 mm) at a grade of 1.01 carats per tonne had been defined along the partial strike length of the Kahuna and Notch kimberlite dikes through shallow drilling. The largest diamond recovered was a 5.43 carat stone from the Kahuna dike which was a piece of a larger diamond that had been broken during the sample preparation process and was reconstructed as having an original size of 13.42 carats. Recent results include a 0.82 tonne sample of the PST kimberlite dike which returned 96 macrodiamonds totalling 5.34 carats (+0.85 mm), a 2.36 tonne sample of the Notch kimberlite which returned 89 macrodiamonds totalling 2.38 carats (+0.85 mm), and a 144 kilogram sample of the Kahuna kimberlite that returned 13 macrodiamonds totalling 0.33 carats (+0.85 mm). The Kahuna project is located adjacent to the development-stage Meliadine gold project of Agnico Eagle Mines Ltd. and also hosts gold mineralization in metasedimentary units including a recently defined greenstone belt with over 40 kilometres of strike length that is associated with elevated gold-in-till results.

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.

Statements included in this announcement, including statements concerning our plans, intentions and expectations, which are not historical in nature are intended to be, and are hereby identified as, "forward-looking statements". Forward-looking statements may be identified by words including "anticipates", "believes", "intends", "estimates", "expects" and similar expressions. The Company cautions readers that forward-looking statements, including without limitation those relating to the Company's future operations and business prospects, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements.

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