Gungnir Receives $500,000, Drilling to Start at Rodingtrask Sweden

SURREY BC, May 29, 2019 - Gungnir Resources Inc. (GUG: TSX-V, ASWRF: OTCPK) ("Gungnir" or the "Company") is pleased to report that the Company has now, upon regulatory approval, received the $500,000 initial cash payment related to the sale of the Company's remaining royalty interest in the Kenville Gold Mine property in BC, Canada. In Sweden, drilling is scheduled to commence on June 3, 2019 on the Company's new targets.

The royalty option agreement is between the Company and Ximen Mining Inc. ("Ximen") whereby Ximen has the option to acquire the remaining interest in a 4% gross metal royalty over the Kenville Gold Mine property for $1,500,000 and 285,918 common shares of Ximen. The remaining consideration includes the share issuance and $1,000,000 in cash due to the Company on or before October 31, 2019 (see news release dated April 26, 2019 for further details).

Gungnir's initial drilling focus is planned on the Rodingtrask volcanogenic massive sulphide (VMS) target on the Company's Knaften property. Rodingtrask was discovered in 2018 with Gungnir's first hole testing a large geophysical conductor. The discovery consists of a broad zone of base metal enrichment (zinc and copper) in core lengths over 100 metres starting just below surface, and favourable VMS geology and alteration. Only four holes have tested this target so far, and the goal now is to locate the core of the mineralized system targeting higher-grade massive sulphide mineralization with additional drilling. Gungnir plans to also test the new copper-nickel target discovered by the Company in 2017 and extensions of the Knaften 300 Gold Zone, both on the Knaften property.

About Gungnir Resources

Gungnir Resources Inc. is a Canadian-based TSX-V listed mineral exploration company (GUG: TSX-V) with gold and base metal permits in northern Sweden. Successful drill programs in 2017 and 2018 at its Knaften project resulted in back-to-back new base metal target discoveries; the Rodingtrask VMS and an adjacent Cu-Ni target. These new targets add significant up-side to the previously gold-only Knaften project, and now the Company has numerous opportunities at deposit discovery by way of multiple targets and metals. All three targets on Knaften are wide-open for expansion and further discovery. Further information about the Company and its properties may be found at www.gungnirresources.com or at www.sedar.com.

On behalf of the Board,

Jari Paakki, CEO and Director

For further information contact:

Head Office/Investor Relations
Phone: +1-604-683-0484

Jari Paakki, CEO
Email: jpaakki@eastlink.ca

Chris Robbins, CFO
Email: robbinscr@shaw.ca

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's plan for future exploration and development of its properties, Gungnir's plan for future disclosure relating to exploration and development of its properties, receipt of the remaining consideration and the completion of the transaction within the timelines set out above or at all. 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, that the Company will receive or be able to raise sufficient capital to complete all of its exploration programs or that the transaction will complete as anticipated. 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.

SOURCE: Gungnir Resources Inc.