Graycliff Exploration Limited announce the results of the Versatile Time Domain Electromagnetic ("VTEM") and Total Magnetic Intensity ("TMI") surveys that were completed as part of the Phase 4 exploration at the Company's Shakespeare and Baldwin properties near Sudbury, Ontario. The survey results identified numerous new gold exploration target areas and as well as several new copper and also nickel-copper and platinum group element ("Ni-Cu-PGE") target areas on the two properties. The properties are underlain by rocks known to host Ni-Cu-PGE mineralization on the adjacent property to the north and northwest held by Magna Mining Inc. ("Magna").

Magna's Shakespeare Nickel Project hosts more than 20 million tonnes of total resources (Ni-Cu-PGE). The properties are also located proximal to the Sudbury Ni-Cu-PGE Camp, and rock units similar to some of the host rocks found at the mines in the Sudbury Camp have been located on Graycliff's properties. The Company completed an airborne magnetic and electromagnetic geophysical survey over the entire area of the Shakespeare and Baldwin properties with data collected continuously along 488 line kilometres at 100 m linespacing.

The interpretive work completed on the survey data successfully defined the presence of many potential copper, copper-gold or copper-nickel-PGE targets, with the TechnoImaging report indicating that "..many discrete bedrock conductors, some of them quite strong, have been imaged in the conductivity data". The survey also successfully delineated what appears to be a significant regional deformation zone, that is reflected in offsets in the overall magnetic patterns, along which the historic Shakespeare mine is situated. VTEM and TMI are 'state of the art' geophysical surveys which constitute the most advanced and the most detailed data ever collected over the area.

TechnoImaging LLC of Salt Lake City, Utah was contracted by the Company to review and further process the resultant data from the VTEM and TMI surveys completed by Geotech Ltd. Follow-up geological investigations, follow-up ground geophysics as well as sampling are planned in the near term to evaluate each of the target areas.