STGO Steppe Gold Ltd

CAPITALIZATION

Steppe Gold Limited (TSX:STGO) (the “Company” or “Steppe Gold”) is pleased to announce the appointments of Mr. Jeremy South as Senior Vice President and Chief Financial Officer and Mr. Sheldon Vanderkooy as Director to the Board effective immediately.

Mr. South has been a Director of Steppe Gold since March 2017 and is resigning from the  Board of Directors to take on the CFO role. He has over 30 years of experience in M&A, capital markets and private equity in Europe, North America and Australia, including senior positions in investment banking at Deutsche Bank, NatWest Markets and Deloitte.

For 10 years ending December 2016, Mr. South was Global Leader, Mining M&A Advisory at Deloitte. Previously based in Beijing for four years, he also advised leading Asian trading houses and financial investors on mining M&A, financing and strategy, and he's counted among some of Asia’s largest companies as clients. Mr. South brings his extensive mining experience and  network  of  contacts  in  Mongolia  to  Steppe  Gold  having  worked  on a number of transactions through the years. He also acts as Chairman of Aldridge Minerals Inc. Mr. South  is  a  Chartered  Accountant  and  he  holds  a  Bachelor  of  Economics degree from Monash University (Australia).

The company also welcomes the appointment of Mr. Sheldon Vanderkooy, as Director of Steppe Gold Ltd. Mr. Vanderkooy is currently the General Counsel of Triple Flag Mining Finance Ltd. The Triple Flag Group primarily targets streaming and royalty investments in the mining sector, and has investments in Canada, Australia, the United States, Peru and Mongolia. Prior to joining The Triple Flag Group, he was Assistant General Counsel at First Quantum Minerals Ltd and Senior Director, Legal Affairs at Inmet Mining Corporation.

Mr. Vanderkooy has also worked as a corporate and securities partner at Blake, Cassels & Graydon LLP in Toronto, Canada and as a Chartered Accountant at Ernst & Young LLP. Mr. Vanderkooy holds a law degree from the University of Western Ontario (gold medallist) and a Bachelor of Commerce (Honours) from Queen's University.

“We are very pleased to welcome Mr. Vanderkooy as a Director to Steppe Gold. He brings an extensive wealth  of  mining,  legal,  securities  and  international  business  experience  to  the company in addition to the continued strong support of Triple Flag Mining Finance as  our shareholder and partner. The Company will benefit greatly from Mr. Vanderkooy’s expertise in stewarding good corporate governance as we continue to grow,” said Matthew Wood, Chairman, President and CEO of Steppe Gold.

“Additionally, I am very pleased that Mr. South will be joining Steppe Gold as our Chief Financial Officer. Mr. South has the specific skills in corporate governance and financial controls that we are looking for as we rapidly advance our gold and silver projects in Mongolia. In addition, our stakeholders are global and his deep networks across the mining world will greatly assist our development. He has significant finance experience in Mongolia and we are confident he will be a strong addition to our executive team,” said Wood.

Matthew Wood Chairman, President and CEO Steppe Gold Limited

ABOUT STEPPE GOLD

Steppe Gold is a precious metals exploration and development company with an aggressive growth strategy to build Steppe into the premier precious metals company in Mongolia. The Company owns the advanced staged Altan Tsaagan Ovoo (ATO) gold project, where first gold production is targeted for late 2018, and the exciting Uudam Khundii (UK) gold exploration project. Mongolia is open for business, pro mining development and one of the last great frontiers where giant mineral deposits can be found and developed.

CONTACT INFORMATION THE COMPANY’S HEAD OFFICE:Shangri-La office, Suite 1201, Olympic street 19A, Sukhbaatar District 1,Ulaanbaatar 14241, Mongolia

Tel: +976 7732 1914 TORONTO OFFICE:

90 Adelaide Street W, Suite 400 Toronto, ONM5H 3V9,Canada

Tel: +1 647 697 0577 TRANSFER AGENT:

Lori WinchesterSenior Relationship Manager, Client Management

Phone: +1 416 607-7898Cell: +1 416 671-4558Email: lori.winchester@tmx.com

Cautionary Note Regarding Forward-Looking Statements Forward-Looking Statements:The above contains forward-looking statements that are subject to a number of known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those anticipated in our forward-looking statements. Factors that could cause such differences include: changes in world commodity markets, equity markets, costs and supply of materials relevant to the mining industry, change in government and changes to regulations affecting the mining industry. Forward-looking statements in this release include, among other things, statements regarding the trading of the Common Shares and business, economic, and political conditions in Mongolia. Although we believe the expectations reflected in our forward-looking statements are reasonable, results may vary, and we cannot guarantee future results, levels of activity, performance or achievements.