Great Atlantic Announces Financing and Project Update

Vancouver, British Columbia--(Newsfile Corp. - May 4, 2015) - GREAT ATLANTIC RESOURCES CORP. (TSXV: GR) is pleased to announce that it has arranged a non-brokered private placement of 4,000,000 units at a price of $0.075 per unit for gross proceeds of $300,000. Each unit will comprise of one common share and one share purchase warrant which may be exercised for a period of five years at a price of $0.10 per share. The term of the Warrants may be accelerated in the event that the Issuer's shares trade at or above a price of $00.15 per share for a period of 10 consecutive days. In such case, the Issuer may give notice, in writing or by way of news release, to the Subscribers that the Warrants will expire 30 days from the date of providing such notice. Directors, officers or other insiders of the Company may participate in the foregoing offerings and such parties may sell securities of the Company owned or controlled by them personally through the facilities of the TSX Venture Exchange to fund participation in such offerings.

A finder's fee may be paid to eligible finders in accordance to the TSX Venture Exchange policies. All securities issued pursuant to the offering will be subject to a hold period of four months and one day from the date of closing.

The offerings and payment of finder's fees are both subject to approval by the TSX Venture Exchange.

Here is an overview of Great Atlantic's two priority projects which the company has recently evaluated for purposes of defining a upcoming work program. Utilizing both historic exploration reports and its own exploration data for its South Quarry and Keymet Projects below is an overview of these projects and the defined target areas.

South Quarry Tungsten Project, Newfoundland: The South Quarry Tungsten Project is located in east-central Newfoundland. The property covers an area of approximately 3160 hectares, being optioned from a local prospector. Great Atlantic has the option of acquire 100% interest in the property subject to a 3% NSR. Access to the property is excellent with a paved highway transecting the property.

South Quarry Project Geology

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Great Atlantic has evaluated historic exploration reports by Kidd Creek Mines Ltd., who explored the area of the South Quarry Project during the mid-1980s. Kidd Creek identified multiple targets areas for tungsten mineralization. Kidd Creek reported bedrock and boulder samples exceeding 1% WO3 within the property. Kidd Creek Mines reported tungsten - bearing bedrock in multiple locations, tungsten-bearing boulders and wide-spread tungsten soil-till anomalies within the property. Tungsten mineralization in the form of scheelite was reported in greisenized quartz - feldspar veins and in altered limestone and calc-silicate horizons. Host rocks are Ordovician meta-greywacke, meta-argillite, phyllite and limestone. Devonian granite - granodiorite intrusions are reported adjacent to the property. Great Atlantic is interpreting the stratabound disseminated scheelite in altered limestone and calc silicate horizons to be skarn - type mineralization related to granitic intrusions.

South Quarry Project - Tungsten mineralization model

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A priority target area for Great Atlantic is the South Quarry Zone, located in the northern half of the property. In this area, Kidd Creek reported scheelite bearing veins in a 200 metre by 10 metre bulldozer stripped area, orientated across the strike of the veins. The exposed veins in the stripped area were reported to be up to 1.5 metres wide, spaced 2 to 5 metres and striking southeast (steeply dipping). Kidd Creek reported assays of 27 channel samples of vein material from one part of the stripped area to average 1.79% WO3. These channel samples were reported to be 0.5 metre lengths along veins (sample widths were not reported). Kidd Creek also reported scheelite mineralization in altered limestone in a diamond drill hole (GG85-1) in this area. A 0.90 metre drill core length sample of this scheelite bearing interval was reported to assay 2.77% WO3. Tungsten bearing boulders and tungsten soil - till anomalies were also reported northwest, north and northeast of the South Quarry Zone.

South Quarry Project - Scheelite bearing samples

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Another priority area for Great Atlantic is the Camp Ten Zone, located in the southern region of the property. Historic Kidd Creek reports document local scheelite in narrow calc-silicate horizons (reported up to 17 centimetres thick) in both trench bedrock and diamond drill core. Kidd Creek reported 42 scheelite bearing calc-silicate horizons (1 to 17 centimetres wide) being intersected in drill hole GG85-3 over a drill hole length of 141.1 metres. Kidd Creek reported drill intersections including 0.39% WO3 over 0.36 metre core length and 0.62% WO3 over 0.57 metre core length for this drill hole.

South Quarry Project - Scheelite bearing rubble and South Quarry

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Keymet Base and Precious Metal Project: The Keymet Base and Precious Metal Project is located in northeast New Brunswick, approximately 20 kilometres northwest of the city of Bathurst. The property covers an area of approximately 3560 hectares, being optioned from a local prospector. Great Atlantic has the option to acquire 100% interest in the property, subject to a 2% NSR. Access to the property is excellent with paved roads transecting the property, including a provincial highway. Base metal and silver mining was previously conducted within the property during the 1950s at the former Keymet Mine.

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Great Atlantic has prioritized the northwest region of the property, an area of multiple documented base metal and silver bearing veins (including at the Keymet Mine) and gold bearing boulders and gold in trench bedrock. Historical reports suggest the base and silver bearing veins in this area to be sub-parallel and northwest trending. A northwest trending fault is reported in this area as per government maps.

Priority target areas in the northwest region of the property for Great Atlantic are:

a. Area immediately northwest of the former Keymet Mine: Historical reports document production at the former Keymet Mine in the mid-1950s of 64,681 tons grading 2.59% Zn, 2.44% Pb, 0.25% Cu and 0.99 ounce per ton Ag. Mining was reported to a vertical depth of 183 metres with the shaft being deepened to 366 metres. The main vein is reported to strike northwest along a fault zone. Historical reports of the strike length and width of this main vein vary from 91 to 341 metre strike length and 1.3 to 3.3 metre average width being reported. Two dump grab samples collected by Great Atlantic prospectors in 2011 at this former mine site assayed 549 g/t Ag, 2.35% Cu, 33.90% Pb and 22.90% Zn; and 415 g/t Ag, 4.22% Cu, 1.23% Pb and 1.48% Zn. A 1981 diamond drill hole by Brunswick Mining and Smelting Corporation Limited approximately 850 metres northwest of the former Keymet Mine was reported to intersect a 1.8 metre interval (core length) of brecciation, shearing and veining. A 0.15 metre sample (core length) from this interval was reported to assay 14.60% Pb, 5.60% Zn, 0.64% Cu and 5.1 ounces per ton Ag.

b. Previous Silver Mine (also called Elmtree Silver Mine): The previous Silver Mine (or Elmtree Silver Mine) is located approximately 1.2 kilometres northwest of the former Keymet Mine and along the same reported fault zone. Available historic data for the previous Silver Mine is very limited. A 20 metre shaft was reported to have been sunk in the late 1800s. Historic grab sample assays were reported up to 71.1% Pb and 33.75 ounces per ton Ag. Exposures of this vein were reported to be 1.8 to 2.4 metres wide and reported to strike northwest-southeast. Float grab samples collected near this shaft by Great Atlantic prospectors in 2011 assayed up to 139 g/t Ag, 14.5% Zn, 1.51% Cu and 6.27% Pb.

Keymet Project - Copper bearing rubble

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c. Elmtree 12 Veins: These reported base metal and silver bearing veins are located approximately 1.4 kilometres northwest of the former Keymet Mine and approximately 0.5 kilometres north of the Old Silver Mine. Closed-spaced diamond drill holes in 1981 (Brunswick Mining and Smelting) and 1989 (Aurtec Inc.) in this area intersected mineralized veins. A 0.88 metre core length interval from a 1981 drill hole was reported to grade 7.72% Cu, 11.36% Zn and 13.6 ounces per ton Ag. A 1.22 metre core length sample from a near-by 1989 drill hole was reported to assay 16.4% Cu, 10.11% Zn and 31.0 ounces per ton Ag. A 1.22 metre core length sample from another near-by 1989 drill hole was reported to assay 6.34% Cu, 3.94% Zn and 10.9 ounces per ton Ag.

d. Elmtree 3 Vein (South Vein): This reported base metal and silver bearing vein occurrence is located approximately 650 metres southwest of the former Keymet Mine. A 1970 drill hole intersected this mineralized vein with a 0.91 metre core length sample reported to assay 13% combined Pb and Zn and 1.8 ounces per ton Ag.

Keymet Project - Sphalerite and galena bearing rubble

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e. Gold Bearing Boulder Zone: A zone of numerous gold and arsenopyrite bearing silicified wacke and conglomerate boulders was discovered by Great Atlantic prospectors in 2011. This zone of mineralized boulders is centered approximately 1.5 kilometres northwest of the former Keymet Mine and approximately 150 metres southwest of the Elmtree 12 Veins. The gold bearing boulders were traced over an approximately 450 metre trend. Samples of these boulders assayed up to 51 g/t Au. A subsequent 2012 Great Atlantic trench in this area exposed a gold bearing zone in bedrock. Channel samples across a zone of sheared and silicified wacke with arsenopyrite graded 1.09 g/t Au over 11.78 metres. Three diamond drill holes completed in 2014 intersected the shear zone but with considerably lower levels of gold (assays up to 0.082 ppm Au). The area immediately west of (up-ice direction) the zone of gold bearing boulders is a priority area for Great Atlantic.

Readers are warned that historical records referred to in this News Release have been examined but not verified by a qualified person. Further work is required to verify that historical assays referred to in this News Release are accurate. David Martin, P.Geo., a Qualified Person as defined by NI 43-101, is responsible for the technical information contained in this News Release. David Martin is VP Exploration for Great Atlantic Resources Corp.

Great Atlantic resources has granted 220,000 stock options at an exercise price of 10 cents . The options are exercisable for five years, and will be cancelled 30 days after cessation of acting as director, officer, employee or consultant of the company.

About Great Atlantic Resources Corp.:

Great Atlantic Resources Corp. is a Canadian exploration company focused on the discovery and development of mineral assets in the resource-rich and sovereign risk-free realm of Atlantic Canada, one of the number one mining regions of the world. Great Atlantic is currently surging forward building the company utilizing a Project Generation model, with a special focus on the most critical elements on the planet that are prominent in Atlantic Canada, Antimony, Tungsten and Gold.

Great Atlantic Resources Corp

On Behalf of the board of directors

Lorne Mann
604 488-3900