GUG Gungnir Resources Inc

Gungnir Resources Inc. (GUG: TSX-V, ASWRF: OTCBB) (“Gungnir” or the “Company”) reports that Aurion Resources (AU: TSX-V “Aurion”) has submitted permit applications to acquire a sizeable land package adjacent to Gungnir’s (5,784 ha) Knaften gold property in northern Sweden.

Jari Paakki, CEO of Gungnir comments, “Obviously we have assembled a premier property package that has sparked substantial interest by a fellow Nordic explorer hoping to find similar mineralization. Aurion has had recent success reporting the discovery of bonanza grade gold mineralization on its Risti project in northern Finland. This news was followed by a tremendous spike in their share price and shortly thereafter they raised over $8MM.”

Aurion’s permit applications (> 20,000 ha) were submitted on March 7, 2017, just four days following Gungnir’s news release on March 3, 2017. Gungnir’s news release provided results of initial confirmation sampling of historic drill core at its recently acquired Knaften property extension. Assays returned 2.92 g/t Au over 13 metres as well, highly anomalous gold mineralization was confirmed in highly altered rocks two kilometres away from the area of focused historic drilling. Knaften also includes the Company’s 2014 prospecting discovery (grab samples up to 8.52 g/t Au) and other exploration targets, which along with previous drilling covers a 13-kilometre long target.

As of close on March 10, 2017, Gungnir Resources market cap was $3,795,000 (63,248,785 Shares Issued; Year High-Low: $0.115 - $0.01) and Aurion Resources market cap was $122,834,000 (61,111,388 Shares Issued; Year High-Low: $2.07 - $0.105).

Permit application information is from the Mining Inspectorate of Sweden, Mineral Permits website and permits are subject to final approval by the Inspector of Mining.

Mr. Jari Paakki, M.Sc., P.Geo., is a Qualified Person as defined by National Instrument 43-101 -- Standards of Disclosure for Mineral Projects. Mr. Paakki prepared the technical information contained in this news release and has approved its disclosure.

About Gungnir Resources

Gungnir Resources Inc. is a Canadian-based TSX-V listed mineral exploration company (GUG: TSX-V, ASWRF: OTCBB) with gold and base metal permits in northern Sweden within a region hosting 12 million ounces of gold delineated in existing and mined resources plus several past-producing and producing base metal mines. The Company’s key gold project, Knaften, is situated at the southern extension of the “Gold Line” which hosts a number of gold deposits including Faboliden and Svartliden (Dragon Mining), and Barsele (Agnico Eagle and Barsele Minerals). The Company additionally holds a $5,000,000 royalty stream with five annual advance cash payments of $1,000,000 expected to commence on or before May 1, 2017. 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 DirectorFor further information contact:Jari Paakki, CEOTel: 705-507-4470jpaakki@eastlink.ca Chris Robbins, CFOTel: 604-683-0484robbinscr@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 Resources’ plan for future funding, and exploration and development of its properties. 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, or that the Company will receive or be able to raise sufficient capital to complete all of its exploration programs. 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.