Surrey BC – October 10, 2018 - Gungnir Resources Inc. (GUG: TSX-V, ASWRF: OTCPK) (“Gungnir” or the “Company”) comments on the response to the Company’s news release issued on October 4, 2018. The share price has been negatively impacted with what the Company believes to be a very positive development with a new discovery of the Rodingtrask target on the Company’s Knaften property.

Jari Paakki Gungnir’s CEO stated, “New discovery targets like this don’t come along everyday. Rodingtrask is located in VMS country in northern Sweden with active mines and deposits near-by making this target very relevant. So far, we have drilled into a large mineralized halo (smoke) of a probable new VMS system, and now we need to get into the guts of it (vent area) to test for potentially higher-grade mineralization. Assays in KN18-07 confirmed we have the right metals in the system (smoke), and were not presented in any manner to indicate potential mining grade.”

Rodingtrask is Gungnir’s top target on Knaften right now, and we are definitely looking forward to moving this one forward. Results from holes KN18-08, -09 and -10 will help determine where we sit in the mineralized system and what direction the Company needs to direct its next round of exploration. Gungnir also plans to investigate additional targets along trend, both north and south of Rodingtrask which occur over several kilometres.

Details on Rodingtrask are available for viewing via the home page link (Rodingtrask 2018) on the Company's website at www.gungnirresources.com.

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 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 project, Knaften (includes new Rodingtrask target), 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 VMS-gold (Agnico Eagle and Barsele Minerals). The Company additionally holds a royalty stream from the sale of the Kenville Gold Project in BC with $3,000,000 still due in three further annual advance cash payments of $1,000,000 each. 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 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.