Vancouver, May 11, 2017 –Golden Dawn Minerals Inc., (TSX-V: GOM; FRANKFURT: 3G8A; OTC: GDMRF) (the “Company” or “Golden Dawn”) reports that the Company has closed the first tranche of a non-brokered private placement financing of 4,922,574 flow-through units (the “FT Units”) at $0.335 per FT Unit with a half warrant exercisable for two years, for total proceeds of $1,649,062. Each whole FT warrant can be exercised at $0.40 per share for a period of 24 months from the date of issuance. This transaction is subject to TSX-V approval.

Total commissions paid to eligible finders with respect to this financing consisted of $131,925 cash, 196,902 common shares and 196,902 commission warrants paid to EMD Financial Inc.  The commission warrants are non-transferable and have the same terms as warrants issued in the financing. All securities issued in connection with the financing are subject to a statutory hold period expiring on September 12, 2017.

The funds will be utilized for continuation of the company’s surface and underground drilling program on the Greenwood Precious Metals Project. Specifically, to explore for a potential increase of the current resources on the Golden Crown Mine and further exploration drilling on the May-Mac Mine.

The company has completed an updated N.I. 43-101 PEA report, authored by P&E Mining Consultants in support of a short form Prospectus. This report encompasses all the lands within the Greenwood Precious Metal Project. This report is being reviewed by the company and all concerned parties and will be filed on SEDAR post completion of review.

Technical disclosure in this news release has been approved by Dr. Mathew Ball, P.Geo., a Qualified Person as defined by National Instrument 43-101, and Chief Operating Officer of the Company.

On behalf of the Board of Directors:

GOLDEN DAWN MINERALS INC.

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­­­­Wolf Wiese

Chief Executive Officer

For further information, please contact:

Corporate Communications

604-221-8936                                     

allinfo@goldendawnminerals.com

THIS PRESS RELEASE WAS PREPARED BY MANAGEMENT WHO TAKES FULL RESPONSIBILITY FOR ITS CONTENTS. NEITHER 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. THIS DOCUMENT CONTAINS CERTAIN FORWARD LOOKING STATEMENTS WHICH INVOLVE KNOWN AND UNKNOWN RISKS, DELAYS, AND UNCERTAINTIES NOT UNDER THE COMPANY’S CONTROL WHICH MAY CAUSE ACTUAL RESULTS, PERFORMANCE OR ACHIEVEMENTS OF THE COMPANY TO BE MATERIALLY DIFFERENT FROM THE RESULTS, PERFORMANCE, OR ACHIEVEMENTS IMPLIED BY THESE FORWARD LOOKING STATEMENTS. WE SEEK SAFE HARBOR.

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