News & Press Releases

Toronto, Ontario, September 8, 2015

Batero Gold Corp. ("Batero" or the "Company") (TSX-V: BAT) is pleased to announce the entering into of a letter of intent with a titleholder in respect of a property that would greatly enhance and complement the properties comprising the CB Gold Inc. ("CB Gold") portfolio in the Vetas district of Santander. In addition, Batero reconfirms its superior and supported offer of $0.06 per CB Gold common share (a "CBJ Common Share") which is payable at the election of CB Gold shareholders either in cash or Batero shares (the "Batero Offer"). The Batero Offer represents a substantial 23% premium to the hostile Red Eagle Mining Corporation ("Red Eagle") offer based on September 4, 2015 closing prices. The value of the Batero Offer represents a 71% premium to the closing price of CBJ Common Shares on July 23, 2015, the day before the announcement of Batero's initial offer.

Financial Strength and Development Capacity

Batero has the financial strength to provide cash not only to CB Gold shareholders in connection with the Batero Offer but also in respect of developing CB Gold's property portfolio. In addition, Batero has the technical expertise, focus and capacity to develop the CB Gold Vetas gold project on an expedited basis in order to create cash flow for shareholders. Shareholders of CB Gold that tender to Red Eagle's hostile and unsupported bid are running the risk that Red Eagle will not develop the CB Gold Vetas gold project at the expense of developing its own Santa Rosa gold project.

To date, Red Eagle has been unwilling or unable to give CB Gold shareholders the choice in respect of receiving cash for their CBJ Common Shares. The superiority of the Batero Offer is well supported by the facts and figures announced on September 4, 2015. The Batero Offer provides CB Gold shareholders far superior value with a significant cash component and participation in the upside of Batero's projects.

Batero has demonstrated its financial strength by investing $575,000 in CB Gold to keep CB Gold solvent, by committing to provide a significant portion of its consideration in cash, and by partnering with one of the largest Peruvian gold producers, Consorcio Minero Horizonte, to develop the Vetas gold project.

Property Acquisition Details

Sociedad Ordinaria de Minas Coloro S.O.M. Ltda. ("Colorosom") is a company incorporated in Colombia that is beneficially-owned by Mr. Juan David Uribe (a director of Batero). Pursuant to a letter of intent (the "Letter of Intent"), Colorosom has agreed to vend-in a mining property located in Colombia to Batero for consideration of a cash payment for up to 20% of the property's price agreed to between the parties and 80% of the property's purchase price to be paid in either Batero Common Shares and/or shares of CB Gold if the take-over bid offer of Batero is successful.

The property is located in the Municipalities of Vetas and California in the province of Santander, Republic of Colombia and is within close proximity to the CB Gold Vetas gold project. The Letter of Intent is subject to several conditions including the completion of a take-over of CB Gold by Batero pursuant to the Batero Offer.

Cash Component - No Illusion

Earlier this morning, Red Eagle publicly stated that Batero's superior offer which includes a significant cash component is illusory. In the spirit of being a frustrated and bitter bidder, Red Eagle is continuing to ignore CB Gold's shareholders' requests of receiving a cash alternative in connection with selling their CBJ Common Shares. On the other hand, many CB Gold shareholders still want to maintain an equity interest in order to benefit from the development of the CB Gold Vetas gold project. By accepting the Batero Offer, CBJ shareholders will be able to do both.

Strategic and Financial Benefits

Red Eagle Comparison

Red Eagle is currently focused on construction of its own project which could be subject to delays, and cash flow is at risk of being diverted to service Red Eagle's debt. Red Eagle has stated that any attention to Vetas will be subordinate to the main project. To date, Red Eagle has not produced an ounce of gold and has not operated a gold mine.

Red Eagle's outstanding debt includes a US$60 million credit facility to build its Santa Rosa project - greater than the unlevered net present value of approximately US$43 million according to its own feasibility study. Red Eagle's shares are concentrated in the hands of three mine finance groups and a mining contractor controlling more than 60% of outstanding shares, with business objectives that may not align with all shareholders' interests.