Blue River Resources Signs US $3.5 Million Option Agreement with Angkor Gold Corp on Banlung License, Cambodia

VANCOUVER, BC / ACCESSWIRE / May 9, 2016 / Blue River Resources Ltd. BXR BRVRF ("BLUE RIVER") is pleased to announce that it has entered into a Definitive Agreement ("DA") with Angkor Gold Corp. to explore Angkor's 100% owned, 150 sq. km, Banlung tenement in Ratanakiri Province, Cambodia. The agreement gives Blue River initially the right to participate in up to a 50% interest of the Banlung license after the completion of a total investment of US$3.5 million in exploration expenditures over a 4-year period. Once the first 3 options have been satisfied, Blue River may then exercise their option on an additional 20% interest of the Banlung tenement through the commission and completion of a bankable feasibility study on the property or portion thereof.

Blue River Resources Ltd. is a mineral exploration and development company, focused on discovering and developing copper deposits in the Quesnel Trough Copper Belt of British Columbia and Washington State.

Today's announcement follows a previous release of surface data on the Banlung tenement dated October 13, 2015 where ANGKOR disclosed the discovery of a 2 km(2) gold anomaly.

"I am pleased to announce this agreement with Blue River today. The beauty of this anomaly is its close proximity to surface - making it easier to work on, and quicker to move to a development strategy if warranted," said Mike Weeks, President of ANGKOR. He continued, "We will now move full steam ahead with exploration plans at Okalla West to build our understanding of the depth and layout of this gold anomaly with an eye towards operationalizing the area."

"There are great synergies here, and we are keen to get on the ground and build shareholder value for both companies moving forward," stated Griffin Jones, President of Blue River. "We have been looking for the right opportunity to explore outside of the traditional markets for Blue River. Angkor Gold and Cambodia are the perfect fit with the country's growing infrastructure, and significant potential as a developing world-class mining sector."

Highlights:

• ANGKOR will receive a non-refundable US$100,000 exploration payment from Blue River, and grant Blue River the following earn-in Options:

• Option #1 - Based on additional Exploration & Development Expenditures of US$900,000 from June 30-2016 through March 30, 2018, Blue River will be granted a 10% interest to the Banlung Tenement;

• Option #2 - Based on Exploration & Development Expenditures of US$1,500,000 no later than 1 year following the date that Option 1 is exercised, Blue River will be granted a 30% interest to the Banlung Tenement for a total of 40%;

• Option #3 - Based on Exploration & Development Expenditures of US$1,000,000 no later than 1 year from the date Option 2 is exercised, Blue River will be granted a further 10% interest to the Banlung Tenement for a total of 50%;

• Option #4 - Based on the completion of a Bankable Feasibility Study on the Banlung Tenement, or portion thereof, Blue River will earn a final 20% interest to the Banlung Tenement for a total of 70%.

• Upon completion of the 4th Option, ANGKOR will maintain a 30% free-carry on the Banlung Tenement, or can convert at its discretion, to a 5% Net-Smelter Return.

"Our plans are to advance exploration quickly and efficiently on the Banlung tenement with specific focus on the Okalla West prospect initially but to also capture and comprehend the Banlung intrusive structure," continued Weeks. "It is a large property with lots of potential."

"In addition to the gold anomaly at Okalla West, the discovery of olivine-pyroxenite rocks in the south-west of Okalla West prospect, coupled with the cobalt, copper, chrome, nickel and vanadium termite mound anomalism in the same area keeps the door open to the potential for economic base metals within the mafic complex," stated John Paul Dau, VP of Operations. "These early indications on Okalla West show the great potential of the area as a flagship project for both companies," he concluded.

Technical information contained in this news release was reviewed by Jonathan Soper, P. Eng., a qualified person as defined under National Instrument 43-101.

ANGKOR GOLD CORP.

ANGKOR Gold Corp. is a public company listed on the TSX-Venture Exchange (ANK) and is Cambodia's premier gold explorer, with a significantly large land package and a first-mover advantage with excellent relationships at all levels of Government (local to national).

BLUE RIVER RESOURCES LTD

Blue River Resources Ltd. has a 100% interest in two mineral properties in the Quesnel Trough Copper Belt, the Castle Copper Project near the Copper Mountain Mine, Princeton, BC and the Mazama Copper Deposit, Okanogan County, Wa.

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.

ON BEHALF OF THE BOARD
BLUE RIVER RESOURCES LTD.
/s/ Griffin Jones
Griffin Jones
President, Director

For further information contact:
Griffin Jones, Tel: (604) 682-7339
www.Blueriv.com

SOURCE: Blue River Resources Ltd.