Goldrock Mines Corp : Goldrock Completes Final Tranche of $9,248,000 Private Placement

News Releases

October 31, 2013

Goldrock Completes Final Tranche of $9,248,000 Private Placement

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Vancouver, British Columbia -- Goldrock Mines Corp. (TSX.V -- GRM)

Goldrock Mines Corp. (the "Company" or "Goldrock") is pleased to announce that it has completed the second and final tranche of the previously announced non-brokered private placement (the "Offering") with Austral Gold Limited ("Austral Gold" or the "Purchaser") by the issuance of 9,248,000 units (the "Units") at a purchase price of $0.80 per Unit for gross proceeds of $7,398,400. Each Unit consists of one common share of the Company and one transferable share purchase warrant (a "Warrant"). Each Warrant entitles the holder thereof to purchase one common share of the Company (a "Warrant Share") at an exercise price of $0.80 per Warrant Share until October 31, 2018. The Unit price represents an 84% premium to the closing price of the Company's common shares on the TSX Venture Exchange on October 30, 2013. All securities issued in connection with the completion of the final tranche of the Offering will be subject to a hold period expiring on March 1, 2014. The net proceeds of $9,248,000 from the Offering will be primarily used for the further development of the Lindero gold project including detailed engineering and a down payment on long lead items, and for general working capital purposes. No finders' fees were paid on the Offering.

In connection with the Offering, effective as of today's date, Chad Williams has been appointed to the Company's board of directors. For so long as Austral Gold maintains ownership of at least 5% of the Company's issued and outstanding common shares, the Purchaser will have the right to nominate one person for election to the Company's board of directors. Mr. Williams is the former CEO, President and Director of Victoria Gold Corp. where he raised $110 million in seven financings, completed 2 corporate mergers, and increased market value up to 20-fold in a four year period. Mr. Williams has extensive experience in mining, finance, and management. He was the Founder of Agilith Capital Inc. and Westwind Capital Inc. (now Stifel Nicolaus Canada Inc.) as well as being the former Head of Mining Investment Banking at Blackmont Capital Inc. and a top-ranked mining analyst at TD Bank and UBS.

Paul Matysek, President and CEO, commented: "We are pleased to successfully close this private placement and commence work on the next critical steps in the construction of Lindero, and continue to de-risk the project's development and production schedule. The plus 80% premium on Goldrock's current share price demonstrates the robustness of the Lindero project, together with the confidence of sophisticated Argentine investors in our project and the opportunities that Argentina offers."

The securities being offered have not been, nor will they be registered under the United States Securities Act of 1933, as amended, or state securities laws and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. federal and state registration or an applicable exemption from the U.S. registration requirements. This release does not constitute an offer for sale of securities in the United States.

For additional information:
Paul Matysek
[phone] or www.goldrockmines.com

About Goldrock Mines Corp.

Goldrock Mines Corp. is an emerging gold producer focused on the development of its 100% owned Lindero gold deposit located in Salta province, northwestern Argentina. The Company has been granted the primary mining permit by the Salta provincial government allowing the Company to develop the Lindero open pit, heap leach gold mine. Results of the Lindero Feasibility Study have recently been announced. Production will be at an initial throughput rate of 15,000 TPD, increasing to 18,750 TPD during the first year of operation. Average annual production will be 109,000 ounces during the first nine years. The Company has assembled an experienced operating team and is now arranging project financing with commercial production anticipated in 2015. Goldrock's objective is to become a mid-tier gold producer with annual gold production of 250,000 ounces per year through organic growth and accretive acquisitions of near-term producing assets.

About Austral Gold Limited

Austral Gold Limited is an Australian-based mining and exploration company focused on Latin America. Through its Chilean subsidiary, Guanaco Compania Minera, it owns the Guanaco gold and silver mine in Chile, which produced 28,902oz gold in calendar 2012 and 22,474oz Au in the 6 months to 30 June 2013. Austral Gold has further exploration areas in Patagonia, Argentina, as well as some royalty rights relating to an exploration project in the province of San Juan. Austral Gold Limited is listed on the Australian Stock Exchange (ASX:AGD).

Neither the TSX Venture Exchange, nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

Caution Regarding Forward-Looking Statements

This press release includes certain statements that may be deemed "forward-looking statements". All statements in this press release, other than statements of historical facts regarding the Company and the Purchaser, are forward looking statements. Forward-looking statements are characterized by words such as "plan," "expect", "budget", "target", "project", "intend," "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements in this press release include, but are not limited to, statements relating to the anticipated timing of closing of the Offering, the Purchaser's expected ownership position in the Company and the expected benefits to the Company from the Purchaser's investment. Although the Company believes the expectations expressed in such forward looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include metal prices, exploration success, continued availability of capital and financing, the Company's ability to obtain TSX Venture Exchange acceptance of the Offering and general economic, market or business conditions. Accordingly, readers should not place undue reliance on forward-looking statements.