Bissau: Os fosfatos de Farim

July 21, 2015 – Vancouver, British Columbia: GB Minerals Ltd. (the “Company”) (TSX‐V: GBL) is pleased to announce that it has received an advance of C$1,000,000 from A.B. Aterra Resources Limited (together with its related companies, “Aterra”). Aterra is a significant shareholder of the Company. The advance is evidenced by a promissory note that is pre-payable, in whole or in part, at any time, bearing interest at a rate of 4% per year and maturing on January 31, 2017 (the “Promissory Note”). The Promissory Note may be repaid in common shares of the Company or in cash through other financings, at the option of the Company or Aterra. The Company intends to use the proceeds of the advance in the interim for expenses and development of the Company’s Farim phosphate mineral property, to meet the Company’s financial obligations and operational commitments and funding litigation as against GBM Minerals Engineering Consultants Limited. Aterra is a “related party” to the Company under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101”) by virtue of its shareholding being in excess of 10% of the Company’s issued and outstanding share capital. Accordingly, the issue of the Promissory Note is a “related party transaction” under MI 61-101. This transaction is exempt from (i) the formal valuation requirements under Section 5.4 of MI 61-101 pursuant to Subsections 5.5(a) of MI 61-101 and (ii) from the minority approval requirements under Section 5.6 of MI 61-101 pursuant to Subsection 5.7(1)(a) of MI 61-101 because it does not exceed 25% of the Company’s market capitalization. ON BEHALF OF THE BOARD Luis da Silva President and Chief Executive Officer For further information please contact: Luis da Silva (Luís Guilherme Cabrita da Silva)

President and Chief Executive Officer