The survey consisted of helicopter borne EM using the versatile time-domain electromagnetic (VTEMplus) system with Z and X component measurements and horizontal magnetic gradiometer using two cesium magnetometers. The intention of the survey, which consisted of 652 line kilometers flown in a combination 50m and 100m spacing, was to test conductive anomalies associated with graphite, or subtle conductive zones/halos associated with alterations within the sandstone column (above the unconformity) and at the unconformity. In addition, the survey was designed to map structural features, such as faulting, that could act as a conduit and control for mineralizing epithermal fluids.

The interpretation of magnetic data focuses on locating district scale faults. This requires the use of advanced derivative products, such as the First Vertical Derivative of the Reduced to the Magnetic Pole (RTP) and the Tilt-angle Derivative (TDR) of the RTP. Finally, the survey was planned to establish a relationship between the Shift Lake Uranium Zone (SLZ) and a northeast trending magnetic low which extends from the SLZ onto the southwest region of the Ford Lake Project. The Shift Lake Uranium Zone, lies only 500m east of the Ford Lake Project and consists of several drill holes which intersected anomalous uranium values and outlined a mineralized alteration zone of 775m. Forty eight holes (79-15 to 79-62), totaling 9,752.1 m (31,995.1 ft) were completed by Phelps Dodge Corporation of Canada Ltd. to test HLEM and pulse EM anomalies. Four of the holes intersected values greater than 0.10% U3O8 (0.08% U). At 189m, Union Carbide hole 79-17 intersected a 2.75 m (9.0 ft) interval which returned 0.62% U3O8 (0.53% U).

Interpretation led to the identification of the Ford Lake Zone, which lies within the larger northeast trending Brown Lake Fault Zone (BLFZ). Selection of this roughly 300m long by 50m wide target was based on RDI and MAG3D sections that show the subtle but clear resistivity lows (conductive halos) coinciding with the district scale fault running NNE direction across the zone. These resistivity lows may correspond to illite clay alterations above the unconformity. Immediately to the SE of the target zone is the Brown Lake. The conductive lake sediment is clearly visible as the top conductive layer south of the conductive halo over the target zone. Processing and Interpretation were carried out under the supervision of Alexander Prikhodko, P. Geo.

The Company is extremely pleased with the identification of this target which lies on the same magnetic trend (BLFZ) as the Shift Lake Uranium Zone and after further analyzing data will design further programs to investigate this highly prospective zone.

The content of this News Release has been reviewed by Robert Stroshein, P.Eng, who is a qualified person under the definition of National Instrument 43-101.

Stream sediment samples recovered by the Yukon Geological Survey in drainages from the property show encouraging levels for Carlin-style gold deposit pathfinders. The geology on both the Hemingway Property and Arcturus’ adjacent Keele Property include the necessary limestone units, impermeable layers and faulting necessary for Carlin-style gold mineralization.

In consideration for the option Arcturus will issue 100,000 shares to the Vendor upon TSX approval and apply a minimum of one year’s worth of assessment work on the claims. To fully exercise the option for the Hemingway Property Arcturus will be required, in various stages, to make $375,000 in payments and issue an additional 750,000 shares to the Vendor in addition to performing $500,000 in work on the Property by April 1, 2016. Upon full exercising of the option the property will be subject to a 2.5% NSR including an Arcturus option to reduce it to a 2% NSR for a $1,000,000 cash payment. The Vendor will be entitled to a $50,000 annual Advanced Royalty Payment starting on April 1, 2018. The agreement is subject to TSX approval.

All of Arcturus’ work and disclosures on the company’s properties in Yukon are supervised and reviewed by Robert Stroshein, P.Eng, who is a qualified person under the definition of National Instrument 43-101.

Blake Macdonald, Arcturus’ President commented: “This acquisition allows the company to capitalize on the positive market attention the bidding war for Hathor by Cameco and Rio Tinto has brought back onto uranium and the Athabasca Basin. Arcturus is indeed very fortunate to have the opportunity to acquire this highly prospective property; quality land in the Athabasca Basin is extremely hard to come by in a region dominated by majors and well established mid-tier companies.”

Background

The Shift Lake Uranium Zone, which lies only 500m east of the Ford Lake Project, consists of several drill holes which intersected anomalous uranium values and outlined a mineralized alteration zone of 775m. Forty eight holes (79-15 to 79-62), totaling 9,752.1 m (31,995.1 ft) were completed by Phelps Dodge Corporation of Canada Ltd. to test HLEM and pulse EM anomalies. Four of the holes intersected values greater than 0.10% U3O8 (0.08% U). At 189m, Union Carbide hole 79-17 intersected a 2.75 m (9.0 ft) interval which returned 0.62% U3O8 (0.53% U).

The Company will be testing the extent of the Shift Lake alteration system, which may trend onto the Ford lake Project.

Robert Stroshein, P.Eng, Arcturus’s qualified Person, has neither reviewed the drill hole data nor the core from the Shift Lake Uranium Zone. The work was completed by accredited professional geologists and the Company believes the information to be reliable.

The regional program on the Mer property was performed in June and July and consisted of drainage silt sampling and over 300 soil samples in a widely spaced grid. The two most anomalous samples showed evidence of gold mineralization as repeated tests on different sub-samples led to highly variable results. Arcturus intends to follow up on these areas and perform bulk sampling to minimize the so-called “nugget effect” and allow for a better identification of the true strength of these anomalies. The two samples were approximately 7.7 kilometres apart indicating that there could be multiple gold systems on the Mer property.

The results of this program have allowed the company to identify areas for detailed evaluation on a follow-up program. This program will consist of additional conventional soil sampling, bulk soil sampling, prospecting and geological mapping.

Analysis of the samples was carried out by AGAT Laboratories of Mississauga, Ontario, which has no relationship to the Company. Gold was analyzed by Aqua Regia Digest with ICP-MS finish and additional element content was determined by Aqua Regia Digest with ICP-OES finish.

This press release has been supervised by Robert Stroshein, P.Eng, who is a qualified person under the definition of National Instrument 43-101.