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TSX-V: BAY

THOMAS ULLRICH JOINS ASTON BAY HOLDINGS AS COO, EXECUTIVE VP; NON-BROKERED PRIVATE PLACEMENT ANNOUNCED Vancouver, British Columbia – February 1, 2016 - Aston Bay Holdings Ltd. (TSX-V: BAY) (“Aston Bay” or the “Company”) is pleased to announce that Thomas Ullrich has joined the Company as Chief Operating Officer and Executive Vice President Exploration, effective February 1, 2016. Mr. Ullrich has significant executive-level experience with both majors and juniors in the metals and mining industry. “We are thrilled that Mr. Ullrich is joining our team as we look forward to advancing the Storm Copper Project,” said Benjamin Cox, Chief Executive Officer of Aston Bay. “Tom’s experience in the copper exploration business will be invaluable, and we are privileged to have him as part of our team. He was instrumental in advancing the project while at Antofagasta, and I believe that he will bring that knowledge and focus to propel us forward.” Mr. Ullrich has over 20 years experience in mineral exploration and geoscience. He has been Chief Geologist North America for Antofagasta Minerals plc since 2011, investigating the region’s copper potential through extensive property evaluations and management of drill programs in Alaska and Canada. Prior to Antofagasta, he was Senior Geologist for Almaden Minerals, where he managed the drill program for the team’s discovery of the Ixtaca Ag-Au deposit in Mexico. Mr. Ullrich also established the Ar-Ar geochronology lab at the University of British Columbia and studied the Candelaria Cu-Au mine, Chile, while at Queen’s University. Mr. Ullrich is an Elected Director on the Board of the Association for Mineral Exploration BC. “Storm has very promising exploration potential for the discovery of a high grade, large tonnage copper target in North America,” said Mr. Ullrich. “I look forward to continuing the advancement of the project with Aston Bay and their partners.” The addition of Mr. Ullrich will greatly strengthen the existing Aston Bay team. Mr. Ullrich will be based in Toronto and will handle exploration and operations of the Company. Aston Bay thanks Mr. Bruce Counts for his nearly three years of exceptional service on the Company’s management team and Board of Directors. Mr. Counts did not stand for re-election as a director at the Company’s annual meeting of the shareholders in December 2015. His last day as COO of the Company was January 31, 2016. The Company wishes Mr. Counts well at Proxima Diamonds Corp. In addition, the Company will conduct a non-brokered private placement (the “Offering”), subject to the approval of the TSX Venture Exchange (the “Exchange”), for aggregate gross proceeds of up to $800,000. The Offering will consist of up to 4,000,000 common shares at a price of $0.20 per share. All

securities issued will be subject to a hold period of four months and a day from closing of the Offering in accordance with applicable securities legislation. The Company anticipates that current insiders of the Company may participate in the Offering. Subject to Exchange approval, finder’s fees may be paid to persons who introduce the Company to investors. Proceeds of this Offering will be used for advancing the Storm Copper and Seal Zinc Projects, and for general corporate purposes. Aston Bay also announces that it has granted stock options in accordance with the terms and conditions of its Stock Option Plan, entitling the purchase of an aggregate 1,100,000 common shares by insiders and consultants. Each stock option is fully vested on the date of grant and is exercisable at $0.20 per common share until February 1, 2023. Aston Bay is also pleased to announce the results of its annual general meeting of shareholders held on December 21, 2015. At the meeting, shareholders approved all resolutions put before them by management, including the election of Clifford Boychuk, Joseph Chiummiento, Benjamin Cox, Michael Dufresne and Ian McPherson as directors, the re-appointment of the incumbent auditor, and approval of Aston Bay’s previously adopted 10% rolling Stock Option Plan, as required annually by Exchange policies. Qualified Person The content of this news release and the technical information that forms the basis for this disclosure has been prepared under the supervision of Michael Dufresne, M.Sc., P.Geol., who is the Qualified Person as defined by NI 43-101 and a consultant to and director of Aston Bay. About Aston Bay Holdings Aston Bay Holdings Ltd. (TSX-V: BAY) is a publicly traded mineral exploration company focused on the 641,415-acre (259,570 hectares) Aston Bay Property located on northwest Somerset Island, Nunavut. The Property hosts the Storm Copper and Seal Zinc prospects, where historic drilling has confirmed the presence of sediment-hosted copper and zinc mineralization. Aston Bay has an agreement to secure 100% of the Property from Commander Resources Ltd. (TSX-V: CMD) (“Commander”), pending final approval from the Exchange. On behalf of the Board of Directors, Benjamin Cox, Chief Executive Officer Telephone: (360) 262-6969 For further information about Aston Bay Holdings Ltd or this news release, please visit our website at www.astonbayholdings.com. About Red Cloud Mining Capital Inc.

In connection with the recently announced pending agreement with Commander to secure 100% of the Storm Copper Project and other strategic matters, Red Cloud Mining Capital Inc. ("Red Cloud") acted as Aston Bay Holdings Ltd.’s strategic advisor. Red Cloud is a 'new concept' capital markets strategy firm. Red Cloud uses its network and extensive experience in mining to help companies identify alternative sources of capital and quality actionable growth opportunities.

Neither the TSX Venture Exchange Inc. 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. This news release contains certain statements that may be deemed “forward-looking statements”. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. 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 may differ materially from those in forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date the statements are made. In the event that management’s beliefs, estimates or opinions, or other factors, should change, the Company undertakes no obligation to update these forward-looking statements, except as required by law. We seek Safe Harbor.

THIS PRESS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES, AND DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO SELL ANY OF THE SECURITIES DESCRIBED HEREIN IN THE UNITED STATES. THESE SECURITIES HAVE NOT BEEN, AND WILL NOT BE, REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS UNLESS REGISTERED OR EXEMPT THEREFROM.