Settlement Agreement

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Toronto, Ontario--(Newsfile Corp. - March 4, 2015) - Great Lakes Graphite Inc. (TSXV: GLK) (OTC: GLKIF) (FWB: 8GL) ("Great Lakes" or the "Company") wishes to announce a new non-brokered private-placement offering of up to a total of ten (12) million units of Company equity.

The private placement will comprise two separate unit offerings (collectively the "Offering"). The first will include an offering of 6,000,000 units (each a "Unit") at a price of $CDN 0.05 per Unit, for gross proceeds of up to $CDN 300,000. Each Unit will consist of one common share of the Company and one common share-purchase warrant (the "Warrants"); each Warrant will entitle the holder to purchase one additional common share of the Company at a price of $CDN 0.10 for a period of twenty-four (24) months after the closing of the Offering.

The second part will include an offering of 6,000,000 flow-through units (each a "Flow-Through Unit") at a price of $CDN 0.05 per Flow-Through Unit, for gross proceeds of up to $CDN 300,000. Each Flow-Through Unit will consist of one flow-through eligible common share of Great Lakes and one common share-purchase warrant (the "FT Warrants"); each FT Warrant will entitle the holder to purchase one additional Great Lakes common share (non-flow-through eligible) at a price of $CDN 0.10 for a period of twenty-four (24) months after the closing of the Offering.

A finder's fee equal to a cash commission of 8% of the aggregate gross proceeds from the Units and/or Flow-Through Units sold, plus finder's warrants equal to 8% of the aggregate number of Units and/or Flow-Through Units sold, will compensate finders appointed by the Company to source subscriptions. All securities issued by the Offering will be subject to a hold period of four months plus one day. The Offering is subject to regulatory approval.

The Offering is scheduled to close on March 20, 2015. Net Proceeds from the Offering will be used to conduct a Feasibility Study of the Lochaber Graphite Project, to initiate work on the Matheson Micronization Facility and for corporate development purposes.

The Company also announces that it has settled a total of $130,000 of debt (the "Debt") with an arm's-length party to the Company (the "Shares for Debt Settlement").

The Debt payable to the arm's-length party totaled $130,000.00 and the Company has settled the same by issuing an aggregate of 2,600,000 common shares at a deemed price of $0.05 per share.

Securities issued as part of this transaction will be subject to a hold period of four months plus one day. The Shares for Debt Settlement is subject to regulatory approval.

About Great Lakes Graphite: Great Lakes Graphite Inc. is an Industrial Minerals company bringing graphite products to market by establishing a vertically integrated supply chain and through the acquisition and development of high quality graphite deposits.

As there are currently no graphite mines producing in North America, Great Lakes Graphite has the ability to become one of the first producers to supply a growing regional customer base that requires high quality natural graphite, where pricing and demand continue to rise.

The Company, through strategic acquisitions and capable management will become a leader in the industrial minerals marketplace. The Company's 100%-owned flagship Lochaber Graphite property is located just 30km east of Ottawa, in southwestern Quebec. The Company has also entered into option and joint venture agreements with Eloro Resources Inc. (TSXV: ELO) on the Summit-Gaber Cobalt property located in the La Grande Greenstone Belt in the Baie James region of Quebec. Further information regarding Great Lakes can be found on the Company's website at: www.GreatLakesGraphite.com.

Great Lakes Graphite trades with symbol GLK on the TSX Venture Exchange and currently has 78,714,820 shares outstanding (107,602,456 fully diluted).

For more information, please contact:

Paul Gorman
Chief Executive Officer
Email: PGorman@GreatLakesGraphite.com
Tel: 416-768-6101

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.