Dr. Simon Ingram reports

RESERVOIR MINERALS REPORTS RESUMPTION OF DRILLING ON THE TIMOK PROJECT, SERBIA

Diamond drilling has resumed with five rigs operating on Reservoir Minerals Inc.'s Cukaru Peki deposit and other copper-gold targets in the Timok project permits in eastern Serbia. The Timok project (comprising the Brestovac-Metovnica, Jasikovo-Durlan Potok and Leskovo exploration permits) is a joint venture between the company and Freeport-McMoRan Exploration Corp. which is the operator.

The drilling targets are:

• Cukaru Peki (Brestovac-Metovnica permit): one infill hole on the high sulphidation epithermal mineralization, and one step-out hole targeting porphyry mineralization approximately 800 metres northwest of the Cukaru Peki deposit discovery hole FMTC 1210;
• Leskovo permit: two rigs are drilling in the Lipuca and Coka Skopoluj prospects;
• Jasikovo-Durlan Potok permit: one drill rig is drilling in the Yanko target.

Maps showing the location of the exploration permit perimeters and drill holes reported are presented on the company website, and the status of the current drilling is summarized in the attached table.

Dr. Simon Ingram, president and chief executive officer of Reservoir Minerals Inc., commented: "The company is encouraged that exploration drilling has restarted with five drill rigs at the Timok project. Reservoir and our partner Freeport are making progress in working towards finalizing a definitive joint venture shareholder agreement."

Brestovac-Metovnica exploration permit

The National Instrument 43-101-compliant inferred resource for the high sulphidation epithermal (HSE) zone of the Cukaru Peki copper-gold deposit is 65.3 million tonnes (Mt) at an average grade of 2.6 per cent copper and 1.5 grams per tonne (g/t) gold, or 3.5 per cent copper-equivalent (CuEq per cent is calculated using the formula "copper per cent plus 0.6 multiplied by gram per tonne (g/t) of gold"). The inferred resource estimate was prepared by SRK Consulting (UK) Ltd., an independent mining and geological consulting company (see news release Jan. 27, 2014). The inferred resource estimate is reported above a 1-per-cent CuEq cut-off grade. The inferred resource includes the high-grade massive sulphide domain containing an estimated 6.8 million tonnes at an average grade of 9.6 per cent copper and 5.9 g/t gold (13.1 per cent CuEq) at a 1-per-cent CuEq cut-off. The current drill hole TC 140053 will test continuity within the HSE zone of the Cukaru Peki deposit (technical report NI 43-101).

Drilling previously intersected porphyry copper type mineralization at depth in nine holes to the north and northeast of the HSE mineralization (see company news release, Feb. 18, 2014). Drill hole FMTC 1328 intersected 902.0 metres (from 766.0 to 1668.0 metres) grading 0.65 per cent copper and 0.14 g/t gold for 0.74 per cent CuEq, including a higher grade zone of 231.0 metres (from 1,130.0 to 1,361.0 metres) at 1.07 per cent copper and 0.18 g/t gold for 1.18 per cent CuEq. The porphyry mineralization is characterized by disseminated chalcopyrite, locally replaced by covellite in altered andesite. The limits of the porphyry-style mineralization have not been identified, and porphyry mineralization was not included in the initial inferred resource estimate. The current drill hole TC 140054 will test for porphyry mineralization northwest of the Cukaru Peki deposit.

Leskovo exploration permit

The Lipuca prospect in the southwest of the permit area is characterized by surface geochemical anomalism and hydrothermally altered andesites and subvolcanic intrusives that are mapped as diorite. The prospect was previously tested by two drill holes that both intersected porphyry-style copper-gold mineralization, comprising disseminated pyrite and chalcopyrite in strongly altered diorite porphyry, from near surface (company news release June 4, 2014). Drill hole FMLC 1301 intersected approximately 211 vertical metres (244.0 metres down hole, from 10.0 to 254.0 metres angled at 60 degrees) at an average of 0.19 per cent copper and 0.30 g/t gold for 0.37 per cent CuEq. Current drilling is targeting the same mineralized structure.

The Coka Skopoluj prospect is located in the middle of the permit approximately two kilometres northeast of the Lipuca prospect and three kilometres southwest of the Coka Marin mine, which exploits HSE mineralization. The current drilling will test geochemical anomalism and mapped hydrothermal alteration.

Jasikovo-Durlan Potok exploration permit area

The Yanko prospect contains wide zones of skarn and vein-type copper sulphide mineralization and associated hydrothermal alteration in a complex sequence of sedimentary rocks, andesites and diorites. Results from these drill holes in the Yanko prospect were announced in company news releases March 1, 2012, and June 4, 2014. The best intercepts from Yanko were 84.0 metres (from 188.0 to 272.0 metres) with an average 0.37 per cent copper and 0.17 g/t gold (0.48 per cent CuEq) in drill hole FMTC 1105, and 32.0 metres (from 1,068 to 1,100 metres) with an average 0.59 per cent copper and 0.12 g/t gold (0.64 per cent CuEq) in drill hole FMTC 1108. The current drilling will test the extensions from this skarn mineralization. Skarn-type mineralization occurs marginal to the Majdenpek porphyry copper-style deposit in the northern sector of the Timok magmatic complex.

           DRILLING STATUS, TIMOK PROJECT, OCT. 28, 2014

                                                                 Dip Azimuth
Exploration permit   Hole ID    East   North          Target degrees degrees

Brestovac-Metovnica TC140053 7591194 4875736     Cukaru Peki     -90        
                    TC140054 7590459 4876253     Cukaru Peki     -85      70

Leskovo             FMLC1403 7575357 4901040  Lipuca Vlashka     -90        
                    FMLC1404 7576470 4903007   Coka Skopoluj     -90        

Jasikovo-Durlan                                                             
Potok               FMJC1402 7579200 4905554           Yanko     -90        

The Timok project

The Timok project comprises the Jasikovo-Durlan Potok, Brestovac-Metovnica and Leskovo exploration permits that are held by Rakita doo, a Serbian company in which Freeport and Reservoir hold 55-per-cent and 45-per-cent indirect ownership interests respectively. The exploration permits cover an area of 245 square kilometres in the highly prospective Timok magmatic complex, eastern Serbia, which includes the world-class Bor-Majdanpek mining and smelting complex with reported historical production of six million tonnes of copper and 300 tonnes of gold (9.65 million ounces gold) (BRGM publication BRGM/RC-51448-FR, 2002). Under the current Serbian mining law (law on mining and geological research No. 88/201) exploration permits are initially valid for up to three years and may be extended twice for a further two years in each case, at each extension the exploration permit area is reduced by 25 per cent. In February, 2015, the Timok project exploration permits (Jasikovo-Durlan Potok, Brestovac-Metovnica and Leskovo) reach the first three-year permit milestone and an application will be made for their renewal.

Freeport previously exercised the earn-in option to acquire a 55-per-cent equity interest in the Timok project in Serbia and is now the operator of the Timok project. Freeport has given notice to Reservoir (refer to the news release of Aug. 16, 2012) that it has elected to sole finance expenditures on or for the benefit of the project until the completion and delivery to Reservoir of a feasibility study, subject to its right to cease such financing at any time. The feasibility study must be in such form as is normally required by substantial, internationally recognized financial institutions for the purpose of deciding whether or not to loan funds for the development of mineral deposits. If Freeport completes the feasibility study, Freeport will indirectly own 75 per cent and Reservoir 25 per cent of the Timok project.

Qualified person

Dr. Duncan Large, chartered engineer (United Kingdom) and EurGeol, a qualified person under National Instrument 43-101 standards of disclosure for mineral projects of the Canadian Securities Administrators and a consultant to the company, approved the technical disclosure in this release and has verified the data disclosed.

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