Vancouver, British Columbia – October 15, 2013 – Aston Bay Holdings Ltd. (TSX-V: BAY) (“Aston Bay” or the “Company”) today announced that it is not proceeding with the non-brokered private placement announced on September 10, 2013. The Company also announces that it is offering (the “Offering”), subject to the approval of the TSX Venture Exchange, up to 100 flow-through units of Aston Bay (the “FT Units”) at a price of $2,750 per FT Unit and up to 30 non-flow-through units (the “NFT Units”) at a price of $3,000 per NFT Unit, for aggregate gross proceeds of up to $365,000.

Each FT Unit will consist of 10,000 flow-through common shares (“FT Shares”) priced at $0.20, 5,000 non-flow-through common shares priced at $0.15 (“NFT Shares”) and 5,000 warrants (“Warrants”) of the Company. Each NFT Unit will consist of 20,000 NFT Shares priced at $0.15 and 10,000 Warrants. Each Warrant will entitle the holder to acquire an additional NFT Share at a price of $0.30 per NFT Share for a period of two years from the date of issuance, subject to accelerated expiry in certain circumstances.

The Company anticipates that current insiders of the Company may participate in the Offering. Finder’s fees in amounts yet to be determined 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.

Shares acquired by the placees, and shares which may be acquired upon the exercise of the Warrants, will be subject to a hold period of four months plus one day from the date of completion of the Offering, in accordance with applicable securities legislation.

About Aston Bay Holdings

Aston Bay Holdings Ltd. (TSX-V: BAY) is a publicly traded mineral exploration company focused on the 345,033 acre Storm Property located on northwest Somerset Island, Nunavut. The property hosts the Storm Copper and Seal Zinc prospects. Aston Bay holds the right to earn or buy up to a 100% undivided interest in the Storm Property from Commander Resources Ltd. (TSX-V: CMD).

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 https://astonbayholdings.com.

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. Except as required by law, the Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.

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.