Tasman Provides Update on Norra Karr Mining Lease

VANCOUVER, BRITISH COLUMBIA–(Marketwired – March 31, 2016) –Tasman Metals Ltd. (“Tasman” or the “Company”) (TSX VENTURE:TSM)(FRANKFURT:T61)(OTCQB:TASIF) – Further to the Company’s release of February 23, 2016 and following discussions between Tasman’s Swedish legal counsel and the Swedish Ministry of Enterprise and Innovation (Näringsdepartementet), the Company wishes to provide an update on the status of the mining lease (“ML“) for the Norra Karr heavy rare earth element project.

On February 23, the Company reported the decision of the Swedish Supreme Administrative Court (“SAC“) to cancel the ML. SAC decisions are non-appealable except under very limited circumstances.

The Company has been advised that the process of cancellation of the ML will be through actions undertaken by the Ministry of Enterprise and Innovation. This Ministry has advised the Company that a right of comment regarding the cancellation exists as part of procedural matters. Tasman is investigating this new information, and is considering the appropriate course of action. A further update will be provided when the Company gains additional information regarding its rights in this process.

The cancellation of the ML does not affect Tasman’s 100% ownership of the Norra Karr project and the Company continues to hold the property under exploration license. The Company is proceeding on the basis that the cancellation of the ML will occur.

On behalf of the Board,

Mark Saxon, President & CEO

The TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange), nor the Frankfurt Stock Exchange accepts responsibility for the adequacy or accuracy of this news release.

Cautionary Statements. Certain statements found in this release may constitute forward-looking statements as defined in the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect the speaker’s current views with respect to future events and financial performance and include any statement that does not directly relate to a current or historical fact. Such statements reflect the current risks, uncertainties and assumptions related to certain factors including, without limitations, competitive factors, general economic conditions, customer relations, uncertainties related to the availability and costs of financing, changes in corporate goals, unexpected expenditures, our ability to identify and close suitable acquisitions, unexpected geological conditions, success of future development initiatives, imprecision in resource estimates, ability to obtain necessary permits and approvals, relationships with vendors and strategic partners, the interest rate environment, governmental regulation and supervision, the outcome of the ML cancellation process, seasonality, technological change, changes in industry practices, changes in world metal markets, changes in equity markets, environmental and safety risks, and one-time events. Should any one or more of these risks or uncertainties materialize, or should any underlying assumptions prove incorrect, actual results may vary materially from those described herein. Forward-looking statements cannot be guaranteed and actual results may vary materially due to the uncertainties and risks, known and unknown, associated with such statements. Shareholders and other readers should not place undue reliance on “forward looking statements”, as such statements speak only as of the date of this release.