07:09:52 EDT Sat 18 Aug 2018
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Pistol Bay Mining Inc (3)
Symbol C : PST
Shares Issued 24,173,822
Close 2018-08-01 C$ 0.07
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Pistol Bay mulls change to cannabis industry

2018-08-01 03:11 ET - News Release

Mr. Charles Desjardins reports

PISTOL BAY CONSIDERS BUSINESS OUTSIDE OF RESOURCES

Despite the recent encouraging results of the 2018 Confederation Lake drilling program and the existing potential still to be explored on the 51,050 acres of zinc-copper properties, with 570 holes drilled to date, Pistol Bay Mining Inc. is considering other business ventures.

The company has no current intention of abandoning the Confederation Lake properties, but the geopolitical world the company is in has dampened the demand for commodities. With this in mind, the company is considering becoming involved in the cannabis industry, which has become a major focus for capital markets. The reason for the company's interest in this industry is because of the opportunities being presented to the company. Cannabis companies have raised substantial capital from the public markets, and many companies' shareholders have seen increased share values.

The company has not signed any term sheet, letter of intent or indication of interest, and has no particular transaction which it is currently pursuing in the cannabis industry. However, as opportunities present themselves, management will take the time to consider whether those opportunities would better serve the interests of the company's shareholders. Canada's anticipated legalization of cannabis has put Canada in an advantageous position within this industry.

Charles Desjardins, chief executive officer of Pistol Bay, stated: "We definitely still believe in the potential of the Confederation Lake project, but we want to create value now for Pistol Bay shareholders, so we will start looking seriously at the cannabis opportunities that are being presented to the company. If the right deal comes along, and if we believe that we as a company can add value because of our experience and connections in the public markets, it would only make sense to take that deal and try to make it a success. We will not jump at the first thing that comes along, but will take the time to make decisions based on the right reasons. No particular deal is imminent at this time."

The company also announces that it has engaged the law firm of Cassel Brock & Blackwell LLP with the intention of advising Pistol Bay in the cannabis space.

Pistol Bay is also pleased to welcome Dr. Zoltan P. Rona to its advisory board. Dr. Rona is a graduate of McGill University medical school and has a master's degree in biochemistry and clinical nutrition. He is a 40-year member of the Canadian Medical Association (CMA) and a past president of The Canadian Holistic Medical Association. He is the author of bestselling books on health, along with a private medical practice in Toronto for the past 37 years. He has appeared on radio and TV, as well as lectured extensively in Canada and the United States.

He currently writes regular articles for Alive and Vitality magazines and for several websites on the appropriate medical usage of cannabis.

His latest focus is peer-reviewed cannabinoid research and the safe utilization of this medicine in conjunction with natural health products. He not only understands this burgeoning sector from a medical prospective, but has several years of insights and effective results in the safe and therapeutic usage of cannabis.

We seek Safe Harbor.

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