Mr. Rav Mlait reports

FINORE MINING ANNOUNCES LETTER AGREEMENT FOR SALE OF THE LK PROJECT IN FINLAND AND PROPOSED PRIVATE PLACEMENT

Finore Mining Inc. has signed a letter agreement dated Oct. 17, 2016, with Nickel One Resources Inc., a public company listed on the TSX Venture Exchange, in connection with the acquisition by Nickel One of all of the issued and outstanding shares of Nortec Minerals Oy, a wholly owned subsidiary of Finore which holds a 100-per-cent interest in the Lantinen Kollismaa platinum-group-element-copper project (the LK project) located in north-central Finland.

Pursuant to the terms of the letter of intent, upon closing of the transaction, Nickel One will issue to Finore five million common shares in the capital of Nickel One and 2.5 million common share purchase warrants exercisable to acquire additional common shares of Nickel One at 12 cents per share for a period of 24 months from the closing of the transaction.

In addition, Nickel One has paid the company $50,000 upon signing the LOI, which funds are expected to be applied to a subscription by Nickel One in a future private placement by the company (see details below).

The transaction remains subject to certain closing conditions, including the completion of due diligence, the negotiation and signing of a definitive agreement, and obtaining all necessary approvals, including approval of the respective boards, of the TSX-V and the Canadian Securities Exchange, and if applicable, of shareholders of Nickel One and/or the company. There can be no guarantees that the transaction will be completed as proposed or at all.

The company intends to evaluate new business opportunities as part of its continuing efforts to increase shareholder value. Currently, no transaction is in place, and there is no certainty that a new project will be concluded in the future.

Private placement

The company intends to complete a non-brokered private placement offering of up to 13,333,333 units at a price of 15 cents per unit for gross proceeds of up to $2-million. Each unit will consist of one common share in the capital of the company and one transferable common share purchase warrant, with each warrant exercisable into one additional share at a price of 25 cents for a period of two years from the date of closing (subject to acceleration in certain circumstances).

In connection with the offering, the company may pay a finder's fee on the offering within the amount permitted by the policies of the CSE.

Closing of the offering is subject to a number of conditions, including receipt of all necessary corporate and regulatory approvals, including the CSE. All securities issued in connection with the offering will be subject to a statutory hold period of four months and one day from the date of issuance in accordance with applicable securities legislation. The offering is not subject to a minimum aggregate amount of subscriptions.

We seek Safe Harbor.