Mr. James Macintosh reports

MONTEREY MINERALS UPSIZES ITS PREVIOUSLY ANNOUNCED NON-BROKERED PRIVATE PLACEMENT AND CLOSES FIRST TRANCHE

Monterey Minerals Inc. has upsized its non-flow-through private placement from $300,000 to $500,000. The company also announced the closing of a first tranche totalling $407,380 of non-flow-through units and the full $100,000 of flow-through units.

The first tranche closing consisted of flow-through units and non-flow-through units, both priced at five cents per unit.

Each flow-through unit consists of one common share, which is designed as a "flow-through" share for Canadian income tax purposes, and one-quarter of a common share purchase warrant. Each full common share purchase warrant will entitle the holder to purchase one additional common share at a price of 10 cents until Feb. 21, 2021.

Each non-flow-through unit consists of one common share and one-quarter of a common share purchase warrant. Each full common share purchase warrant will entitle the holder to purchase one additional common share at a price of 10 cents until Feb. 21, 2021. The company paid cash finders' fees equal to 7 per cent of the gross proceeds totalling $17,850 in the first closing.

The net proceeds will be used for financing an exploration program at the Pilbara gold properties in Western Australia and base line exploration at Cobalt Mountain in British Columbia, as well as for general working capital.

This financing is subject to regulatory approval, and all securities issued are subject to a four-month hold period under applicable Canadian securities laws.

About Monterey Minerals Inc.

Monterey Minerals is a mineral exploration company focused on its prospective 992-square-kilometre Pilbara basin tenement portfolio on the eastern flank of the Pilbara basin in Western Australia, including a property that abuts Pacton Gold's tenement where gold-bearing conglomerates were identified. The company also owns the Cobalt Mountain project, located near Smithers, B.C. The company's National Instrument 43-101, on SEDAR, notes historic sampling at the project that returned mineralized showings of gold, silver, copper, zinc and cobalt.

We seek Safe Harbor.