Mr. Charles Desjardins reports

PISTOL BAY CLOSES NEVADA VANADIUM PROJECT ACQUISITION.

On April 16, 2019, the TSX Venture Exchange accepted for filing Pistol Bay Mining Inc.'s acquisition of the Vanadium claims group (VCG project), which comprises 49 vanadium mineral claims totalling 980 acres located in Clark county, Nevada.

Terms of acquisition

Pursuant to the agreement, arm's-length vendors of the VCG project have agreed to sell the VGC project to the company for $165,000 (U.S.) and eight million common shares of Pistol Bay:

1. $15,000 (U.S.) upon execution of the agreement;
2. $50,000 (U.S.) upon TSX Venture Exchange approval;
3. $100,000 (U.S.) within six months from the date of TSX-V approval;
4. An aggregate issuance of eight million common shares of Pistol Bay on or before the five days following TSX-V approval.

The arm's-length vendors will retain a 2-per-cent net milling return royalty on the VCG project, with Pistol Bay having the right to purchase 1.5 per cent of the royalty at any time for $1-million (U.S.).

Pistol Bay has agreed to pay a finder's fee of 800,000 common shares to an arm's-length party.

All shares issued in connection with this acquisition will be subject to a four-month hold period, in accordance with applicable securities legislation.

The technical information in this news release was prepared and/or reviewed by Dr. Glen Macdonald, PhD, PGeo, a qualified person as defined in National Instrument 43-101.

About Pistol Bay Mining Inc.

Pistol Bay Mining is a diversified junior Canadian mineral exploration company with a focus on zinc and base metal properties in North America. The company is also actively pursuing the right opportunity in the cannabis space looking to enhance shareholders value.

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