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Telson Mining Corp
Symbol TSN
Shares Issued 130,434,348
Close 2018-10-01 C$ 0.51
Market Cap C$ 66,521,517
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Telson advances Tahuehueto level 20 decline to 120 m

2018-10-02 06:51 ET - News Release

Mr. Antonio Berlanga reports

TELSON MINING CORPORATION UPDATES TAHUEHUETO MINE UNDERGROUND DEVELOPMENT PROGRAM AND EXPOSES NEW AND TARGETED VEINS

Telson Mining Corp. has provided the following update on the progress of underground development at its Tahuehueto mine development project.

Underground development is primarily focused on accessing the strongly mineralized El Creston structure hosting multiple veins and its subparallel El Perdido vein structure. The company has been steadily advancing underground development to access these veins at three different levels namely, level 12 at 1,553-metre elevation, haulage level at 1,322 m elevation and a new level 20 yet to be developed at 1,232 m elevation by advancing level 20 access decline currently under construction.

The new level 20 decline, initiated in the haulage level, has advanced approximately 120 metres and will, when completed over the coming weeks, provide access to one of the richest ore shoots discovered to date at Tahuehueto containing over 700,000 tonnes of ore as outlined in the company's 2017 project prefeasibility study.

The level 12 decline, initiated from surface at 1,553 m elevation with a four-by-4.5-metre cross-section, has been extended 260 metres in length at minus 15 per cent and has reached and crossed its initial El Creston target. This development will allow for the company to exploit the veins outlined below, 60 metres vertically using cut-and-fill mining methods.

El Perdido vein was crossed approximately 130 m from the portal entrance displaying strong mineralization four metres in width with another two metres of brecciated stockwork mineralization.

A new vein was discovered and is named Enmedio vein, located between Perdido and Creston veins, about 150 metres from portal entrance displaying 1.5 metres width of good mineralization.

The El Creston structure was intersected at approximately 215 metres extending over 25 metres containing a series of mineralized veins and stockwork with the strongest two veins each about 4.5 metres in width located at the footwall and hangingwall, respectively. Both of these very important veins are strongly mineralized.

Channel samples have been collected from all of these veins and are currently being analyzed by an independent lab. Assay results will be released when available.

The development teams are now advancing production levels and preproduction drifts at level 12 in both strike directions to the northeast and southwest along both the footwall and hangingwall veins in El Creston as well as the El Perdido vein. This development drifting provides six new faces to advance development and preproduction mining. Grade control is in place to ensure that ore mined with a quality over 10 grams per tonne gold equivalent from these developments is being sent for preproduction processing to the Atocha toll mill. The ore below this quality is being stored for future processing in the 1,000-tonne-per-day processing plant that is currently under construction at Tahuehueto.

Antonio Berlanga, chief executive officer, stated: "The development of these six production stopes within the level 12 decline, plus the additional six stopes that will be developed soon from the level 20 decline currently under way, ensures the Tahuehueto mine development provides access to at least the first two years of ore production at the projected capacity of 1,000 tpd. This development also ensures a steady supply of above 10 g/t AuEq ore to be shipped to the Atocha toll mill to continue to generate sales of produced zinc and lead concentrates containing significant gold and silver content to be delivered to Trafigura under the Telson/Trafigura offtake loan agreement.

About Telson Mining Corp.

Telson Mining is a Canadian-based mining company with two Mexican gold, silver and base metal mining projects.

Telson is currently in commercial production at its 100-per-cent-owned Campo Morado mine in Guerrero, Mexico. Effective May 15, 2018, Telson declared commercial production at Campo Morado. Telson is currently producing zinc and lead concentrates with gold, silver and copper as byproducts, processing an average of approximately plus 2,000 tons per day through the Campo Morado milling facilities.

Qualified persons

This press release was prepared under the supervision and review of Ralph Shearing, PGeol, president and director of Telson Mining, a professional geologist registered in Alberta as a member of the professional association APEGA, and a qualified person as defined by National Instrument 43-101. Data verification by Mr. Shearing includes personal inspection of the Campo Morado and Tahuehueto mine sites, reviewing mining facilities, drill core, underground development, and discussing work programs and results with geology and mining personnel.

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