Mr. Joey Wilkins reports

AZTEC MINERALS COMPLETES $4 MILLION INITIAL PUBLIC OFFERING; SHARES TO COMMENCE TRADING ON TSX-V, SYMBOL "AZT" ON MAY 4, 2017

Aztec Minerals Corp. has completed a $4-million initial public offering (IPO) and listing as a Tier 2 company on the TSX Venture Exchange. Aztec's common shares are expected to commence trading on the TSX-V under the symbol AZT on May 4, 2017.

Haywood Securities Inc. acted as Aztec's exclusive agent in respect of the IPO, which consisted of the issuance of 10 million units at a price of 35 cents per unit for initial gross proceeds of $3.5-million. Each unit comprises one common share and one-half of a transferable common share purchase warrant, with each full warrant being exercisable to purchase one additional common share at an exercise price of 50 cents for 24 months from the closing date of the IPO. In addition, Haywood exercised its option to sell up to an additional 1.5 million units of Aztec for total gross proceeds of $4,025,000.

Coeur Mining Inc. subscribed for 1,919,876 units of the IPO, which represent 9.99 per cent of the issued shares on a partially diluted basis upon completion of the IPO and overallotment option.

Gross proceeds of $4-million from the IPO will be directed primarily to exploring Aztec's Cervantes property, a road-accessible porphyry gold-copper prospect located in the state of Sonora, Mexico, approximately 50 kilometres west of the Mulatos gold mine of Alamos Gold Inc. and about 265 kilometres southeast of the Buenavista del cobre (Cananea) copper mine of IMMSA.

Aztec has identified one main porphyry gold-copper target and several peripheral targets on the Cervantes property. The first target, named the California zone, is a 900-metre-long-by-600-metre-wide outcropping oxide gold prospect in a near-surface supergene zone, underlain by a larger sulphide gold-copper target at depth in the hypogene zone, both zones typical of porphyry gold-copper deposits.

An initial phase 1 $540,000 exploration drill program has been recommended to test the California oxide gold prospect. Aztec expects to complete the phase 1 drill program after the rainy season ends late this summer. Prior to drilling, Aztec plans to apply for the drill permits, prepare a camp on the property, repair and upgrade certain roads for drill access, and complete additional mapping and sampling to refine the drill sites. Aztec also has plans to expand its land position in Sonora, evaluate additional mineral properties for acquisition and grow its management team.

The Cervantes property is held under an option to purchase agreement from Kootenay Silver Inc., whereby Aztec can acquire up to a 100-per-cent interest in the property in two stages. Stage 1 gives Aztec the right to earn a 65-per-cent interest by making certain exploration expenditures, cash payments and share issuances to Kootenay over a four-year period. Stage 2 gives Aztec the right to purchase the additional 35-per-cent interest by preparing a scoping study and resource estimate, and paying Kootenay $5 (U.S.) per gold-equivalent ounce for its 35-per-cent share of the resource ounces. Kootenay will retain a 2.5-per-cent net smelter return royalty, 0.5 per cent of which Aztec can purchase for $500,000 (U.S.). Aztec will be commencing year 3 of the stage 1 option exercise requirements this year.

Aztec's president and chief executive officer, Joey Wilkins, stated: "We appreciate the long-standing support of our private shareholders and the new support of our public shareholders, including Coeur Mining, through the IPO with Haywood. The Cervantes property offers our shareholders excellent potential for the discovery of a porphyry gold-copper deposit in a well-established but underexplored porphyry gold-copper belt. We look forward to advancing Cervantes through exploration and building Aztec into an exciting new business venture."

Bradford Cooke, MSc, PGeo, is the qualified person who prepared and approved the technical disclosure in this news release.

About Aztec Minerals Corp.

Aztec is a mineral exploration company focused on the discovery of large porphyry gold-copper deposits in the Americas. The company's first project and core asset is the prospective Cervantes gold-copper property in Sonora, Mexico.

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