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File: 2018-01-04 President's Message to Pistol Bay Shareholders.docx


Phone 604 369 8973
TSX-Venture: PST
Suite 700-838 W Hastings Street
Vancouver, BC, V6

President's Message to Pistol Bay Shareholders

January 4, 2018
On behalf of the Directors and myself, we would like to thank all our loyal shareholders for your support in 2017 and 
--->look forward to your continued support in 2018 and beyond.
As we move forward in 2018, which we feel will be a very exciting time in the company's history, I would like to refle
--->ct upon our activities and accomplishments in 2017. 

Confederation Lake (Zinc, Copper, Silver, Gold VMS Greenstone Belt)
The year started off with the company receiving exchange approval to proceed with acquiring the AurCrest properties in
---> the Confederation Lake greenstone belt. These properties expanded our holdings in Confederation Lake making us the do
--->minant landholder in this VMS-rich greenstone belt.  With this land package, plus the previous land holdings, Pistol B
--->ay made plans to do a VTEM PlusTM survey over a large portion of our claims. This geophysical survey was commissioned 
--->to test depths of up to 700 metres in areas that were previously tested to only to a depth of 200 metres.
In February, Jody Dahrouge, B.Sc., Sp.C., P.Geol., was added to our Advisory Board.  Mr. Dahrouge has been involved in
---> all aspects of mineral exploration and development for a wide variety of commodities worldwide. He is President of Da
--->hrouge Geological Consulting Ltd., a geological services company that provides consulting services to a broad range of
---> public and private exploration and mining companies.
In February and March, Pistol Bay acquired additional land holdings in Confederation Lake that included all historic d
--->ata, which was reviewed by Colin Bowdidge, Ph.D., P.Geo., and his team. We also closed a private placement financing a
--->nd received a cash infusion of $750,000 from Rio Tinto exercising part of their option for our Athabascan Basin uraniu
--->m property (C4, C5, C6 Blocks).
In April, we started the VTEM PlusTM survey which showed fantastic results in identifying numerous new conductors and 
--->IP-effect anomalies throughout our land holdings and confirming that many deposits that were already indicated in the 
--->historic data acquired in February had potential for tonnage growth. These results were supplied to us by Geotech in S
--->eptember after carefully analyzing and compiling a 3D module model of the data. As a result of all our acquisitions, w
--->e now have a total of 297 claim units bringing Pistol Bay's total land package in the Confederation Lake greenstone be
--->lt to over 42,000 acres.
Pistol Bay was invited by the Province of Ontario to be part of their delegation at the Mines and Money Conference in 
--->London, England held in November 2017. This conference provided many leads which the company is currently in discussio
--->ns with. With the data in hand from the VTEM PlusTM survey, we had several Joint Ventures (JV's) discussions with comp
--->anies wanting to get involved with the claims Pistol Bay holds in the Confederation Lake area. Some of these JV's disc
--->ussions are ongoing and we hope to announce the first joint venture in the very near term.

/
PB Blockchain Inc (a wholly owned subsidiary of Pistol Bay Mining Inc.)
The company realized early in 2017 that there was a fundamental shift happening in technology, Blockchain! Blockchain 
--->and the benefits of distributed ledger was going to impact most industries, if not all, and there is an opportunity to
---> create blockchain products specific to the Mining and Oil and Gas industries. 
With this in mind, we created a subsidiary focused on blockchain applications for mining and resource company manageme
--->nt. We will be leveraging the work of other Application Program Interface (API) companies to build a suite of blockcha
--->in products to address needs that are particular to the data management and security of mining/oil and gas companies. 
--->It is expected that many of these blockchain products could have crossover to other industries. These blockchain produ
--->cts may include but will not be limited to focused Ethereum smart contracts, security, claim management, resource mana
--->gement and the tokenization of resources. 
In December, PB Blockchain Inc., the wholly owned subsidiary of Pistol Bay, added Brad Moynes to the Advisory Board. M
--->r Moynes is the founder of DigaTrade Financial Corp (OTCQB: DIGAF), which launched its digital assets exchange on July
---> 1st, 2015.  Along with his accomplishments in the Bitcoin early entry into the Cryptocurrency and Blockchain space, M
--->r Moynes has extensive experience in public company management, finance and corporate relations and has served as a se
--->nior executive for a junior mining exploration company.
The technical team is now prioritizing products and working on time lines for roll out of early adopter products. We a
--->nticipate several announcements in this regard in January 2018.

The Pistol Bay team would like to wish everyone a Happy and Prosperous New Year!
Charles Desjardins
President & CEO
Pistol Bay Mining Inc.



File: 2018-01-04 President's Message to Pistol Bay Shareholders.pdf

                                                                                                 Phone 604 369 8973

                                                                                                   TSX-Venture: PST

                                                                                      Suite 700-838 W Hastings Street

                                                                                                  Vancouver, BC, V6




                      President's Message to Pistol Bay Shareholders

January 4, 2018

On behalf of the Directors and myself, we would like to thank all our loyal shareholders for your support
in 2017 and look forward to your continued support in 2018 and beyond.

As we move forward in 2018, which we feel will be a very exciting time in the company's history, I would
like to reflect upon our activities and accomplishments in 2017.


Confederation Lake (Zinc, Copper, Silver, Gold VMS Greenstone Belt)
The year started off with the company receiving exchange approval to proceed with acquiring the
AurCrest properties in the Confederation Lake greenstone belt. These properties expanded our holdings
in Confederation Lake making us the dominant landholder in this VMS-rich greenstone belt. With this
land package, plus the previous land holdings, Pistol Bay made plans to do a VTEM PlusTM survey over a
large portion of our claims. This geophysical survey was commissioned to test depths of up to 700 metres
in areas that were previously tested to only to a depth of 200 metres.
In February, Jody Dahrouge, B.Sc., Sp.C., P.Geol., was added to our Advisory Board. Mr. Dahrouge has
been involved in all aspects of mineral exploration and development for a wide variety of commodities
worldwide. He is President of Dahrouge Geological Consulting Ltd., a geological services company that
provides consulting services to a broad range of public and private exploration and mining companies.

In February and March, Pistol Bay acquired additional land holdings in Confederation Lake that included
all historic data, which was reviewed by Colin Bowdidge, Ph.D., P.Geo., and his team. We also closed a
private placement financing and received a cash infusion of $750,000 from Rio Tinto exercising part of
their option for our Athabascan Basin uranium property (C4, C5, C6 Blocks).

In April, we started the VTEM PlusTM survey which showed fantastic results in identifying numerous new
conductors and IP-effect anomalies throughout our land holdings and confirming that many deposits that
were already indicated in the historic data acquired in February had potential for tonnage growth. These
results were supplied to us by Geotech in September after carefully analyzing and compiling a 3D module
model of the data. As a result of all our acquisitions, we now have a total of 297 claim units bringing Pistol
Bay's total land package in the Confederation Lake greenstone belt to over 42,000 acres.
Pistol Bay was invited by the Province of Ontario to be part of their delegation at the Mines and Money
Conference in London, England held in November 2017. This conference provided many leads which the
company is currently in discussions with. With the data in hand from the VTEM PlusTM survey, we had
several Joint Ventures (JV's) discussions with companies wanting to get involved with the claims Pistol Bay
holds in the Confederation Lake area. Some of these JV's discussions are ongoing and we hope to
announce the first joint venture in the very near term.
 PB Blockchain Inc (a wholly owned subsidiary of Pistol Bay Mining Inc.)

The company realized early in 2017 that there was a fundamental shift happening in technology,
Blockchain! Blockchain and the benefits of distributed ledger was going to impact most industries, if not
all, and there is an opportunity to create blockchain products specific to the Mining and Oil and Gas
industries.

With this in mind, we created a subsidiary focused on blockchain applications for mining and resource
company management. We will be leveraging the work of other Application Program Interface (API)
companies to build a suite of blockchain products to address needs that are particular to the data
management and security of mining/oil and gas companies. It is expected that many of these blockchain
products could have crossover to other industries. These blockchain products may include but will not be
limited to focused Ethereum smart contracts, security, claim management, resource management and
the tokenization of resources.

In December, PB Blockchain Inc., the wholly owned subsidiary of Pistol Bay, added Brad Moynes to the
Advisory Board. Mr Moynes is the founder of DigaTrade Financial Corp (OTCQB: DIGAF), which launched
its digital assets exchange on July 1st, 2015. Along with his accomplishments in the Bitcoin early entry
into the Cryptocurrency and Blockchain space, Mr Moynes has extensive experience in public company
management, finance and corporate relations and has served as a senior executive for a junior mining
exploration company.

The technical team is now prioritizing products and working on time lines for roll out of early adopter
products. We anticipate several announcements in this regard in January 2018.



The Pistol Bay team would like to wish everyone a Happy and Prosperous New Year!

Charles Desjardins
President & CEO
Pistol Bay Mining Inc.