Mr. Timothy Turner reports

BOCANA RESOURCES CORP. KORI KOLLO REVIEW BOLIVIA

Bocana Resources Corp. has provided additional information with respect to the previous announced non-binding letter of intent dated March 25, 2024 (the LOI), for the proposed acquisition of all of the outstanding shares of Empresa Minera Inti Raymi S.A. The company has initiated geological reviews for several assets within the Kori Pakaska project owned by Inti Raymi. Additional details on the Kori Kollo asset are provided herein.

As previously disclosed in the April 1, 2024, news release, the project includes privately held concessions, which include two former open pit mines, dumps and tailings stockpiles, historical processing, and mining facilities. Beyond the short-term potential of the tailings and low-grade surface waste dumps, the company believes there are extensive historical resources, based on drill testing, occurring below the original Kori Kollo open pit. The evolving geological review of the project, and the Kori Kollo asset in particular, will initially consist of locating and compiling of all electronic or paper copies of drill test results, maps, metallurgical tests and any other geological reports available to review.

The Kori Kollo Deep deposit

The area is called "Deep Kori Kollo" and was successfully drill tested, by Inti Raymi, beneath the abandoned open pit. For example, drill hole DK-1353 obtained drill lengths of 1.70 grams per tonne gold over 45.0 metres and 5.10 g/tonne gold over 24.0 metres.

Kori Kollo, the largest deposit on the property, consists of relatively high-grade ore occurring in structurally controlled breccias, while veinlets are found in medium grained dacite. Wall rock alteration consists of intense silicification, seritization, pyritization and gold mineralization with local, minor kaolinite. The gold-silver-rich polymetallic ores were emplaced along northeast-trending structures, generally dipping between 60 degrees northwest and vertical. Mineralization is present principally in fractures and veinlets but also in breccia zones, stockworks and disseminations.

The attached table is a historical resource estimate completed under the supervision of Inti Raymi's geological engineer Carlos Thompson in 2016 on the Kori Kollo Deep sulphide potential. As part of the review, company geologists will continue to examine all historical data. As of now a qualified person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves; and the issuer is not treating the historical estimate as current mineral resources or mineral reserves.

As the company progresses with the other assets of the project, the company will provide additional details on the historical resource estimates as provided to the company by Inti Raymi.

In addition to the due diligence efforts currently under way, the company is also seeking possible non-dilutive funding for the start-up funds necessary for the down payment and newly anticipated capital expenditures for the advanced on-site processing facilities.

Qualified person

Lorne Warner, PGeo, is a qualified person as defined by National Instrument 43-101. Mr. Warner has approved the scientific and technical information included in this news release for dissemination.

About Bocana Resources Corp.

Bocana is a mineral exploration and development company focused on the acquisition, exploration and development of mineral properties in South America. Bocana, through its wholly owned subsidiary, Huiracocha International Service SRL, currently holds a 100-per-cent working interest in the mineral properties known as the Escala area concessions located at the department of Potosi, Sud Lipez province, Bolivia, as awarded by Comibol.

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