Mr. Trevor D'Sa reports

FILO MINING INCREASES PRIVATE PLACEMENT TO C$130 MILLION

Due to strong demand Filo Mining Corp. has elected to increase the previously announced non-brokered private placement to an aggregate of 6,161,138 common shares of the company at a price of $21.10 per common share for gross proceeds of $130-million.

The net proceeds from the private placement will be used for exploration and development of the company's Filo del Sol project and for working capital and general corporate purposes.

The closing of the private placement remains subject to the approval of the Toronto Stock Exchange and other customary regulatory approvals and closing conditions for a transaction of this nature, including, but not limited to, execution of subscription agreements between the company and the subscribers. The common shares will be issued on a private placement basis pursuant to exemptions from prospectus requirements under applicable securities laws and will be subject to a statutory hold period of four months and one day from the date of issuance. The company may pay a finder's fee of 5 per cent in connection with a portion of the private placement. The company anticipates closing of the private placement as soon as practicable subject to receipt of all necessary regulatory approvals.

The Lundin family trusts will acquire common shares under the private placement. Any such participation would be considered to be a related party transaction as defined under Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions. The transaction will be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of any common shares issued to or the consideration paid by such persons will exceed 25 per cent of the company's market capitalization.

About Filo Mining Corp.

Filo Mining is a Canadian exploration and development company focused on advancing its 100-per-cent-owned Filo del Sol copper-gold-silver deposit located in San Juan province, Argentina, and adjacent Region III, Chile. The company's shares are listed on the TSX and Nasdaq First North Growth Market under the trading symbol FIL, and on the OTCQX under the symbol FLMMF. Filo Mining is a member of the Lundin group of companies.

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