Mr. Jamie Beck reports

FILO EXTENDS AURORA 260M NORTHEAST WITH 1,131M AT 0.57% CUEQ; EXPANDS BONITA 700M EAST WITH 879M AT 0.47% CUEQ

Filo Corp. has released assay results from three holes testing extensions to the Aurora and Bonita zones and the Gemelos target at the Filo del Sol project in San Juan, Argentina. Highlights and detailed results are shown herein.

• Drill hole FSDH083 extends the Filo-Aurora trend 260 metres to the northeast with 1,131 m at 0.57 per cent CuEq (copper equivalent) from 419 m including:
  • 112 m at 0.70 per cent CuEq from 560 m;
  • 210 m at 0.80 per cent CuEq from 970 m.
• Drill hole FSDH085 expands the Bonita zone 700 m to the east with 879 m at 0.47 per cent CuEq from 320 m including:
  • Eight m at 7.09 per cent CuEq from 18 m;
  • 456 m at 0.53 per cent CuEq from 658 m.

A shallow intermediate sulphidation breccia vein intersected at 18 m depth in FSDH085 is similar in style to the Maranceles veins which outcrop about 600 m to the north of this hole. This interval returned silver grades up to 1,100 g/t over a 0.5 m width and gold values up to 12.05 g/t over 2.0 m, upgrading this area, and the Maranceles veins, as high-priority exploration targets.

Commenting on the release, Jamie Beck, president and chief executive officer, stated: "Aurora continues to grow towards Bonita with hole 83. We currently have three holes under way which will provide critical information on the potential continuity of mineralization between these two zones." Mr. Beck continued: "Hole 85 is an incredible result, demonstrating Bonita's significant potential size and dramatically expanding the size of the mineralized footprint at Filo. It expands Bonita 700 m to the east, sits 1.7 km northeast of hole 83 and extends Filo del Sol's strike to over five km from our most southerly mineralized hole in Tamberias. No unmineralized holes have been drilled in between and we hope to keep this streak going. It's also exciting to have intersected shallow, high-grade vein style mineralization in hole 85, similar to what we see at our Maranceles target to the north."

FSDH082 was drilled into the Gemelos target from the same collar as FSDH079 but toward the east. The hole reached a final depth of 840 m, intersecting a rhyolite sequence similar to the host rocks at Filo and Aurora. The sequence is variably altered and pyritized, defining the broad, and classic, pattern of a high-sulphidation epithermal system. In general, the intensity and extent of the alteration is better developed in hole FSDH079 than in FSDH082. This style of advanced argillic alteration with associated high-sulphidation sulphide mineralization is linked to porphyry Cu mineralization elsewhere along the Filo del Sol alignment, suggesting it is also likely to be present at Gemelos, albeit not immediately at depth in the drilled area but perhaps along a northeast or southwest strike from this zone. Gemelos is the southern extent of the much larger Potro Cliffs alteration zone and additional drilling is required to fully test the extent of this zone on Filo's property.

FSDH083 was collared Section 09900N and drilled to the west at negative 70 degrees. It is a 260 m stepout to the northeast of FSDH073 and is now the most northerly intersection into the Filo-Aurora trend. The hole intersected rhyolite to a depth of 650 m where it passed into the mineralized breccia. It continued in the breccia to its end at 1,550 m with only two late mineral porphyry intersections cutting it. The breccia is dominated by rhyolite clasts down to about 1,060 m where granite becomes more abundant.

The hole ended in mineralization, with the last 20 m averaging 0.66 per cent CuEq (0.59 per cent Cu, 0.04 g/t Au, 4.2 g/t Ag) including one narrow pyrite-enargite vein which returned 8.36 per cent Cu over 0.6m.

FSDH085 was a 750 m stepout to the east of FSDH075 in the Bonita zone. Mineralized float at surface led to trenching which uncovered additional mineralization providing encouragement to test this area for continuation of the Bonita zone. The hole was collared on Section 11000N and was drilled toward the west at negative 70 degrees.

The hole encountered a series of mostly narrow (less than one metre) intermediate sulphidation veins and breccias from the collar down to the start of the main mineralized zone at 320 m. The most significant of these zones is broken out in the attached table, starting at 18.0 m, but several narrower veins were intersected including at 2.0 m (1.09 grams per tonne Au), at 113.6 m (2.89 per cent Cu, 23 g/t Ag), at 153.9 m (2.05 per cent Cu, 116 g/t Ag), at 185.8 m (0.62 per cent Cu, 21 g/t Ag) and at 260.5 m (2.69 per cent Cu, 26 g/t Ag). These intervals are less than a metre thick, with elevated Au and Ag, and are similar to veins trenched on surface at Maranceles about 600 m to the north. Together with the Maranceles surface outcrops, these intervals provide evidence of a possible intermediate sulphidation vein system in this area and additional work is planned to test this target.

Hole 85 ended in mineralization at a final depth of 1,199 m (last 21 m at 0.25 per cent CuEq (0.20 per cent Cu, 0.05 g/t Au, 1.4 g/t Ag)), dramatically expanding the size of the mineralized footprint at Filo. FSDH075 is the closest hole to this one, with mineralization open in all directions around it.

Outlook

Drilling is continuing with nine rigs active on the project, and winter drilling is focused on Aurora infill and the Aurora-Bonita gap. Assay results for completed holes will be released as they are received, analyzed and confirmed by the company. Three holes are under way in the Aurora-Bonita gap, five holes are working on Aurora and Filo infill, and one rig is completing the last of a series of geotechnical holes to examine a potential future underground exploration adit.

About Filo del Sol

Filo del Sol is a high-sulphidation epithermal copper-gold-silver deposit associated with one or more large porphyry copper-gold systems. Overlapping mineralizing events combined with weathering effects, including supergene enrichment, have created several different styles of mineralization, including structurally controlled and breccia-hosted gold, manto-style high-grade silver (plus/minus copper) and high-grade supergene-enriched copper within a broader envelope of disseminated, stockwork and breccia-hosted sulphide copper and gold mineralization. This complex geological history has created a heterogeneous orebody which is characterized by zones of very high-grade copper plus/minus gold plus/minus silver mineralization within a large envelope of more homogeneous, lower-grade mineralization.

Qualified persons and technical notes

The scientific and technical disclosure for the Filo del Sol project included in this news release has been reviewed and approved by Bob Carmichael, BASc, PEng, who is the qualified person as defined by National Instrument 43-101. Mr. Carmichael is vice-president, exploration, for the company. Samples were cut at Filo Mining's operations base near the town of Guanizuil, Argentina, by company personnel. Diamond drill core was sampled in two-metre intervals (except where shortened by geological contacts) using a rock saw for sulphide mineralization. Oxide mineralization was cut with a core splitter to prevent dissolution of water-soluble copper minerals during the wet sawing process. Core diameter is a mix of PQ, HQ and NQ depending on the depth of the drill hole. Reverse circulation samples were collected at the drill site by company personnel with splitting carried out at the company's field camp near the drill sites. Individual samples represent final splits from two-metre intervals down the hole. Samples were bagged, tagged and packaged for shipment by truck to the ALS preparation laboratory in Mendoza, Argentina, where they were crushed and a 500-gram split was pulverized to 85 per cent passing 200 mesh. The prepared samples were sent to the ALS assay laboratories in either Lima, Peru, or Santiago, Chile, for copper, gold and silver assays and multielement ICP and sequential copper analyses. ALS is an accredited laboratory which is independent of the company. Gold assays were by fire assay fusion with AAS finish on a 30-gram sample. Copper and silver were assayed by atomic absorption following a four-acid digestion. Samples were also analyzed for a suite of 36 elements with ICP-ES, and a sequential copper leach analysis was completed on each sample with copper greater than 500 parts per million (0.05 per cent). Copper and gold standards, as well as blanks and duplicates (field, preparation and analysis), were randomly inserted into the sampling sequence for quality control. On average, 9 per cent of the submitted samples are quality control samples. No data quality problems were indicated by the quality assurance/quality control program.

About Filo Corp.

Filo 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 Toronto Stock Exchange and Nasdaq First North Growth Market under the trading symbol FIL, and on the OTCQX under the symbol FLMMF. Filo is a member of the Lundin Group of Companies.

We seek Safe Harbor.