Mr. Patrick Cruickshank reports

NINE MILE METALS PRIVATE PLACEMENT FINANCING

Nine Mile Metals Ltd. intends to complete a private placement for proceeds of up to $500,000.

The private placement will consist of the sale of up to 8,333,333 units at a price of six cents per unit. Each unit will be composed of one common share and one common share purchase warrant, with each warrant entitling the holder thereof to acquire one common share in the capital of the company at a price of 10 cents per common share for a period of 24 months from the date of issuance.

The warrants will include an acceleration clause to the effect that, if, at any time after the statutory four-month-and-a-day hold period from the closing date, the daily volume-weighted average closing price of the common shares on the Canadian Securities Exchange is at least 30 cents per share for a period of 10 consecutive trading days, the company may, within five days of the triggering event, accelerate the expiry date of the warrants by giving notice thereof to the holders of the warrants, by way of news release, and in such case, the warrants will expire on the first day that is 30 calendar days after the date on which such notice is given by the issuer announcing the triggering event.

In consideration for their services in introducing subscribers to the company under the private placement, finders may receive commission of 8 per cent in cash and 8 per cent in common share purchase warrants, exercisable to purchase one common share at a price of 10 cents for a period of 24 months.

The company intends to use the proceeds for operating expenses, including legal and audit fees and general working capital.

All securities issued in the private placement will be subject to a four-month-and-a-day hold period.

About Nine Mile Metals Ltd.

Nine Mile is a Canadian public mineral exploration company focused on critical mineral exploration and volcanogenic massive sulphide (copper, lead, zinc, silver and gold) exploration in the world-famous Bathurst mining camp, New Brunswick, Canada. The company's primary business objective is to explore its four VMS projects: Nine Mile Brook VMS, California Lake VMS, Canoe Landing Lake (East-West) VMS and its new Wedge VMS. The company is focused on critical mineral exploration, positioning for the boom in electric vehicle and green technologies requiring copper, silver, lead and zinc with a hedge with gold.

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