Mr. Edward Ellwood reports

PELOTON RETAINS IBK CAPITAL CORPORATION TO SOURCE LITHIUM EXPLORATION CAPITAL

Peloton Minerals Corp. has retained IBK Capital Corp., of Toronto, to source capital on a best-efforts basis, for the purposes of exploring the company's 100-per-cent-owned Texas Canyon and Golden Trail properties in northeastern Nevada for lithium.

IBK Capital is an independent and privately owned Canadian investment banking firm. Since inception in 1989, IBK Capital has established an enviable record, having played a role in global transactions with a combined value of $5.6-billion.

Surge Battery Metals Inc. has recently reported a significant lithium discovery on claims immediately adjacent to and tied onto the west side of the Texas Canyon claim block. Surge has reported multiple drill intersections of between 1,000 parts per million (ppm) and 5,000 ppm lithium, with thicknesses of between 10 and 120 feet, and a strike length of 5,315 feet. Several companies have reported considerable claim staking activity in the area, and it now appears that both of the company's Texas Canyon property and its Golden Trail property about six kilometres (3.7 miles) east have been encroached with claims by other parties.

Peloton has identified potential lithium-bearing hectorite and illite clays in outcrop over an extensive area at the Texas Canyon property as well as at the Golden Trail property using hyperspectral minerology mapping technology.

Hectorite and illite clays are the predominant lithium-bearing minerals at Thacker Pass within the McDermitt caldera in western Nevada, which is the largest known measured and indicated lithium resource in the United States. The Texas Canyon property similarly sits on part of the margin of an ancient caldera of similar age to the McDermitt caldera.

The company is planning an immediate ground truthing program using a hand-held spectrometer, detailed mapping, and sampling of the hectorite and illite clays. Follow-on ground geochemistry, geophysics and drilling are also being planned.

Peloton suggests that the adjacent lithium mineralization and Texas Canyon's uranium mineralization are likely co-genetic within the margin of the caldera, and the caldera may have played a significant role as the source of the lithium.

Texas Canyon hosts several breccia bodies along the margin of a caldera structure. High-grade uranium was mined in the 1950s from one of these breccia bodies, with historic grades reported at 1 per cent uranium and samples running up to 7 per cent uranium. Peloton's own sampling of the waste dump has returned samples up to 1 per cent uranium, as well as up to 1,660 ppm molybdenum and up to 1,280 parts per billion (ppb) gold.

Richard C. Capps, PhD, is the qualified person responsible for approving the technical information contained within this news release.

Peloton is a reporting issuer in good standing in the provinces of Ontario and British Columbia, the common shares of which are listed on the Canadian Securities Exchange and trade in the United States on the OTCQB. There are 123,099,458 common shares issued and outstanding in the capital of the company.

Peloton's exploration portfolio includes three exploration projects in Elko county in Nevada (lithium, uranium, molybdenum, gold), as well as a past-producing gold project in Montana under option to a joint venture partner and a non-controlling interest in a copper porphyry project near Butte in Montana.

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