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File: PSTNR $0.05 pp April 2016.docx


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TSX-Venture: PST








PISTOL BAY MINING INC. ARRANGES FINANCING


April 20, 2016: Pistol Bay Mining Inc. (TSX-V symbol: PST) (the "Company') announces that it has arranged non-brokered
---> private placements of non-flow through and flow through units.  The Company intends to use the proceeds for initial e
--->xploration work on its Confederation Lake project (Dixie claims) and to investigate additional opportunities that will
---> enhance shareholder value.  

Previously, the Company executed an option agreement to acquire a 100% interest in Zinc-Copper properties located in t
--->he Red Lake, Ontario region.  The Dixie 17-18-19 properties consist of 67 claim units (1,072 hectares) located in the 
--->Confederation Lake greenstone belt, 35 kilometres southeast of Red Lake, Ontario.  The Confederation Lake belt is know
--->n to host numerous Volcanogenic Massive Sulphide (VMS) occurrences and deposits.  The largest VMS deposit to date, the
---> South Bay Mine, produced, between 1971 and 1981, approximately 354,000,000 pounds of zinc, 57,600,000 pounds of coppe
--->r and 3,740,000 ounces of silver from 1,600,000 short tons (grades of 11.06% Zn, 1.8% Cu and 72.7 g/t Ag).

The three Dixie mineralized zones were explored by Selco in the 1977-1981 period, by Noranda in 1989-1992 and by Tribu
--->te Minerals Inc. between 2002 and 2009.  Selco drilled a total of 40 diamond drill holes, Noranda drilled 7 holes and 
--->Tribute Minerals drilled 11 holes.  The Company intends to compile all the historical data on the property, as well as
---> review all the Titan 24 and down-hole EM data.  A systematic program of exploration will be developed, including an a
--->nticipated diamond drilling program.  Technical information in this news release has been prepared and/or reviewed by 
--->Mike Magrum, PEng, and qualified person as defined in NI 43-101.

Subject to the approval of the TSX Venture Exchange, the Company has arranged a non-brokered private placement of up t
--->o 10,000,000 units for total proceeds of up to $550,000.  Up to 5,000,000 units will be issued as non flow-through uni
--->ts at a price of $0.05 per unit consisting of one common share and one whole warrant.  Each whole warrant will entitle
---> the holder to purchase one additional common share of the Company at a price of $0.075 per share for 12 months from t
--->he date of closing.  Up to 5,000,000 units will be issued as flow-through units at a price of $0.06 per unit consistin
--->g of one common share and one-half of one whole warrant.  Each whole warrant will entitle the holder to purchase one a
--->dditional common share of the Company at a price of $0.09 per share for 12 months from the date of closing.  Finder's 
--->fees, as allowed pursuant to the policies of the TSX Venture Exchange, may be payable in connection with the offering.

The Company further announces that pursuant to its stock option plan, the Company has granted incentive stock options 
--->to its directors, officers, consultants, and employees to purchase in the total of 1,000,000 common shares in the capi
--->tal stock of the company, subject to regulatory approval, exercisable for a period of five years, at a price of $0.05 
--->per share.

About Pistol Bay Mining Inc. 

Pistol Bay Mining Inc. is a diversified Junior Canadian Mineral Exploration Company with a focus on precious and base 
--->metal properties in North America.  For additional information please contact Charles Desjardins - pistolbaymining@gma
--->il.com - at Pistol Bay Mining Inc.

On Behalf of the Board of Directors 
PISTOL BAY MINING INC. 

"Charles Desjardins"   
Charles Desjardins, 
President and Director 

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the 
--->TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. 
Cautionary note: 

This report contains forward looking statements. Resource estimates, unless specifically noted, are considered specula
--->tive. Any and all other resource or reserve estimates are historical in nature, and should not be relied upon. By thei
--->r nature, forward looking statements involve risk and uncertainties because they relate to events and depend on factor
--->s that will or may occur in the future. Actual results may vary depending upon exploration activities, industry produc
--->tion, commodity demand and pricing, currency exchange rates, and, but not limited to, general economic factors. Cautio
--->nary Note to US investors: The U.S. Securities and Exchange Commission specifically prohibits the use of certain terms
--->, such as "reserves" unless such figures are based upon actual production or formation tests and can be shown to be ec
--->onomically and legally producible under existing economic and operating conditions.