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File: PST NR updated 43-101 April 5, 2017.docx


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PISTOL BAY TO PROVIDE UPDATED 43-101 RESOURCE FOR ARROW ZINC-COPPER-SILVER-GOLD DEPOSIT, CONFEDERATION LAKE PROJECT

April 5, 2017: Pistol Bay Mining Inc. (TSX-V - PST; Frankfurt - OQS2) ("Pistol Bay" or the "Company') is pleased to re
--->port that Broad Oak Associates ("Broad Oak") is providing a revised 43-101 compliant mineral resource for the Arrow Zo
--->ne.  The Arrow Zone is the most advanced mineralized zone on the 17,400-acre Confederation Lake Volcanogenic Massive S
--->ulphide (VMS) project southeast of Red Lake, Ontario.

The Arrow Zone lies in the Garnet Lake claim group, one of four properties acquired by Pistol Bay from AurCrest Gold I
--->nc. (formerly Tribute Minerals Inc.).  Previous mineral resource estimates, authored by Geoffrey S. Carter, P.Eng. of 
--->Broad Oak, were provided to Tribute Minerals in 2007.  The following table summarizes the 2007 mineral resource estima
--->te.  Cutoff grades were denominated in "zinc equivalent" or "Zn eq" where Zn eq (%) = Zn(%) + 2.4*Cu(%).


ARROW ZONE 2007 MINERAL RESOURCE ESTIMATES (NOT CURRENT)
 
 
 
 Metal grades
 Contained metal
 
 3% Zn equivalent
 Tonnes
 Zn%
 Cu%
 Ag g/t
 Au g/t
 Zn lbs
 Cu lbs
 Ag oz
 Au oz
 
 INDICATED RESOURCE
 2,071,000
 5.92
 0.75
 21.1
 0.58
 270,291,000
 34,243,000
 14,050,000
 38,600
 
 INFERRED RESOURCE
 120,552
 2.60
 0.56
 18.6
 0.40
 6,910,000
 1,488,000
 72,000
 1,550
 
 5% Zn equivalent
 
 INDICATED RESOURCE
 1,762,000
 6.75
 0.79
 22.3
 0.61
 262,204,000
 30,688,000
 1,263,000
 34,600
 
 INFERRED RESOURCE
 51,631
 3.86
 0.79
 23.9
 0.61
 4,394,000
 899,000
 40,000
 1,010
 
 10% Zn equivalent
 
 INDICATED RESOURCE
 633,000
 14.30
 1.11
 31.7
 0.85
 199,558,000
 15,490,000
 645,000
 17,300
 
 Note:  Inferred Resources are additional to Indicated Resources
 
 

The new resource estimate is not expected to differ by more than a few percent from the 2007 estimates.  Subsequent di
--->amond drilling in the area of the Arrow Zone concentrated on possible extensions of the mineralization in the up-plung
--->e and down-plunge directions; only lower grade sulphides were intersected and it was concluded that additional resourc
--->es were most likely to be found in separate mineralized zones.  The multi-zone character of VMS deposits is well illus
--->trated by the South Bay mine, 16 kilometres to the northeast of the Arrow Zone.  The South Bay mine produced 1,450,000
---> tonnes with recovered grades of 11.06% Zn, 1.80% Cu and 72.7 g/t Ag, reportedly from twelve separate ore lenses, the 
--->largest of which contained approximately 500,000 tonnes.

Technical information in this news release has been provided or approved by Colin Bowdidge, Ph.D., P.Geo., a Qualified
---> Person as the term is defined in National Instrument 43-101.  

 
Pistol Receives Cash Injection from Rio Tinto

The Company confirms that it has received the $750,000 cash injection from Rio Tinto previously announced March 28, 20
--->17.

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.