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File: 2019.07.29   Pistol Bay acquires gold exploration claims in RedLake.docx

                                                                                                                      
--->                                                                                                Phone 604 369 8973
                                                                                                                      
--->                  TSX-Venture: PST
             OTC/Pink Sheet: SLTFF
   Suite 700-838 W Hastings Street
                                                                                                                      
--->       Vancouver, BC, V6C 0A6

  




Pistol Bay acquires gold exploration claims in Red Lake

Vancouver, B.C. - July 29, 2019: Pistol Bay Mining Inc. (TSX-V - PST; Frankfurt - OQS2, OTC/Pink Sheet symbol SLTFF) (
--->"Pistol Bay" or the "Company') wishes to announce it has entered into an option agreement with Northbound Capital, sub
--->ject to TSX Venture Exchange approval, to acquire a 100% right, title and interest in and to 104 mining cells located 
--->in the Cabin Bay Township in the Red Lake Mining District, Ontario. The 5,264- acre property is located southeast of G
--->reat Bear Resources recent discovery. 
Charles Desjardins, President & CEO of Pistol Bay stated, "We are excited about this new Red Lake gold prospect coming
---> to Pistol Bay having always been Red Lake Mining district believers. We feel the recent discoveries by Great Bear wil
--->l help focus attention on the gold and base metal potential of Pistol Bay's Confederation Lake land package and the Re
--->d Lake Mining district as a whole."
Under the terms of the option agreement, in order to acquire a 100% right, title and interest in and to the property, 
--->Pistol Bay is required to make total cash payments of $82,500 and issue a total of 3,000,000 shares over a three-year 
--->period. Northbound Capital will retain a 2.0% net smelter returns royalty.
Pistol Bay Mining Inc. shall have the right at any time to purchase one-half (1/2) of the NSR Royalty, being one perce
--->nt (1%), from Northbound Capital in consideration of the payment to Northbound Capital of $1,000,000, thereby leaving 
--->Pistol Bay with a one percent (1%) NSR Royalty.
The 2,130-hectare (5,264 acres) Pakwash South property lies southeast of the Dixie Lake gold discovery now being explo
--->red by Great Bear Resources Ltd. It is accessible by old forestry access roads leading from provincial highway 105, as
---> well as by boat via Pakwash Lake and the Chukuni and English Rivers. 
The property lies in an area of metasedimentary rocks of the English River terrain, including a variety of granitoid i
--->ntrusives, and is situated just to the south of a major structural zone called the Sydney Lake Fault. Metasedimentary 
--->terrains in the vicinity of major structures, once considered to have low mineral potential, have been the site of rec
--->ent gold discoveries such as Newmont-Goldcorp's Eleonore mine in northern Quebec, the Curraghinalt gold deposit in Nor
--->thern Ireland, and the Valentine Lake gold deposit in Newfoundland. 
The property formerly comprised part of a large claim group known as the Goldpines. This was the only previous explora
--->tion in the area, and work in this part of the Goldpines property was mainly geochemical, with lake-sediment, lake-wat
--->er surveys and extensive soil sampling for MMI analysis. The property covers a cluster of anomalous gold in MMI soil s
--->amples over an area of 2600 * 1900 metres

/
Vanadium Project 
Pistol Bay is also planning an initial work program of sampling and prospecting in the near term on our Vanadium Proje
--->ct in Nevada, USA.

The technical information in this news release was prepared and/or reviewed by Colin Bowdidge., P.Geo., a Qualified Pe
--->rson as defined in National Instrument 43-101

About Pistol Bay Mining Inc. 
Pistol Bay Mining Inc. is a diversified Junior Canadian Mineral Exploration Company with a focus on zinc and base meta
--->l properties in North America. The company is also actively pursuing the right opportunity in other resources to enhan
--->ce shareholders value. For additional information please visit the Company website at www.pistolbaymininginc.com or co
--->ntact Charles Desjardins at pistolbaymining@gmail.com.

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 their
---> nature, forward looking statements involve risk and uncertainties because they relate to events and depend on factors
---> that will or may occur in the future. Actual results may vary depending upon exploration activities, industry product
--->ion, commodity demand and pricing, currency exchange rates, and, but not limited to, general economic factors. Caution
--->ary 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 eco
--->nomically and legally producible under existing economic and operating conditions.