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File: 2019_10_11 Pistol Bay Arranges Financing.docx

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

  



Pistol Bay Arranges Financing

Vancouver, B.C. - October 11, 2019: Pistol Bay Mining Inc. (TSX-V - PST; Frankfurt - OQS2, OTC/Pink Sheet symbol SLTFF
--->) ("Pistol Bay" or the "Company") reports that it has arranged a private placement of up to 25,000,000 units at a pric
--->e of $0.02 per unit for total gross proceeds of up to $500,000.  Each unit consists of one common share and one-half o
--->f one transferable warrant, with each full warrant entitling the holder to acquire an additional common share of the C
--->ompany at a price of $0.05 for a period of twelve (12) months from the date of issuance.

Proceeds of the private placement will be used as shown in the table below.  Unallocated working capital will be used 
--->to maintain operations, and cover general and administrative expenses for the next 5 months. Finders' fees may be paya
--->ble in whole or in part on the placement pursuant to the policies of the TSX Venture Exchange.  The private placement 
--->is subject to the acceptance of the TSX Venture Exchange.

Proposed Financing
 
 $500,000
 
 
 
 
 
 Proposed Use of Financing:
 
 
 
 Geophysical budget 
 
 60,000
 
 TSX filing fees
 
 3,500
 
 Accounting fees Q1/Q2
 
 8,000
 
 Audit Fees 
 
 48,000
 
 Property payments outstanding
 
 90,000
 
 Core - warehouse rental payments 
 
 14,000
 
 Transfer Agent
 
 2,500
 
 Legal
 
 7,000
 
 AGM budget
 
 5,000
 
 Loan repayments (non-related parties)
 
 60,000
 
 Professional fees (geologist etc)
 
 50,000
 
 Internet/Phone
 
 7,000
 
 Consultants (non-related parties)
 
 30,000
 
 Related Parties
 
 15,000
 
 Unallocated working capital
 
 100,000
 
 
 
 
 
 Total Use of Financing
 
 $500,000
 
 

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, 
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. 

Forward Looking Statements:

Statements included in this announcement, including statements concerning of the Company's plans, intentions and expec
--->tations, which are not historical in nature are intended to be, and are hereby identified as, "forward-looking stateme
--->nts". Forward-looking statements may be identified by words including "anticipates", "believes", "intends", "estimates
--->", "expects" and similar expressions. The Company cautions readers that forward-looking statements, including without 
--->limitation those relating to the Company's future operations and business prospects, are subject to certain risks and 
--->uncertainties that could cause actual results to differ materially from those indicated in the forward-looking stateme
--->nts.