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File: Attachment 2019.12.31  Pistol Bay Decides Not To Proceed with Pakwash South.docx

Phone 604 369-8973
TSX-Venture: PST
OTC/Pink Sheet: SLTFF
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Pistol Bay Decides Not To Proceed With Pakwash South

Vancouver, B.C. - December 31, 2019: Pistol Bay Mining Inc. (TSX-V - PST; Frankfurt - OQS2, OTC/Pink Sheet symbol SLTF
--->F) ("Pistol Bay" or the "Company") reports that it will not be proceeding with the 100% option on the Pakwash South pr
--->operty ( See NR July 29, 2019).

 Charles Desjardins, President & CEO of Pistol Bay stated, "The Company is excited about the additional prospects for 
--->gold in the vicinity of the recent Great Bear Resources discovery and have decided to concentrate its efforts in the N
--->ew Year to its Pakwash North and Pakwash East properties.

The Pakwash East block comprises of 35 cells, with an area of approximately 716 hectares (1,760 acres). It is 12.5 kil
--->ometres southeast of Great Bear Resources Dixie Ltd's property. It adjoins a 9,650-hectare claim group registered to G
--->reat Bear Resources.  

The Pakwash North block comprises of 106-cells, 2,174hectare (5,370 acres). It lies 21 kilometres southeast of the Dix
--->ie Lake gold discovery now being explored by Great Bear Resources Ltd, and 44 kilometres southeast of the town of Red 
--->Lake (See NR dated September 17, 2019)


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.