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--->Gold-VMS Drill-Permitted Targets in Red Lake District.docx'

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Pistol Bay Mining Releases Exploration Plans for Multiple Gold-VMS Drill-Permitted Targets in Red Lake District


Vancouver, B.C. - January 9th, 2020: Pistol Bay Mining Inc. (TSX-V - PST; Frankfurt - OQS2, OTC/Pink Sheet symbol SLTF
--->F) ("Pistol Bay" or the "Company") is pleased to announce exploration plans for its upcoming work programs at it's Joy
---> Trend properties (which includes Fredart) located approximately 25 kilometers north-east of Great Bear Resources Ltd.
--->'s Dixie project near Red Lake, Ontario. 

Recent VMS-related exploration success by BTU Metals Corp. (BTU - TSXV) continues to demonstrate the value of Pistol B
--->ay's long-standing, district-scale land position within the Confederation VMS belt, as well as the underexplored natur
--->e of the camp as being one with the potential for further discoveries.
"With the recent successes of Great Bear and BTU Metals, Pistol Bay's extensive land position must be looked at with a
---> new geological approach that will include looking for both VMS and gold targets. In light of our past successful dril
--->ling along the Joy corridor we will now be targeting feeder systems at depth. Pistol Bay will also be assaying for gol
--->d along the district-scale structure, which may represent a significant opportunity for our shareholders, including on
--->e that may allow for near-term assays using historic drill core," stated Charles Desjardins, President & CEO of Pistol
---> Bay.
The Company is also pleased to confirm that drill permits are now received and in place for two of the Company's core 
--->gold-VMS exploration corridors, including Fredart (part of Pistol Bay's Joy trend) and the Arrow Zone (part of Pistol 
--->Bay's Lucky 7 trend). Recent VTEM plus(TM) flown over Pistol Bay's project has outlined numerous new exploration targe
--->ts, which are now in the process of being prioritized as go-forward drill targets by the Company's geological team. Pi
--->stol Bay is also pleased to confirm that it is investigating additional geophysical techniques to deploy with the obje
--->ctive of delineating new deeper targets at Fredart and Arrow, both of which have experienced mostly shallow drilling a
--->nd are open at depth. 
The Company views it as important to note that the vast majority of VMS targets explored to-date on Pistol Bay's proje
--->ct base have historically received little to no investigation for gold potential as gold was not then-recognized as si
--->gnificant in the region. Recent exploration success by other public companies operating near Pistol Bay have advanced 
--->the regional context of prospective gold deposition as well as highlighted the area as a potentially significant gold-
--->enriched VMS camp. Accordingly, Pistol Bay is currently undertaking ongoing research and planning to delineate and pri
--->oritize potential gold-bearing targets that may be affiliated with both tested and untested VMS targets. 
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FREDART                                                                                                               
--->                                 Historical mineral resource of 386,000 t grading 1.56% copper and 33.6 g/t silver (no
--->n-compliant NI 43-101)   {{▪ ▪} ▪} Four conductors with lengths of 400, 850, 900 and 950 metres over a len
--->gth of 6.5 km                                     {{▪ ▪} ▪} Drill-tested to a depth of approximately 200 m
--->etres, reported as being open at depth                                         {{▪ ▪} ▪} Area historically
---> explored in 1970's reported samples containing up to 1.46% molybdenum
ARROW ZONE                                                                                                            
--->                                      3% Zn equivalent cutoff:                                                        
--->                                                                      Indicated Resource 2,071,000 tonnes @ 5.92% Zn, 
--->0.75% Cu, 21.1 g/t Ag and 0.58 g/t Au                     Inferred Resource      120,550 tonnes @ 2.60% Zn, 0.56% Cu, 
--->18.6 g/t Ag and 0.40 g/t Au                             5% Zn equivalent cutoff:                                      
--->                                                                                      Indicated Resource 1,762,000 ton
--->nes @ 6.75% Zn, 0.79% Cu, 22.3 g/t Ag and 0.61 g/t Au                     Inferred Resource        51,630 tonnes @ 3.8
--->6% Zn, 0.79% Cu, 23.9 g/t Ag and 0.58 g/t Au                           10% Zn equivalent cutoff:                      
--->                                                                                                           Indicated R
--->esource     633,000 tonnes @ 14.3 Zn, 1.11% Cu, 31.7 g/t Ag and 0.85 g/t Au
During the past year, Pistol Bay has acquired two additional land packages known as the Pakwash North and Pakwash East
---> claims to further add to its prospective Red Lake-area holdings. 
 
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)

The company had also optioned out its Dixie 3 and Ben Lake claims which should provide for both additional working cap
--->ital to the Company as well as near-term exploration activity.


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. (TSXV:PST) is a diversified Junior Canadian Mineral Exploration Company with a focus on gold an
--->d base metal properties in North America, notably the Red Lake district of Ontario. For additional information please 
--->visit the Company website at www.pistolbaymininginc.com or contact 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.