Mr. Bernie Sostak reports

TRANSATLANTIC MINING ENTERS 2ND LEASE RENEWAL TERM AT MILLER GOLD MINE, MONTANA, DRILL RIG MOBILIZED

Transatlantic Mining Corp. has fully satisfied the first renewal term and is entering into the second renewal term of its lease arrangement.

On Dec. 21, 2020, Transatlantic exercised its option to acquire 100 per cent of the Miller mine located in the Broadwater county in the state of Montana, United States. These claims are approximately 29 miles to the northeast of Townsend in Montana, United States, with gold mineralization that has been verified on the old levels of the historic Miller mine.

Key components of the transaction

Transatlantic has satisfied the first renewal term and exclusive lease arrangement with a right to all data and information for the Miller mine patented and unpatented claims in Broadwater county, Montana, United States. A drill rig is mobilized to site as Transatlantic continues to explore the property around the historical drilling, which was conducted by Jericho Mines Ltd. in 1968 and 1969 as reported by Hemsworth on July 2, 1969, and the old levels with production records:

• A first renewal term, completed, of 24 months following the expiry of the due diligence period for consideration of $100,000 in cash or share equivalent between five and 10 cents at Transatlantic Mining's election subject to Toronto Stock Exchange approval; on that election, Transatlantic will spend $100,000 in the first renewal term;
• A second renewal term of 24 months on the expiry of the first renewal term for consideration of $100,000 with a minimum $100,000 spend in that period.

Should mining occur at any time, there will be an 8.5-per-cent payment royalty on ounces produced until the cumulative payments including the initial term, first renewal term, second renewal term and royalties related to the Miller mine reach $4.5-million (U.S.) for change in ownership to 100 per cent Transatlantic and then a 1-per-cent gold net smelter royalty to the vendor thereafter.

Transatlantic has received its drill permit for the Miller mine and plans to drill downdip of the historic lower levels to over 100 metres of strike and depth on the principal vein structure. The ground conditions are envisaged to be good where the old workings have been accessed. Transatlantic plans to drill up to 3,000 metres this year, targeting the untested deeper zones. Results from the assay laboratories are expected in six to eight weeks after the drill campaign and geological evaluation are completed.

Webinar recording: Chief executive officer Bernie Sostak hosts an interactive webinar discussing the company's drill program and future plans at Miller.

The Miller gold mine is located in the Broadwater county in the state of Montana, United States. The mine is approximately 29 miles northeast of Townsend in Montana, United States. The presence of gold mineralization has been confirmed by previous sampling in areas of the mine where access is possible. Transatlantic is earning into the historic Miller gold property by means of a gold production royalty near Helena, Mont.

A historical report on the Miller mine notes that, historically, gold-bearing ore was mined on a small scale by individual owners with sporadic production between 1901 and 1948. The mine is being reaccessed by Transatlantic to review existing ground conditions and infrastructure for continuing rehabilitation.

Located at the top end of the Confederate gulch near what is now a ghost town in Diamond City, which had once a population of more than 10,000. Placer gold was abundant and rich in this gulch.

• Miller had an average recovered mine grade of 7.94 ounces per ton gold (248 grams per tonne gold) and 4.65 oz/ton silver (145 g/t silver);
• Hole No. 1 was drilled 300 feet below the lowest recorded workings and recorded 14.7 oz/ton Au (516 g/t Au).

The Miller mine mineralization occurs in quartz veins within and on the contact of a quartz granodiorite stockwork. The discrete veins dip between 30 and 80 degrees whilst the stockwork has multiple veinlets that range in width from a few centimetres to two metres. The contact zone of alteration has been noted as over 15 metres wide (50 feet). Mining has been undertaken on both an open cut and underground methodology. The mine is at an elevation of 2,000 metres (6,650 feet).

Highlights of previous sampling (see news release dated June 14, 2023)

Miller mine -- lower level:

• Opened up lower Winze level immediately below the lower level;
• First grab samples from lower-level Winze include 27.6 g/t Au; visual gold has also been observed;
• Extended lease agreement to first renewal term with option to purchase by production royalty.

About the Miller mine and claim group

Transatlantic has access to the upper and lower level of the mine. The Miller mine is situated amongst patented and unpatented claims at an elevation of 1,920 m (6,400 feet) and accessible by roads 50 miles from Helena, Mont., United States. Should mining occur at any time, an 8.5-per-cent royalty on ounces is to be paid. During the term of the agreement, the company may purchase the property for $4.5-million (U.S.), less the royalty payments made above, with a perpetual 1-per-cent net smelter royalty to the vendor thereafter.

The gold and silver mineralization generally occurs on the contacts of sediments and igneous intrusive with native gold and sulphides including pyrite often observed amongst the four known adits located on the property.

Qualified person and National Instrument 43-101 disclosure

Aslam Awan, PhD, MAusIMM (CP geo), is the qualified person pursuant to National Instrument 43-101 for having reviewed only the technical information contained in this news release. Mr. Awan is the principal for AAA Geo Consultants.

Quality assurance/quality control and core sampling protocols

The rock chip samples are grabs from the Winze level drive of five kilograms in weight. The samples were crushed in whole to plus 70 per cent passing two millimetres and then split and pulverized with analysis for gold and silver at the Christofferson laboratory, Smelterville, Idaho, United States. The laboratory is an independent assay and umpire laboratory that follows industry techniques. The samples after being pulverized are analyzed with a 15- to 30-gram fire assay charge and gravimetrically finished.

About Transatlantic Mining Corp.

Transatlantic is an emerging precious and base metal explorer. The company has a focus on converting projects into mines within stable mining jurisdictions. The company currently has property interests including an 80-per-cent joint venture position on the Monitor copper-gold project in Montana-Idaho (United States) and 100 per cent of the Golden Jubilee gold project with its associated mining rights. The company has an extended lease, right to mine and purchase arrangement for the Miller gold mine in Montana to 100-per-cent ownership by way of payment royalty.