Mr. Jason Dunning of Adventus reports

ADVENTUS AND SALAZAR PROVIDE SANTIAGO PROJECT UPDATE AND PLANS FOR DRILLING IN 2020

With the Pijili project mobilization now commenced, Adventus Mining Corp. and Salazar Resources Ltd.'s exploration team has started preparations and planning for the commencement of work on the Santiago project, which contains a potential porphyry copper-gold system and an epithermal target area. Santiago consists of a single concession, which totals 2,350 hectares and is located approximately 37 kilometres north of the city of Loja in Loja province in south-central Ecuador. The project is controlled by the partners in a joint venture that is 80 per cent owned by Adventus and 20 per cent owned by Salazar. Explorers and project developers in the direct vicinity include groups such as the Newcrest Mining Ltd.-Cornerstone Capital Resources Inc. joint venture and SolGold PLC.

Highlights

• Principal target is a large prospective porphyry (3,000 by 2,000 metres) with coincident prospective geology, a widespread hydrothermal alteration footprint, an extensive gold and copper surficial geochemistry anomaly, and a coincident airborne MobileMT geophysical anomaly.
• Secondary target is an epithermal target area denoted by a swarm of mineralized veins and breccia units.
• Historical drilling results include:
  • FUD-01 intersected 323.09 metres of 0.23 per cent copper and 0.40 gram per tonne gold for 0.65 per cent copper equivalent.
  • FUD-02 intersected 267.80 metres of 0.24 per cent copper and 0.43 g/t gold for 0.70 per cent CuEq, including a higher grade subinterval that intersected 170.95 metres of 0.33 per cent copper and 0.55 g/t gold for 0.91 per cent CuEq.
  • FUD-09 intersected 295.17 metres of 0.22 per cent copper and 0.20 g/t gold for 0.42 per cent CuEq, including a higher grade subinterval that intersected 67.86 metres of 0.79 per cent copper and 0.27 g/t gold for 1.06 per cent CuEq.
• Historical rock chip sampling results from veins and breccia units include:
  • Espanola vein -- 2.0 metres grading 28.10 g/t gold and 231.0 g/t silver; 1.0 metre grading 26.00 g/t gold and 242 g/t silver; 1.0 metre grading 18.2 g/t gold and 252 g/t silver; and 1.0 metre grading 4.8 g/t gold and 442.0 g/t silver.
• Minimum 3,000-metre drilling program is being planned for second half of 2020.

Sampling results and figures referenced in this news release are available on the Adventus website.

The 2020 exploration program at Santiago will consist of two components: (1) technical teams will first focus on fieldwork for validation of historical results to finalize target generation for drilling in conjunction with the airborne MobileMT geophysical results; and (2) drilling will be undertaken to both confirm historical drilling results and to test the possible depth extent of this intrusion-related system. A fieldwork program and drilling budget for a minimum 3,000 metres are being planned to the end of 2020. The partners will adapt their detailed health and safety protocols for novel coronavirus enacted for the Pijili project (see June 8, 2020, news release) when fieldwork at Santiago begins in the second half of 2020.

Jason Dunning, vice-president of exploration for Adventus, stated: "We have been eagerly working towards and anticipating the start of drilling on the Santiago project since it joined the exploration alliance portfolio in 2018. With the completion of the airborne MobileMT geophysical survey in 2019, our level of excitement has only risen, as it has given us a never-before-seen deep, 3-D view into geological framework hosting two very prospective intrusion-related targets. One is a large porphyry copper-gold target and the other is an epithermal target that has never seen drilling. The second half of 2020 is going to be very exciting for Adventus and Salazar."

Santiago exploration history

Exploration fieldwork has a long history at Santiago dating back to an agreement signed between the United Nations Development Programme -- Operation No. 8 and the government of Ecuador in December, 1964, that allowed for access and the assessment of both metallic and non-metallic mineral deposits. Initial exploration fieldwork started over a large geographic area of 8,328 square km in March, 1970, which included Santiago (formerly known as Fierro Urco), and continued through November, 1970. In the area around Santiago, United Nations developed two copper-molybdenum stream sediment anomalies in creeks draining from the Fierro Urco ridge, however, these anomalies were located within a much broader geochemically anomalous footprint of 93 square km.

An intrusive rock that was hosted in acid volcanic rocks with mineralized vein with gold, silver, and minor zinc and lead values was identified and mapped at Fierro Urco. The vein was considered to be potentially fringe mineralization to a porphyry copper system, as suggested by the copper-molybdenum stream sediment anomaly. Follow-up fieldwork and target generation continued through May, 1972, at Fierro Urco, but the area around Fierro Urco was awarded to a private group, a joint venture between DIYAS Corp. and Minera Marshal del Ecuador Inc., which formed Prospection Panama SA.

Prospection conducted exploration activities between 1971 and 1981, which included regional prospecting, geochemical studies and a ground magnetometer survey that led to a drilling program totalling 2,137 metres in 11 drill holes. Notable drill results of this historical drilling program are presented in the "Historical Prospection drilling results" table. No further work was completed by Prospection after completion of the drilling program.

                      HISTORICAL PROSPECTION DRILLING RESULTS
  
Drill         From          To    Thickness         Cu       Au        Approx. true
hole            (m)         (m)          (m)        (%)    (g/t)       thickness (m)

M01          43.58       80.77        37.19       0.18        -                 N/A            
M06          99.36      109.42        10.06       0.21        -                 N/A            
M07          33.53      124.97        91.44       0.16        -                 N/A            
M08          85.34      327.76       242.48       0.23      0.3*                N/A            
M09          31.56      151.79       120.21       0.26      0.3*                N/A            
M10           3.96      151.17       147.21       0.36      0.3*                N/A            
M11           3.66      185.93       182.27       0.12      0.3*                N/A            

Notes

(1) The results in the "Historical Prospection drilling results" table represent 
    currently available historical data for assay results and intersection lengths. 
    The partners have not verified the data and investors should not place undue 
    reliance on the data. The partner's future exploration work programs will 
    include verification of historical data.

(2) No original drill core and records are available for Prospection drilling; however, 
    they are summarized in a Minera Climax del Ecuador report, September, 1996.

(3) Drill holes M2, 3, 4 and 5 did not yield significant results.

(4) Gold assay results (*) appear to report below detection limits (0.3 g/t gold) or 
    were not assayed for (-).

(5) It is unclear what quality assurance/quality control measures Prospection 
    undertook, but it is believed industry best practices of the time were observed 
    in sample collection and analysis.

(6) The approximate true thickness cannot be estimated, as this is an early-stage 
    project.


  

Upon expiry of the 10-year concession to Prospection in 1981, a contract was signed between Predesur (Commission for the Development of South Ecuador) and DGGM (Ecuadorean Mines Department) for exploration in the Fierro Urco area in August, 1982. Between 1982 and 1991, Predesur undertook exploration directed toward discovery of a porphyry copper system. Fieldwork included stream sediment sampling, detailed soil sampling and both geological and alteration mapping. Although recommended, Predesur did not undertake ground geophysical surveys or drilling.

Ag Armeno Mines & Minerals Inc. then applied for the project concession from the government of Ecuador in 1991, which was granted in July, 1992. After the concession was granted, Ag Armeno sold a 50-per-cent undivided interest to Trans Atlantic Enterprises Inc., a related company with common management. After minor fieldwork testing the geochemistry of numerous quartz vein occurrences, Ag Armeno chose to farm out the project to interested parties. The first group was Newmont Overseas Exploration Ltd. in 1993 and the second group was Pactech Ventures Inc. in 1995.

Newmont optioned the project and its work programs between 1993 and 1994 focused around a Yanacocha-style deposit model for discovery of an epithermal system. Its focus was the Fierro Urco area after optioning the project from Ag Armeno. Fieldwork defined a 2,200-by-600-metre gold rock chip anomaly greater than 100 parts per billion gold that had four areas of greater than 250 ppb gold. This target was developed from 244 rock chip samples and a further 1,564 rock/saprolite soil samples over a 2,200-by-1,500-metre area. It was noted that 22 of 1,564 rock/saprolite soil samples were greater than 1,000 parts per million gold and large areas of copper and zinc anomalism.

Ground geophysical surveys defined an IP chargeability-resistivity anomaly partially coincident with the rock chip geochemical anomaly from approximately 172 line kilometres of data acquisition. A ground magnetometer survey was also completed over a larger area (3,200 by 2,700 metres) and it appears to show a northwest to southeast structural lineation that perhaps mimics the trend of the gold anomalism in the surficial environment.

Geological and hydrothermal alteration mapping used terminology from the Yanacocha deposit and resulted in a large area described as quartz-alunite alteration in hydrothermal and phreatic breccia units hosted in intermediate to felsic volcanic rocks displaying spherulitic, devitrification textures. A 4,587.55-metre drilling program was undertaken over 23 drill holes with an average depth of 200 metres targeting the coincident gold rock chip and IP chargeability-resistivity anomaly.

Wide intercepts of low-grade copper and gold were intersected, but in Newmont's interpretation, it did not constitute a Yanacocha-style system. Significant results from this historical drilling program are presented in the "Historical Newmont drilling results" table.

                               HISTORICAL NEWMONT DRILLING RESULTS
  
Drill          From         To    Thickness         Cu     Au        CuEq         Approx. true
hole             (m)        (m)          (m)        (%)  (g/t)   (g/t) (4)        thickness (m)

FUD-01        0.61      323.70       323.09       0.23   0.40        0.65                  N/A            
Including   127.65      138.45        10.80       0.58   0.40        1.01                  N/A            
Including   188.65      209.90        21.25       0.65   0.18        0.83                  N/A            
FUD-02       32.20      300.00       267.80       0.24   0.43        0.70                  N/A            
Including   129.05      300.00       170.95       0.33   0.55        0.91                  N/A            
FUD-07        1.52      300.22       298.70       0.08   0.17        0.25                  N/A            
FUD-08        3.05      300.23       297.18       0.12   0.23        0.37                  N/A            
Including   158.68      169.16        12.48       0.61   0.27        0.89                  N/A            
FUD-09        5.06      300.23       295.17       0.22   0.20        0.42                  N/A            
Including   152.59      300.23       147.64       0.41   0.21        0.64                  N/A            
Including   213.39      281.25        67.86       0.79   0.27        1.06                  N/A            
FUD-10        2.12      199.61       197.48       0.10   0.17        0.28                  N/A            
Including    74.11      199.61       125.50       0.14   0.21        0.36                  N/A            
FUD-11      181.36      300.22       118.86       0.18   0.12        0.31                  N/A            
Including   240.37      298.02        57.65       0.28   0.14        0.43                  N/A            
FUD-15        1.22       72.28        71.06       0.09   0.39        0.50                  N/A            
Including    24.67       33.95         9.28       0.05   1.49        1.62                  N/A            
FUD-16       29.75      140.29       110.54       0.09   0.31        0.42                  N/A            
Including    44.53       55.68        11.15       0.31   1.10        1.47                  N/A            
FUD-17        2.43      150.00       147.57       0.20   0.23        0.44                  N/A            
FUD-18       10.97      106.87        95.90       0.07   0.39        0.48                  N/A            
Including    34.33       59.26        24.93       0.06   0.91        1.02                  N/A            
FUD-19        3.04      115.82       112.78       0.08   0.18        0.27                  N/A            
FUD-21        3.65       94.48        90.83       0.15   0.25        0.41                  N/A            
FUD-23       53.75      400.50       346.75       0.12   0.23        0.37                  N/A            

Notes

(1) The results in the "Historical Newmont drilling results" table represent currently available 
    historical data for assay results and intersection lengths. The partners have not verified 
    the data and investors should not place undue reliance on the data. The partners' future 
    exploration work programs will include verification of historical data.

(2) No original drill core and records are available for Newmont drilling; however, they are
    summarized in a Minera Climax del Ecuador report, September, 1996.

(3) Drill holes FU-03, 04, 05, 06, 12, 13, 14, 20 and 22 did not yield significant results.

(4) Metal equivalency based on $5,203.50 (U.S.)/tonne Cu, $1,707.30 (U.S.) per ounce Au from 
    April 16, 2020, LME long-term metal pricing; noting that no adjustments were made in the 
    metal equivalency calculation for metal recovery, as this is still an early-stage project.

(5) It is unclear what quality assurance/quality control measures Newmont undertook, but it is 
    believed industry best practices of the time were observed in sample collection and analysis.

(6) The approximate true thickness cannot be estimated, as this is an early-stage project.


  

Newmont returned the property to Ag Armeno and Pactech Ventures Inc. entered into an option agreement with Ag Armeno in 1995, however, it was short-lived, and Ag Armeno terminated the agreement for non-fulfilment of terms. This led to Minera Climax del Ecuador to undertake a detailed examination of the property for a possible option in 1996, however, there are no records such a transaction occurred with Minera Climax except for a detailed property review report dated September, 1996. Pactech's work extended the large Newmont gold rock chip anomaly 450 metres farther to the southeast in porphyritic dacite volcanic rocks. Minera Climax interpreted mineralization associated with this new extension to be structurally controlled.

Santiago sat idle until acquired by Mariana SA Comador in 2005 from Iamgold Ecuador SA, whereupon technical compilations were completed under a partnership with Silex Ecuador SA, and fieldwork recommenced to include geological mapping and geochemical sampling including rock chip from mineralized locations.

Salazar announced the acquisition of Mariana in 2010, which included ownership of Santiago (see Dec. 6, 2010, Salazar news release). The property is subject to a 1.5-per-cent net smelter royalty that can be bought out for $1-million (U.S.), as well as a 4-per-cent net profits interest royalty that is in favour of INV Metals Inc. INV Metals had acquired all of Iamgold Ecuador SA's exploration interests in Ecuador. The rationale for Salazar's acquisition of Santiago was the presence of favourable geology, a large hydrothermal alteration footprint, and numerous mineralized vein and breccia structures. Sulphide-bearing vein and breccia structures were sampled by Salazar, which yielded significant results for gold and silver (see Feb. 23, 2012, Salazar news release). A summary of the vein and breccia mineralization grades are listed below.

Espanola vein (up to three-metre width)

• 2.0 metres at 28.10 g/t gold and 231.0 g/t silver;
• 1.0 metre at 26.00 g/t gold and 242.0 g/t silver;
• 1.0 metre at 18.20 g/t gold and 252.0 g/t silver;
• 1.0 metre at 4.80 g/t gold and 442.0 g/t silver.

Structure quartz-tourmaline (three-metre width)

• 1.9 metres at 1.19 g/t gold, 14.3 g/t silver and 0.03 per cent molybdenum;
• 3.3 metres at 0.59 g/t gold, 36.6 g/t silver and 0.04 per cent molybdenum.

Ribs zone and Ancha vein (up to five-metre width)

• 1.0 metre at 1.29 g/t gold and over 100 g/t silver;
• 1.0 metre at 1.65 g/t gold and over 100 g/t silver.

Structure F.U. (1.5-metre width)

• 1.4 metres at 4.80 g/t gold and 378.0 g/t silver;
• 1.2 metres at 6.40 g/t gold and 136.0 g/t silver;
• 1.2 metres at 4.20 g/t gold and 183.0 g/t silver.

Advancing Santiago with Adventus

In 2018, Adventus entered into a definitive agreement with Salazar to include Santiago in the partners' Ecuador countrywide exploration alliance: 80 per cent owned by Adventus and 20 per cent owned by Salazar (see May 23, 2018, news release). The alliance completed an airborne Mobile MagnetoTellurics (MobileMT) geophysical survey that was flown over Santiago at 150-metre line spacing (see April 5, 2019, news release). The historical exploration results from prior operators were integrated with the MobileMT geophysical mapping (apparent conductivity, resistivity, RTP and TMI-RTP magnetics) to generate preliminary target areas for validation in the field by crews during the third quarter of 2020.

The principal target area at Santiago has coincident geological, geochemical and geophysical indicators that include quartz-alunite alteration, a large gold rock chip geochemical anomaly identified by Newmont (about 2,200 by 600 metres), and both a low frequency apparent conductivity geophysical and resistivity anomaly of approximately 3,000 by 2,000 metres, and TMI-RTP magnetic low of approximately 2,000 by 1,500 metres that is encircled by areas of higher magnetic response. The magnetic low is suggestive of magnetic mineral destruction from hydrothermal alteration. This principal target is also coincident with historical drilling by Prospection and Newmont; however, a 3-D review indicates that due to the short drill hole lengths, these two historical drilling programs do not provide an explanation for the large MobileMT geophysical anomaly, which suggests that additional, deeper drilling is warranted. Once the currently planned fieldwork is completed, its results will form the basis for generation of high-priority targets and a planned minimum 3,000-metre drilling program in the second half of 2020.

Qualified persons, technical information, and quality control and quality assurance (QA/QC)

The Santiago project work program is being managed and reviewed by vice-president of exploration for Adventus, Jason Dunning, MSc, PGeo, a qualified person within the meaning of National Instrument 43-101, who has also reviewed and approved the technical and scientific information of this news release as accurate.

About Adventus Mining Corp.

Adventus Mining is a well-financed exploration and project development company, focused primarily in Ecuador. Its strategic shareholders include Altius Minerals Corp., Greenstone Resources LP, Resource Capital Funds, Wheaton Precious Metals Corp. and the Nobis Group of Ecuador. Adventus is leading the exploration and engineering advancement of the Curipamba copper-gold project in Ecuador as part of an earn-in agreement to obtain a 75-per-cent ownership interest. In addition, Adventus is engaged in a countrywide exploration alliance with its partners in Ecuador, which has incorporated the Pijili and Santiago projects to date.

About Salazar Resources Ltd.

Salazar Resources is a mineral resource company engaged in the exploration and development of mineral deposits in Ecuador and Colombia. The company has a proven Ecuadorean discovery team led by ex-head of Newmont Ecuador, Fredy Salazar; a team of 40 people including 15 geologists; three drill rigs and an unrivalled Ecuadorean grassroots network. The Salazar team has been involved with many discoveries in Ecuador, including Curipamba (Adventus Mining and Salazar Resources), Fruta Del Norte (Lundin Gold), the Mozo deposit, Cangrejos (Lumina Gold) Rio Blanco (Junefield Mineral Resources and Hunnan Gold), and Gaby (ENAMI).

We seek Safe Harbor.