Mr. Curtis Turner reports

CANDELARIA MINING CLOSES $1,059,261 PRIVATE PLACEMENT FINANCING

Candelaria Mining Corp. has closed an offering, on a non-brokered private placement basis, of 4,237,042 units of the company at a subscription price of 25 cents per unit for total gross proceeds of $1,059,261. Each unit consists of one common share of the company and one-half of one common share purchase warrant. Each whole warrant entitles the holder to purchase one common share at a price of 40 cents for a period of three years following the closing of the private placement.

The company intends to use the proceeds of the private placement for general working capital. All securities issued pursuant to the private placement are subject to a statutory hold period expiring on Aug. 4, 2020, in accordance with applicable securities laws.

Directors and officers of the company have collectively subscribed for 2,488,242 units in the private placement. Each transaction with the directors and officers constitutes a related party transaction within the meaning of Multilateral Instrument 61-101 (Protection of Minority Security Holders in Special Transactions). The company is relying on Section 5.5(a) of MI 61-101 for an exemption from the formal valuation requirement and Section 5.7(1)(a) of MI 61-101 for an exemption from the minority shareholder approval requirement of MI 61-101, as the fair market value of the transaction does not exceed 25 per cent of the company's market capitalization.

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Javier Reyes (the acquiror) of Mexico City, Mexico, acquired a total of 1,214,400 units of the company pursuant to the private placement, of which 1,161,600 units are held by Credipresto SA de CV SOFOM E.N.R., a company controlled by the acquiror, and 52,800 units are held by Antares Capital Management, a company controlled by the acquiror. The 1,214,400 units were acquired at a price of 25 cents per unit for a total purchase price of $303,600.

Immediately prior to the foregoing acquisition, the acquiror held 25,537,134 common shares of the company, representing approximately 22.44 per cent of the issued and outstanding shares of the company on an undiluted basis, of which 1,666,667 common shares are owned directly, 22,778,135 common shares are owned by Credipresto and 1,092,332 common shares are owned by Antares Capital Fund Ltd., a company controlled by the acquiror. In addition, the acquiror held 3,494,623 warrants, 1,316,667 stock options and 50,000 restricted share units. If the acquiror had exercised all of his warrants, stock options and restricted share units, he would then have owned and/or controlled a total of 144,221,007 common shares of the company, representing approximately 21.08 per cent of the issued and outstanding common shares of the company on a partially diluted basis, assuming that no other common shares of the company had been issued.

As a result of the foregoing acquisition, the acquiror owns and/or controls a total of 26,751,434 common shares of the company, representing 23.50 per cent of the issued and outstanding shares on an undiluted basis, of which 1,666,667 common shares are owned directly, 23,939,735 common shares are owned by Credipresto, 1,092,332 common shares are owned by Antares Capital Fund and 52,800 common shares are held by Antares Capital Management. In addition, the acquiror owns and/or controls 4,101,773 warrants, 1,316,667 stock options and 50,000 restricted share units. If the acquiror were to exercise all of his warrants, stock options and restricted share units, he would then own and/or control a total of 146,042,457 common shares of the company, representing approximately 22.06 per cent of the issued and outstanding common shares of the company on a partially diluted basis, assuming that no other common shares of the company have been issued.

The securities acquired by the acquiror will be held for investment purposes. The acquiror may, depending on market and other conditions, increase or decrease his beneficial ownership of the issuer's securities, whether in the open market, by privately negotiated agreements or otherwise, subject to a number of factors, including general market conditions and other available investment and business opportunities.

The disclosure respecting the acquiror's shareholdings contained in this press release is made pursuant to Multilateral Instrument 62-104, and a report respecting the above acquisition will be filed with the applicable securities commissions using SEDAR.

About Candelaria Mining Corp.

Candelaria is a Canadian-based gold development and exploration company with a portfolio of highly prospective projects in Mexico, one of the world's best mining jurisdictions. Candelaria's 100-per-cent-owned Caballo Blanco project hosts an indicated resource of 521,000 ounces of gold and 2.17 million ounces of silver (31.22 million tonnes grading 0.52 gram per tonne gold and 2.16 g/t silver) and an inferred resource of 95,000 ounces of gold and 590,000 ounces of silver (8.63 million tonnes grading 0.34 g/t gold and 2.14 g/t silver). Potential exists to increase these estimated resources through continued drilling and exploration. Candelaria also holds the Pinos gold project, which hosts a measured resource of 4,444 ounces of gold and 228,892 ounces of silver (85,847 tonnes grading 1.6 g/t gold and 82.9 g/t silver), an indicated resource of 20,586 ounces of gold and 267,745 ounces of silver (175,697 tonnes grading 3.6 g/t gold and 47.4 g/t silver), and an inferred resource of 60,657 ounces of gold and 811,082 ounces of silver (529,267 tonnes grading 3.6 g/t gold and 47.4 g/t silver).

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