Mr. Bahman Yamini reports

CANASIL NON-BROKERED PRIVATE PLACEMENT OVERSUBSCRIBED, INCREASED FROM $1,250,000 TO $1,500,000

Canasil Resources Inc.'s non-brokered private placement, which was increased on July 21, 2020, to up to 6.25 million units at a price of 20 cents per unit for total gross proceeds of up to $1.25-million, is again oversubscribed. The placement is increased to 7.5 million units at 20 cents for gross proceeds of $1.5-million. All other terms are unchanged. A finder's fee may be paid with respect to all or part of this placement. The terms of the placement are subject to acceptance by the TSX Venture Exchange. The proceeds of the placement will be used to finance expanded drill programs on the company's silver-gold exploration projects in Mexico.

Each unit will consist of one common share of the company and one-half of one non-transferable share purchase warrant. Each whole warrant will be exercisable to purchase one additional common share of the company at a price of 25 cents during the first year, increasing to 30 cents in year 2 following the closing of the offering. If, commencing after the fourth month after closing, the closing price of the company's shares exceeds 50 cents per share for a period of 20 consecutive trading days, the company will have the right to accelerate the expiry date of the warrants to 30 days after the acceleration trigger date by the issuance of a news release announcing such acceleration within three trading days of the acceleration trigger date.

About Canasil Resources Inc.

Canasil is a Canadian mineral exploration company with a strong portfolio of 100-per-cent-owned silver-gold-copper-lead-zinc exploration projects in Durango and Zacatecas, Mexico, and in British Columbia, Canada.