Mr. Charles Desjardins reports

PISTOL BAY CLOSES FINANCING

Pistol Bay Mining Inc. has closed a non-brokered private placement financing for total gross proceeds of $251,000.

The company has allotted and issued 12.55 million units at a price of two cents per unit. Each unit consists of one common share and one-half of one transferable warrant, with each full warrant entitling the holder to acquire an additional common share of the company at a price of five cents for a period of 12 months from the date of issuance.

In connection with the private placement, the company paid total finders' fees of $4,800 and issued 160,000 non-transferable broker warrants. Each broker warrant entitles the holder to acquire one common share of the company at an exercise price of five cents for a period of 12 months from closing. All securities issued under the private placement are subject to a four-month-and-one-day hold period expiring on April 21, 2020. The private placement is subject to the final approval of the TSX Venture Exchange.

Proceeds of the private placement will be used for outstanding property payments, core/warehouse rental payments, audit/accounting fees and other general working capital requirements.

On behalf of the directors and Charles Desjardins, president and chief executive officer, Pistol Bay would like to thank all its loyal shareholders for their support in 2019 and look forward to their continued support in 2020 and beyond.

Merry Christmas and a prosperous new year.

About Pistol Bay Mining Inc.

Pistol Bay Mining is a diversified junior Canadian mineral exploration company with a focus on zinc and base metal properties in North America.

We seek Safe Harbor.