Mr. Dave Bissoondatt reports

PISTOL BAY ACQUIRES LAND PACKAGE IN THE GREENSTONE BELT IN THE JAMES BAY REGION, QUEBEC

Pistol Bay Mining Inc. has entered into an option agreement with an arm's-length vendor to acquired a land package in the James Bay region of Quebec.

The land package comprises 1,690 hectares and is located 12.5 kilometres southwest of the recent Azimut Exploration Inc. discovery. This property is on strike on the same greenstone belt as the recent Azimut Exploration discovery, the Elmer property, and is separated from Pistol Bay property by the Dios Exploration property in that region.

"Azimut's management considers these results to be among the most significant gold exploration results in the James Bay region since the 2004 discovery of the Eleonore deposit by Virginia Gold Mines. The Eleonore mine is currently owned and operated by Newmont." (See Azimut news release dated Jan. 14, 2020.)

Pistol Bay can earn a 100-per-cent interest in the property by issuing one million common shares and paying a total of $7,000 on the date of approval. A 2-per-cent net smelter royalty has been granted to the vendor. Pistol Bay has an option to buy back 1 per cent NSR from the vendor by paying $500,000 to the vendor.

This transaction is subject to TSX Venture Exchange approval. All shares issued will be subject to a hold period expiring four months plus one day from the date of approval.

About Pistol Bay Mining Inc.

Pistol Bay Mining is a diversified Junior Canadian mineral exploration company with a focus on gold and base metal properties in North America, notably the Red Lake district of Ontario.