Mr. Wayne Hubert reports

INZINC ANNOUNCES AMENDMENTS TO INDY SEDEX OPTION AGREEMENT

Inzinc Mining Ltd. has amended the option agreement dated Oct. 17, 2016, between the company and Pac Shield Resources Inc. (PSR) on the Indy sedimentary exhalative (sedex) project in central British Columbia, which frees the company of any cash commitments until at least Jan. 31, 2021, and extends the total option term by an additional year. The company has the right to earn a 100-per-cent interest in the Indy project.

The company believes that the Indy project provides multiple opportunities for discoveries of large-scale sedimentary-hosted exhalative-type deposits in an easily accessible and unexplored region of central B.C. The project comprises a large claim position (25-kilometre strike) with discoveries of shallow mineralization in the 2018 drill program and over five km of high-quality drill targets remaining to be tested. Highlights from the expanded 2019 exploration programs include the definition of a large, new sedex target called the Delta Horizon. The new target is located five km northwest of the B-9 zone, where shallow, sedex-style mineralization was discovered in 2018, including 12.33 per cent zinc, 2.98 per cent lead and 24.46 grams per tonne silver (14.98 per cent zinc equivalent) over 6.3 m in hole IB18-009, and remains open for expansion.

Amended agreement

To date, under the terms of the original agreement, the company has made cash payments totalling $105,000, issued a total of 1.1 million common shares to PSR and incurred exploration work commitments of approximately $1.05-million. Due to the company's accelerated pace of exploration at Indy, 100 per cent of exploration-work commitments for year 4 of the amended option have been satisfied, and approximately $100,000 of the amended year-5 work commitment has been met. Pursuant to the amended option terms, to exercise the option and earn a 100-per-cent interest in the Indy project, the company must meet the year 4, 5 and 6 commitments as shown in the included table.

                                   Cash       Securities             Exploration-work commitments
                                    ($)  (common shares)                                      ($)             
Paid, issued and incurred       105,000        1,100,000                                  600,000
Year 4; prior to Jan. 31, 2021   35,000          400,000                       350,000 (incurred)
Year 5; prior to Jan. 31, 2022   50,000          400,000  400,000(approximately 100,000 incurred)
Year 6; prior to Jan. 31, 2023  125,000          500,000                                1,250,000
Total                           315,000        2,400,000                                2,600,000
Original agreement              305,000        2,100,000                                2,600,000
 

All other terms of the original agreement remain unchanged. The amendments to the original agreement are subject to TSX Venture Exchange acceptance.

The amendments to the original agreement constitute a related-party transaction under Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions, as Kerry Curtis, a director and the chairman of the company, is a director and holds a controlling interest in PSR. The transaction is exempt from the formal-valuation and minority-approval requirements under MI 61-101 pursuant to sections 5.5(a) and 5.7(1)(a) of MI 61-101 on the basis that the transactions contemplated by the amendments has a fair market value of less than 25 per cent of the company's market capitalization.

About Inzinc Mining Ltd.

Inzinc is focused on growth in zinc through exploration and expansion of the advanced-stage West Desert project (100 per cent) in Utah, and exploration of the early-stage Indy project (100 per cent option) in B.C.

We seek Safe Harbor.