Palamina Provides Update and Announces Resignation of Director

Toronto, Ontario--(Newsfile Corp. - April 17, 2020) - Palamina Corp. (TSXV: PA) reports that all operating activities have been halted in keeping with the government of Peru's travel and work restrictions related to the COVID-19 pandemic. The government shutdown commenced on April 1, 2020. All staff and contractors are safe and secure. Palamina maintains a minimal staff shared by the company and its operating partner, Winshear Gold Corp., to maintain all projects in good standing. Management will conduct a review towards the end of June to decide when to resume exploration activities.

Palamina also announces the resignation of Darin Wagner from the Board of Directors of the Company for personal reasons. The Company wishes to sincerely thank Mr. Wagner for his contribution and services as a director and wishes him all the best in his future.

Andrew Thomson, President of Palamina remarked, "Darin has been critical to Palamina's success in the last several years and he will be missed. We wish him all the best in his future endeavours."

Palamina secured a Declaración de Impacto Ambiental ("DIA") from the Peruvian Ministry of Energy and Mines for its flagship Coasa Gold Project in December of 2019. The Company is awaiting the Authorization to Initiate Exploration Activities ("AIEA") which is required to commence initial drill testing of the Coasa gold system. Palamina is utilizing the shutdown to further refine drill targets and conduct a review of all its existing projects. Palamina is one of a select few Peruvian pure gold exploration companies to have received its DIA.

ABOUT PALAMINA

Palamina holds applications and mineral rights to four gold projects in south eastern Peru in the Puno Orogenic Gold Belt (POGB), a silver-copper project in the Santa Lucia district and two copper-gold projects in Southern Peru. In September of 2019, Palamina concluded the sale of the Gaban gold and Tinka I.O.C.G Projects for 10,000,000 shares of Winshear Gold Corp. (formerly Helio Resource Corp.) and a 2% NSR per project. Palamina has 36,303,636 shares outstanding and trades on the TSX Venture Exchange under the symbol PA.

FOR FURTHER INFORMATION PLEASE CONTACT:

Andrew Thomson, President
Phone: (416) 987-0722 or visit www.palamina.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/54573