Power Metals Discovers New Zone Hosting High Grade Spodumene at Surface at Case Lake

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 10, 2017) - Power Metals Corp. ("Power Metals Corp." or the "Company") (TSX VENTURE:PWM)(FRANKFURT:OAA1)(OTC:AOUFF) is pleased to announce that prospecting has discovered spodumene in the East Dyke pegmatite on the east side of Case River, 450 m southeast from our current drill program. Power Metals has an 80% interest with its 20% working interest partner MGX Minerals Corp. (CSE:XMG). Historic work on the East Dyke suggested that spodumene was not present on this pegmatite dyke. The East Dyke has a known strike length of 750 m and consists of white K-feldspar-quartz-muscovite pegmatite and garnet aplite similar to the Main Dyke currently being drilled. This is a significant increase in the potential lithium mineralization on the Case Lake Property.

Power Metals' VP of Exploration, Dr. Julie Selway, PH.D., P.Geo. discovered the spodumene by peeling back a thick mat of moss off of the outcrop to expose outcrop not previously looked at (Figure 1). The spodumene is fine- to coarse-grained, 0.5 to 6 cm long and locally is up to 10% spodumene (Figure 2). Additional prospecting on the East Dyke will search for more spodumene.

To view Figure 1, please visit the following link: http://media3.marketwire.com/docs/1103278_fig1.jpg

Figure 1 East Dyke spodumene pegmatite outcrop. Red flags mark spodumene occurrences.

To view Figure 2, please visit the following link: http://media3.marketwire.com/docs/1103278_fig2.jpg

Figure 2 Pale green spodumene crystals next to white K-feldspar in the East Dyke.

Power Metals is actively prospecting the 9.0 x 9.5 km Case Lake Property for additional spodumene pegmatites. Prospecting on the northernmost claim next to Translimit Road, 7 km north of current drill program has identified white K-feldspar, quartz muscovite pegmatite dykes hosted by granodiorite similar to the Main Dyke. More prospecting will be done in this area in search of spodumene.

Power Metals' ongoing 5000 m drill program on the Main, North and South Dykes continues to intersect significant lithium mineralization. The current drill program has extended the Main Dyke spodumene pegmatite zone over 200 m to the west (and growing) from the historic drilling. The Main Dyke Zone is typically 32-35 m wide and consists of multiple spodumene pegmatite dykes. The Company is currently awaiting assays and will press release as soon as they are processed.

Dr. Selway stated "We are excited by the discovery of spodumene on the 750 m long East Dyke as this has the potential to significantly increase the lithium mineralization on the Case Lake Property. We look forward to drilling the East Dyke to test for lithium mineralization at depth. Additionally, we are very excited to receive our pending assays on our current drill program."

Case Lake

Case Lake Property is located in Steele and Case townships, 80 km east of Cochrane, NE Ontario close to the Ontario-Quebec border. The Case Lake pegmatite swarm consists of five dykes: North, Main, South, East and Northeast Dykes. Both the North and Main Dykes have spodumene-rich zones (muscovite-K-feldspar-quartz-spodumene-albite) and albitic aplite border zones. The Northeast Dyke contains very coarse-grained spodumene.

Qualified Person

Julie Selway, Ph.D., P.Geo. supervised the preparation of the scientific and technical disclosure in this news release. Dr. Selway is the VP of Exploration for Power Metals and the Qualified Person ("QP") as defined by National Instrument 43-101. Dr. Selway is supervising the exploration program at Case Lake. Dr. Selway completed a Ph.D. on granitic pegmatites in 1999 and worked for about 3 years as a pegmatite geoscientist for the Ontario Geological Survey. Dr. Selway also has twenty-three scientific journal articles on pegmatites. A National Instrument 43-101 report has been prepared on Case Lake Property and filed on July 18, 2017.

About Power Metals Corp.

Power Metals Corp. is a diversified Canadian mining company with a mandate to explore, develop and acquire high quality mining projects. We are committed to building an arsenal of projects in both lithium and high-growth specialty metals and minerals, including zeolites. We see an unprecedented opportunity to supply the tremendous growth of the lithium battery and clean-technology industries. Learn more at www.powermetalscorp.com

ON BEHALF OF THE BOARD,

Johnathan More, Chairman & Director

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.

Cautionary Note Regarding Forward-Looking Information

This press release contains projections and forward-looking information that involve various risks and uncertainties regarding future events. Such forward-looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance of Power Metals. There are numerous risks and uncertainties that could cause actual results and Power Metals' plans and objectives to differ materially from those expressed in the forward-looking information, including other factors beyond Power Metals' control. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Except as required by law, Power Metals assumes no obligation to update forward-looking information should circumstances or management's estimates or opinions change.