Xiana Reports Q1 2019 Production and Operational Results

Vancouver, British Columbia--(Newsfile Corp. - April 25, 2019) - Xiana Mining Inc. (TSXV: XIA) ("Xiana" or the "Company") is pleased to announce operating results for the period ended 31 March 2019. Xiana completed the acquisition of Minera Altos de Punitaqui ("MAP") on 13 November 2018. The results cover the first complete fiscal quarter of operational results for MAP under the Company's control.

Production for Q1 2019 totalled 3.16 mlbs of copper in concentrate (copper equivalent terms)⁽¹⁾. Total production for Q1 2019 was up 5.9% vs the same period under previous ownership. ⁽²⁾ Total C1 Costs⁽³⁾ for Q1 2019 were reduced by 23% cumulating to US$3.18/lb (including by-product credits) vs US$4.53/lb (including by-product credits) under previous ownership for Q1 2018. Total C1 Costs⁽³⁾ for March 2019 for MAP were US$2.10/lb. (including by-product credits)

Commenting on the production and operational results, Carlos Ballon, Chairman & CEO, said, "The first quarter of 2019 has been focussed on full asset optimisation at MAP. We are transitioning to maximum production from our own mines providing sustainable feed to the plant over the longer term. We have successfully reduced the cost base with several operational optimisations still in progress leading to a low-cost operation at MAP in the medium term. Plant recoveries and concentrate grade have also been optimised. We continue to pursue various improvements as we move towards sustainable, long term profitability at MAP".

Q1 Operational Highlights

• Q1 production: Total of 3.16 mlbs of copper in concentrate (copper equivalent terms) ^(1). (including silver production of 22koz and gold production of 1.05koz)⁽⁴⁾
• Total ore mined: 119,027 tonnes⁽⁵⁾. Average tonnes mined for Q1 of 39,676 tonnes⁽⁵⁾. Own mining rate reduced in January and February due to preparation of stopes for future production and productivity optimisations undertaken. MAP now has two months of advance production ready for mining. Average mined grade of 1.04% Cu Eq for Q1 2019.
• Total tonnes processed: 196,675 tonnes⁽⁶⁾ reflecting selective ore purchasing and ensuring control on plant throughput. Average monthly tonnes processed of 65,558 tonnes⁽⁶⁾
• Plant recoveries: Average Q1 2019 copper recoveries of 78.3% ⁽⁷⁾
• Concentrate Grade: Average Q1 copper concentrate grade of 22.7% reflecting control over ore throughput ⁽⁸⁾.
• Unit Cost/tonne Milled: Total unit cost per tonne milled of US$45.6/tonne⁽⁹⁾ in Q1 2019 (vs US$58.1/tonne under previous ownership)⁽⁹⁾ reflecting a 21.5% reduction (despite lower tonnes processed) as a result of significant cost optimisations undertaken on mining and processing costs.
• Revenue & EBITDA (unaudited): Total revenue of US$ 8.39m for Q1 2019. Total operating and sales costs of US$9.29m for Q1 2019 resulting in unadjusted EBITDA⁽¹⁰⁾ of (US$896,000) (including inventory adjustment, Q1 2019 EBITDA⁽¹⁰⁾ equivalent to (US$1.46m))⁽¹¹⁾. Unadjusted EBITDA of US$950,000 for March 2019 reflecting benefit of cost reductions and optimised mill feed.

Qualified Person

The scientific and technical information contained in this news release has been reviewed and approved by Robert Baxter (FAusIMM), a Director of Xiana Mining Inc. and a qualified person as defined by National Instrument 43-101. Mr. Baxter is not independent of the Company.

About Xiana Mining Inc.

Xiana Mining is a TSX Venture Exchange listed mining company focused on its producing operations and development properties in Region IV, Chile. Xiana acquired ownership of 100% of Minera Altos de Punitaqui ("MAP") from Glencore plc in November 2018. MAP is comprised of four producing copper-gold mines, a 3,600 tpd concentrator and associated infrastructure.

Since the closing of the acquisition, Xiana has quickly moved towards executing an optimisation plan aimed at reducing costs, extending mine life and improving profitability.

MAP owns a total land package of 11,838 hectares in Region IV comprised of exploration and exploitation concessions. Xiana is focussed on proving up the district scale potential of MAP's properties which will continue to provide sustainable feed for the concentrator and provide sustainable and increased production growth in the medium term at low cash costs.

Xiana is also engaged in the ongoing evaluation of producing and development stage mineral resource opportunities on an ongoing basis. The Company's common shares are listed on the TSX Venture Exchange under the symbol XIA. For more information about the company please visit www.xianamining.com

ON BEHALF OF THE BOARD OF DIRECTORS OF

XIANA MINING INC.

Carlos Ballon

Carlos Ballon, Chairman & CEO

For further information please contact:

Anton (Tony) Drescher, Chief Financial Officer
Telephone: +1 (604) 685-1017
E-mail: ajd@harbourpacific.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.

Forward Looking Statements

This press release may contain forward looking statements within the meaning of applicable Canadian securities legislation, including without limitation statements concerning future plans and objectives or expected results in respect of mine optimization, cost reduction and profitability. Although Xiana believes that the expectations reflected in these forward looking statements are reasonable, undue reliance should not be placed on them because Xiana can give no assurance that they will prove to be correct. Since forward looking statements address future events and conditions, whether actual results, performance or achievements will conform to the Company's expectations and predictions is subject to a number of known and unknown risks, uncertainties, assumptions and other factors. There is no assurance that forward looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such forward looking statements. Accordingly, readers should not place undue reliance on forward looking statements. The forward looking statements contained in this press release are made as of the date hereof and Xiana undertakes no obligations to update publicly or revise any forward looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

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