CONE - Canada One Acquires Option to Earn up to 100% Interest in the Abitibi East Critical Minerals Project Northeast of Timmins Ontario

(TheNewswire)

Vancouver, BC - TheNewswire - October 18, 2023 - Canada One Mining Corp. (“Canada One” or the“Company”) (TSXV:CONE)(OTC:COMCF) (FSE:AU31) is pleased to announce it has enteredinto a definitive option agreement (the “ Transaction ”),dated October 16 th , 2023 with Global Genx Resources Ltd. (the“ Vendor ”) an arm’s length private company, pursuant to which theCompany will be granted the right to earn up to a 100% interest in theAbitibi East Critical Minerals and Nellie Properties (each a“ Property ” and collectively, the “ Properties ”)located 60 kilometres northeast of the Timmins Mining Camp,Ontario .

The Properties are located on the western end of theworld-class Abitibi greenstone belt, central to the Timmins MiningCamp (119 Moz Au and 337 Moz Ag historical production) ( digigeodata.com ), the Kidd CreekVolcanic Massive Sulphide (VMS) deposit (2.5 Mt Zn, Cu, Ag Proven andProbable) ( miningdataonline.com ), and the Alexo-Dundonald nickel deposit (1,254 kt Ni, Cu,Co Indicated) ( class1nickel.com ).

Mr. Peter Berdusco, President and CEOof Canada One commented: “These properties, central to the Timmins Camp, the Alexo-Dundonalddeposit and the Kidd Creek Mine, reaffirm our commitment of exploringcritical mineral projects in the premier mining belts of Canada.“

Abitibi East Highlights

• Poly-metallic criticalmineral property with additional base, precious metal potential (Ni,Cu, Pt, Pd, Au, Zn, Ag, and V)

• Centrally located to the Timmins Mining (Au) Camp(60kms), Alexo-Dundonald (Ni-Cu-Co) deposit (20kms), and the KiddCreek (Cu-Zn-Pb-Ag) operating mine (50kms)

• Abitibi East covers 8050 Ha on the western end of theprolific Abitibi greenstone belt

• No modern exploration since 1997. Past drilling hasidentified both VMS style and nickel mineralization

• Historical sampling and assaying did not sample forgold and other critical elements - modern multi-element techniques arerequired

NellieHighlights

• The Nellie project is located within the Abitibigreenstone belt east of Timmins within an area mapped as ultramaficrocks anomalous in nickel and copper

• The project was explored by Dominion Gulf in 1947 andwas drilled by Falconbridge in 1995, testing for copper

Transaction Terms

Under the terms of the Transaction, the Company will begranted the right to acquire a 51% interest in the Properties inconsideration for completing a series of cash and/or share paymentstotaling $230,000 and $1,500,000 in work expenditures over a two-yearterm as follows:

a. pay $30,000cash to the Vendor or issue and deliver to the Vendor such number ofcommon shares of the Company as is equal in value to $30,000, withinten (10) business days of closing;

b. pay anadditional $50,000 cash (total: $80,000) to the Vendor or issue anddeliver to the Vendor such additional number of common shares of theCompany as is equal in value to an additional $50,000 (total:$80,000), on or before the date that is one year from closing;

c. incur$500,000 of Expenditures on the Properties on or before November 15,2024;

d. pay anadditional $150,000 cash (total: $230,000) to the Vendor or issue anddeliver to the Vendor such additional number of common shares of theCompany as is equal in value to an additional $150,000 (total:$230,000), on or before the date that is two years from the closing;and

e. incur anadditional $1,000,000 (total: $1,500,000) of Expenditures on theProperties on or before November 15, 2025.

(the above being collectively referred to as the“ 51% Option Payments ”and, individually, a “ 51% OptionPayment ”).

Formation of Joint Venture

Upon completion of the 51% Option Payments a JointVenture shall be deemed formed with Canada One having a 51% legal andbeneficial interest in and to the Properties and the Vendor holdingthe balance.  Thereafter, Canada One will have the sole and exclusiveright and option (the “ 100%Option ”), to acquire the remaining 49%interest in and to the Properties, free and clear of all encumbrancesexcept for a 2% net smelter returns royalty (the “ Royalty ”) to beretained by the Vendor, of which one-half may be acquired by CanadaOne at any time through a one-time cash payment of $1,000,000 to theVendor.

Good Standing of 100% Option

To maintain the 100% Option in good standing, CanadaOne must:

(a)        pay an additional $500,000 cash (total:$730,000) to the Vendor or issue and deliver to the Vendor suchadditional number of common shares of the Company as is equal in value to $500,000 (total: $730,000),on or before the date that is three years from the closing;

(b)        incur an additional $1,000,000 (total:$2,500,000) of Expenditures on the Properties on or before November15, 2026; and

(c)        grant to the Vendor the Royalty.

(the above being collectively referred to as the“ 100% Option Payments ”and, individually, a “ 100% OptionPayment ”).

After the completion of the 100% Option Payments theProperties will be owned 100% by the Company subject to the Royaltyand an ongoing annual advance royalty payment of $100,000 per yearstarting on the fourth anniversary of closing and running until aproduction decision is announced.

The form of payment of the share or cash payments willbe at the discretion of the Company if the closing price of the sharesfive business days before the applicable payment date is equal to orabove $0.25, and the form of payment of the shares or cash paymentswill be at the discretion of the Vendor if the closing price of theshares five business days before the Anniversary Date is below $0.25. In each case,the applicable deemed issue price will be determined based on theclosing price of the common shares of the Company on the TSX VentureExchange on the date which is five business days prior to eachAnniversary Date, subject to a minimum deemed issue price of $0.05 pershare. All shares issued to the Vendor will be subject to a statutoryhold period in accordance with applicable securities laws.

Closing of the Transaction

Closing of the Transaction remains subject to a numberof conditions, including the completion of any necessary financing,the approval of the TSX Venture Exchange and the satisfaction of otherclosing conditions customary in transactions of this nature.

The Transaction cannot close until the requiredapprovals are obtained, and the outstanding conditions satisfied.There can be no assurance that the Transaction will be completed asproposed or at all. No finders’ fees or commissions are payable inconnection with the Transaction.

Qualified Person

The technical information contained in this newsrelease has been reviewed and approved by Freeman Smith, P.Geo., aQualified Person for the purposes of National Instrument43-101.

Contact Us

For further information, interested parties areencouraged to visit the Company’s website atCandaonemining.com, or contact the Company by email at ir@strategixir.com , or by phone at 1.877.844.4661.

On behalf of the Board of Directors of

CANADA ONE MINING CORP.

Peter Berdusco

President and Chief Executive Officer

Forward-LookingStatements

This press release includes certain"forward-looking information" and "forward-lookingstatements" (collectively "forward-looking statements")within the meaning of applicable Canadian securities legislation. Allstatements, other than statements of historical fact, included herein,without limitation, statements relating to the future operating orfinancial performance of the Company, are forward looking statements.Forward-looking statements are frequently, but not always, identifiedby words such as "expects", "anticipates","believes", "intends", "estimates","potential", "possible", and similar expressions,or statements that events, conditions, or results "will","may", "could", or "should" occur or beachieved. Forward-looking statements in this press release relate to,among other things: statements relating to the completion of theTransaction and receipt of any required regulatory approvals. Actualfuture results may differ materially. There can be no assurance thatsuch statements will prove to be accurate, and actual results andfuture events could differ materially from those anticipated in suchstatements. Forward looking statements reflect the beliefs, opinionsand projections on the date the statements are made and are based upona number of assumptions and estimates that, while consideredreasonable by the respective parties, are inherently subject tosignificant business, technical, economic, and competitiveuncertainties and contingencies. Many factors, both known and unknown,could cause actual results, performance or achievements to bematerially different from the results, performance or achievementsthat are or may be expressed or implied by such forward-lookingstatements and the parties have made assumptions and estimates basedon or related to many of these factors. Such factors include, withoutlimitation: the timing, completion and delivery of the referencedassessments and analysis. Readers should not place undue reliance onthe forward-looking statements and information contained in this newsrelease concerning these times. Except as required by law, the Companydoes not assume any obligation to update the forward-lookingstatements of beliefs, opinions, projections, or other factors, shouldthey change, except as required by law.

TSX Venture Exchange Disclaimer

Neither the TSX Venture Exchange norits Regulation Services Provider (as that term is defined in thepolicies of the TSX Venture Exchange) accepts responsibility for theadequacy or accuracy of this release .

Copyright (c) 2023 TheNewswire - All rights reserved.