Micromem Announces Interwell Tracer Project Formal Approval Received

Toronto, Ontario and New York, New York--(Newsfile Corp. - April 4, 2016) - Micromem Technologies Inc. (CSE: MRM) (OTCQX: MMTIF) ("Micromem") ("the Company") through its wholly owned subsidiary, Micromem Applied Sensor Technologies Inc. (MAST), is pleased to announce that formal approval to begin work on the field deployment phase has been received. A manufacturing partner has been selected by Micromem to begin working with the Company on production of Interwell Tracer field evaluation units that will be delivered to the American oil company partner (the "Partner"). An initial deposit of $200,000 US will be provided by the Partner to fund the preliminary work. The work being done includes planning for a multi-phase, multi-year roll out. Details of roll out schedules and final volumes will be released as they are available.

Steven Van Fleet says: "With 8,000-10,000 of these interwell tracer studies currently done each year the market opportunities not just for the field unit deployment but for cloud based data gathering and analysis will create a new base for efficiency and information turnaround."

Joseph Fuda says: "In light of the many recent oil company cutbacks, Micromem is very pleased that this project has been green lighted to proceed. It demonstrates the value that this technology provides to our partner and to the industry as a whole. This technology is unique and will provide not just our partner but the oil industry a 21^st century smart system that will enhance well efficiency and operations bringing the internet of things into a new market space."

About Micromem and MASTInc
MASTInc is a wholly owned U.S.-based subsidiary of Micromem Technologies Inc., a publicly traded (OTCQX: MMTIF)  (CSE: MRM) company. MASTInc analyzes specific industry sectors to create intelligent game-changing applications that address unmet market needs. By leveraging its expertise and experience with sophisticated magnetic sensor applications, MASTInc successfully powers the development and implementation of innovative solutions for oil & gas, utilities, automotive, healthcare, government, information technology, manufacturing, and other industries. Visit www.micromeminc.com www.mastinc.com.

Safe Harbor Statement
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