Anacortes Mining Announces Termination of Option Agreements with MBM, Transfer of Surface Rights and Drill Core Associated with the Tres Cruces Project

Vancouver, British Columbia--(Newsfile Corp. - October 19, 2021) - Anacortes Mining Corp. (TSXV: XYZ) ("Anacortes" or the "Company") is pleased to announce that it has resolved all outstanding issues with Minera Boroo Misquichilca SA (formerly Minera Barrick Misquichilca) ("MBM") and completed the transfer of ownership of surface rights, drill core and all related data associated with its 100% owned Tres Cruces project located in north-Central Peru, approximately 10 kms south of Barrick's past-producing Lagunas Norte operation. As a result, MBM has no further rights related to Tres Cruces.

Mr. Jim Currie, CEO of Anacortes states, "This is an important step in advancing the Tres Cruces project as now all mineral claims, surface rights, core, reverse circulation pulps and rejects as well as the entire exploration data base are completely under the ownership of Anacortes. This will allow us to move forward with the planning of a drill program aimed at providing further information for the Feasibility Study on the oxide resource at Tres Cruces, while further exploring the high-grade gold discovered at depth, not included in initial resource estimates."

Pursuant to a Share Purchase Option and Joint Participation Agreement (the "Option Agreement") dated May 31, 2002, Anacortes subsidiary, New Oroperu Resources Inc. ("New Oroperu") granted an option (the "Option") to MBM to earn up to 70% of the equity in Aurifera Tres Cruces S.A. ("ATC"), a New Oroperu (now an Anacortes) subsidiary, by, among other things, conducting exploration activities on the Tres Cruces gold project owned by ATC. In 2006, in order to enable MBM to conduct exploration activities on the Tres Cruces, ATC assigned the project to MBM pursuant to the terms of a Mining Assignment Agreement dated December 18, 2006 (the "Mining Assignment Agreement").

Under the terms of the Option Agreement, MBM was required to make a production decision in respect of the Tres Cruces project on or before December 31, 2020 and if it did not do so, New Oroperu had the right to terminate the Option Agreement and the Option. Similarly, the Mining Assignment Agreement expired by its terms on December 31, 2020. The Mining Assignment Agreement further provided that promptly following expiration, MBM would assign to ATC any surface/access rights to the Tres Cruces project acquired by MBM during the term of the Mining Assignment Agreement for a purchase price equal to the book value of those surface rights.

MBM did not make a production decision in respect of the Tres Cruces project on or before December 31, 2020. On October 18, 2021, following acquisition of New Oroperu by Anacortes Mining Corp., MBM, Anacortes and its subsidiaries (including ATC) confirmed that the Option Agreement, the Option, and the Mining Assignment Agreement have been terminated and MBM has transferred to ATC the surface/access rights to the Tres Cruces project in exchange for payment to MBM of the sum of US$1,620,709.

Tres Cruces is one the highest-grade, undeveloped gold oxide deposits globally with a leachable gold resource of 630,000 ounces grading 1.3 g/t contained within a larger indicated gold resource of 2,474,000 ounces grading 1.65 grams per tonne gold and an inferred resource of 104,000 ounces grading 1.26 g/t gold.

Tres Cruces is strategically located in a highly prospective geological belt that hosts such significant gold deposits as Yanacocha, Lagunas Norte and Pierina.

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On Behalf of the Board:

Jim Currie
President & CEO

Investor Relations Contact:

Kin Communications Inc.
Victor Ostlund

About Anacortes

Anacortes is a new growth-oriented gold company in the Americas, which owns a 100-per-cent interest in the Tres Cruces gold project located in Peru. Anacortes is well capitalized and intends initially to aggressively advance the oxide resource at Tres Cruces through feasibility and to production under a heap leach open-pit scenario. Additionally, Anacortes will continue to seek further growth opportunities in the Americas, with the goal of creating the next mid-tier multi asset gold producer.

Cautionary Statement on Forward-Looking Information

This news release contains forward-looking statements which constitute "forward-looking information" within the meaning of applicable Canadian securities legislation ("Forward-looking Statements"). All statements included herein, other than statements of historical fact, are Forward-looking Statements and are subject to a variety of known and unknown risks and uncertainties which could cause actual events or results to differ materially from those reflected in the Forward-looking Statements.

The Forward-looking Statements in this news release may include, without limitation, statements about the the services to be provided to the Company by Kin and ITG and the Company's plans to aggressively advance Tres Cruces through feasibility and to production. Often, but not always, these Forward-looking Statements can be identified by the use of words such as "anticipated", "estimated", "potential", "open", "future", "assumed", "projected", "used", "detailed", "has been", "gain", "planned", "reflecting", "will", "anticipated", "estimated" "containing", "remaining", "to be", or statements that events, "could" or "should" occur or be achieved and similar expressions, including negative variations.

Forward-looking Statements involve known and unknown risks, uncertainties and other factors, many of which are beyond the ability of the Company to control or predict and which may cause actual results, performance or achievements to be materially different from any results, performance or achievements expressed or implied by the Forward-looking Statements. These risks include changes in general economic conditions and financial markets; political risks; risks relating to the current and potential adverse impacts of the COVID-19 pandemic on the economy, financial markets and the Company's operations; and risks inherent in mineral exploration. Although Forward-looking Statements contained in this news release are based upon what each of the parties believe are reasonable assumptions at the time they were made, such statements are made as of the date hereof and the Company disclaims any obligation to update any Forward-looking Statements, whether as a result of new information, future events or results or otherwise, except as required by law. There can be no assurance that these Forward-looking Statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader should not place undue reliance on Forward-looking Statements.

The TSXV has in no way approved or disapproved of the contents of this press release.

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