Pima Zinc Corp. Announces Change of Management and Update on Audited Financial Statements

Toronto, Ontario--(Newsfile Corp. - April 28, 2020) - Pima Zinc Corp. (OTC Pink: RAEWF) (the "Company"), is pleased to announce the appointment of new directors to the board and the appointment of a new executive management team for the Company. The new team is comprised of Daniel Nauth and David MacMillan, as directors of the Company, Albert Contardi as Chief Executive Officer and director of the Company and Mr. Arvin Ramos as Chief Financial Officer.

In connection with the foregoing, the Company announces the resignation of John Dyer as Chief Financial Officer and Director of the Company, Brian Stecyk as Chief Executive Officer and Directors and the resignation of Conan Taylor as a Director of the Company. The Board of Directors and management would like to thank Messrs. Dyer, Taylor and Stecyk for their contributions to the Company and wish them every success in their future endeavors.

About the New Management Team and Directors

Brief biographies of the members of the newly appointed Board of Directors and management team of the Company are as follows:

Daniel Nauth, Director - Mr. Daniel Nauth practices U.S. securities and corporate law and advises both public and private issuers on U.S.-Canada cross border capital markets, M&A and corporate/securities transactions and regulatory compliance. Mr. Nauth holds a J.D. from Queen's University and a Bachelor of Arts (Hons.) from York University. Mr. Nauth is a licensed Foreign Legal Consultant in the Province of Ontario. Mr. Nauth has extensive advisory experience in a range of industries, including mining and oil/gas, emerging biopharmaceutical and medical devices, medicinal cannabis, cryptocurrencies and blockchain technology.

David MacMillan, Director - David Macmillan is an entrepreneur with extensive experience building start-ups using public markets across multiple industries. Mr. MacMillan holds an MSc in International Economics from the University of Glasgow, where he graduated first in his class. He also holds a BA in economics from McGill University and is a CFA® charterholder.

Albert Contardi, Chief Executive Officer and Director - Mr. Contardi is a consultant/adviser with over 15 years of legal, investment and capital markets experience. He is currently President of Generic Capital Corporation, a Toronto-based EMD finance firm. Mr. Contardi's expertise involves advising and structuring corporate finance transactions in the mining, tech and bio-tech sectors to maximize the value of projects/assets. He has been called to the Ontario Bar and is a graduate of Queen's University Law School.

Arvin Ramos, Chief Financial Officer - Mr. Arvin Ramos holds a degree in commerce and a member of the Chartered Professional Accountants of Ontario. Mr. Ramos has over 17 years of business experience, having supported a broad range of industries, including mining, technology and banking. Mr. Ramos serves as CFO of several junior mining companies.

In addition, the Company intends to participate in the blanket relief program announced on March 18, 2020 (the "Blanket Order") by the Canadian Securities Administrators (the "CSA") extending deadlines to file financial statements and Management Discussion and Analysis ("MD&A"), the Company confirms that is relying on the relief therein in respect of its annual 2019 financial statements and MD&A, which it expects to file by the end of May. Until the Company has filed such financial Statements and MD&A, insiders of the Company are subject to the Company's share trading and black-out policy.

Other than as previously disclosed by the Company, there have been no material business developments since the date of the interim financial statements that were filed on November 29, 2019

About Pima Zinc Corp.

Pima Zinc Corp. is a Cayman Island based exploration company listed on the OTC Market (OTC Pink: RAEWF) and is focused on zinc exploration and development.

For further information, please contact:

Arvin Ramos
Chief Financial Officer
aramos@resourcesgroup.ca

This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.

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