Atlantic Industrial Minerals Announces Delay to Filing Financial Statements Caused By COVID-19

Bedford, Nova Scotia--(Newsfile Corp. - June 10, 2020) - Atlantic Industrial Minerals Incorporation (TSXV: ANL.H) (the "Company") wishes to provide an update with respect to the filing of: (i) its audited annual financial statements for the year end February 28, 2020 and the related management discussion and analysis ("MD&A") and (ii) its interim financial statements and related MD&A with respect to the interim period ended May 31, 2020. The Company will invoke the Nova Scotia Securities Commission blanket order No. 51-512 (the "Blanket Order") extending deadlines to file financial statements and related MD&A's. The Company is relying on the relief therein for its audited financial statements for the year end February 28, 2020, as required by Section 4.2 of National Instrument 51-102, the interim financial period ended May 31, 2020, as required by Section 4.3 of National Instrument 51-102 and the related MD&A as required by section 5.1(2) of National Instrument 51-102.

The Company estimates that the audited financial statements and the related MD&A for the year end February 28, 2020, will be filed no later than July 31, 2020, and the interim financial statements and the related MD&A for the interim period ended May 31, 2020, will be filed no later than August 14, 2020.

Until the financial statements and related MD&A's are filed, management and other insiders of the Company are subject to a trading black-out policy that reflects the principles of section 9 of National Policy 11-207 Failure-to-File Cease Trade Orders and Revocations in Multiple Jurisdictions.

Other than as previously disclosed by the Company, there have been no material business developments since the date of the interim financial stated for the interim period ended November 30, 2019 that were filed on January 27, 2020.

For more information, please contact:

J. Francois Lalonde
Chief Executive Officer
Tel: (905) 832-5555
Email: lalondejf@atrlanticindustrialminerals.ca

This press release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address future exploration drilling, exploration activities and events or developments that the Company expects, are forward looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions.

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.

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