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2016-10-25

FILO MINING ANNOUNCES CDN $20 MILLION PRIVATE PLACEMENT

ES CDN $20 MILLION PRIVATE PLACEMENT

October 25, 2016: Filo Mining Corporation (TSX-V: FIL) (NASDAQ First North:
FIL) (“Filo Mining” or the “Company”) is pleased to announce that it intends to
sell on a non-brokered, private placement basis, an aggregate of up to 10
million common shares (the “Common Shares”) at a price of $2.00 per Common
Share for gross proceeds of up to Cdn $20 million (the “Private Placement”).

A 4.00% finders’ fee may be payable on all or a portion of the Private
Placement.

The Common Shares will be offered by way of prospectus exemptions in Canada and
the Common Shares sold in the Private Placement will be subject to a hold
period of four months plus one day. In connection with the Private Placement,
it is anticipated that shareholders who are currently insiders of the Company
will complete a share swap whereby such insider shareholders will sell Common
Shares from their holdings and intend to subscribe for a corresponding number
of Common Shares under the Private Placement.

Completion of the Private Placement will be subject to regulatory approval,
including the approval of the TSX Venture Exchange, and certain other customary
conditions including, but not limited to, execution of subscription agreements
between the Company and the subscribers.

Net proceeds of the Private Placement will be used towards ongoing work
programs in Chile and Argentina as well as for general corporate purposes.

The issuance of Common Shares to insiders constitutes a “related party
transaction”, as defined under Multilateral Instrument 61-101 (“MI 61-101”).
The transactions will be exempt from the formal valuation and minority
shareholder approval requirements of MI 61-101 as neither the fair market value
of any Common Shares issued to nor the consideration paid by such persons would
exceed 25% of the Company’s market capitalization.

This news release does not constitute an offer to sell or a solicitation of an
offer to buy the securities described herein in the U.S., or in any
jurisdiction in which such an offer or sale would be unlawful. The securities
described herein have not been and will not be registered under the U.S.
Securities Act of 1933, as amended, or any U.S. state securities laws and may
not be offered or sold in the U.S. or to the account or benefit of a U.S.
person or a person in the U.S. absent registration or an applicable exemption
from the registration requirements.

About Filo del Sol

Filo Mining is a Canadian mineral exploration company which holds a 100%
interest in the Filo del Sol Project on the border of Argentina's San Juan
Province and Chile's adjacent Region III. Filo Mining is listed on the TSX-V
and Nasdaq First North Exchange under the trading symbol "FIL". Built on a
foundation of experienced management and focused on advancing exploration
projects in Chile and Argentina, Filo Mining is well positioned to build
shareholder value through discovery and resource development.

This information is information that Filo Mining Corp. is obliged to make
public pursuant to the EU Market Abuse Regulation. This information was
submitted for publication, through the agency of the contact person set out
below, on October 25, 2016 at 2:00 a.m. Toronto Time.

On behalf of the board of directors of Filo Mining,

Wojtek Wodzicki,
President and CEO,
Filo Mining Ltd.

Cautionary Note Regarding Forward-Looking Statements-

Certain statements made and information contained herein in the press release
constitutes “forward-looking information” and “forward-looking statements”
within the meaning of applicable securities legislation (collectively,
“forward-looking information”). The forward-looking information contained in
this press release is based on information available to the Company as of the
date of this press release. Except as required under applicable securities
legislation, the Company does not intend, and does not assume any obligation,
to update this forward looking information. Generally, this forward-looking
information can frequently, but not always, be identified by use of
forward-looking terminology such as "plans", "expects" or "does not expect",
"is expected", "budget", "scheduled", "estimates", "forecasts", "intends",
"anticipates" or "does not anticipate", or "believes", or variations of such
words and phrases or statements that certain actions, events, conditions or
results “will”, "may", "could", "would", "might" or "will be taken", "occur" or
"be achieved" or the negative connotations thereof.

All statements other than statements of historical fact may be forward-looking
statements. Forward-looking information is necessarily based on estimates and
assumptions that are inherently subject to known and unknown risks,
uncertainties and other factors that may cause the actual results, level of
activity, performance or achievements of the Company to be materially different
from those expressed or implied by such forward-looking information, including
but not limited to: risks and uncertainties relating to, among other things,
receipt of the required approvals, insider participation in the Private
Placement, the inherent uncertainties regarding cost estimates, changes in
commodity prices, currency fluctuation, financing, unanticipated resource
grades, infrastructure, results of exploration activities, cost overruns,
availability of materials and equipment, timeliness of government approvals,
taxation, political risk and related economic risk and unanticipated
environmental impact on operations, as well as other risks uncertainties and
other factors, which may cause the actual results, level of activity,
performance or achievements of the Company to be materially different from
those expressed or implied by such forward-looking information.

The Company believes that the expectations reflected in the forward-looking
statements and information included in this press release are reasonable but no
assurance can be given that these expectations will prove to be correct and
such forward-looking statements and information should not be unduly relied
upon. This statement and information speaks as of the date of the press
release. In particular, this press release contains forward-looking statements
or information statements with respect to the closing of the Private Placement,
the insider participation in the Private Placement, the use of proceeds from
the Private Placement, the success of future exploration activities; ability to
build shareholder value through discovery and resource development; and other
risks and uncertainties.

Forward-looking information is based on certain assumptions that the Company
believes are reasonable, including that the current price of and demand for
commodities will be sustained or will improve, the supply of commodities will
remain stable, that the general business and economic conditions will not
change in a material adverse manner, that financing will be available if and
when needed on reasonable terms and that the Company will not experience any
material labour dispute, accident, or failure of plant or equipment. These
factors are not, and should not be construed as being, exhaustive. Although the
Company has attempted to identify important factors that would cause actual
results to differ materially from those contained in forward-looking
information, there may be other factors that cause results not to be as
anticipated, estimated, or intended. There can be no assurance that such
statements will prove to be accurate, as actual results and future events could
differ materially from those anticipated in such statements. All of the
forward-looking information contained in this document is qualified by these
cautionary statements. Readers are cautioned not to place undue reliance on
forward-looking information due to the inherent uncertainty thereof.

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 news release.

For further information, please contact: Sophia Shane, Investor
Relations (604) 689-7842.

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