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2016-11-16

FILO MINING CLOSES CDN $20 MILLION PRIVATE PLACEMENT

N $20 MILLION PRIVATE PLACEMENT

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES

November 16, 2016: Filo Mining Corp. (TSX-V:FIL)(Nasdaq First North:FIL) ("Filo
Mining" or the "Company") is pleased to report that it has closed its
previously announced private placement.

The Company sold an aggregate of 10,000,000 common shares (the "Common Shares")
at a price of CAD $2.00 per Common Share for gross proceeds of CAD $20 million
on a private placement basis to Canadian and international investors (the
"Private Placement"). A finders' fee of 4.00% was paid in connection with a
portion of the Private Placement.

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

Three insiders of the Company, directly or indirectly, purchased a total of
4,450,000 Common Shares under the Private Placement (the "Insider
Participation"), constituting a "related party transaction" as defined under
Multilateral Instrument 61-101 ("MI 61-101"). These transactions are exempt
from the formal valuation and minority shareholder approval requirements of MI
61-101 by virtue of the exemptions contained in Sections 5.5(a) and 5.7(1)(a)
of MI 61-101 based on the fact that neither the fair market value of any Common
Shares issued to nor the consideration paid by such persons exceeds 25% of the
Company's market capitalization.

All securities issued in respect of the Private Placement are subject to a
four-month hold period under applicable securities law.

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". Pareto
Securities AB is the Company's Certified Adviser on Nasdaq First North. 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 November 16, 2016 at 1:00 p.m. Vancouver Time.

On behalf of the board of directors of Filo Mining,

Wojtek Wodzicki

President and CEO

Filo Mining Corp.

For further information, please contact:

Sophia Shane

Corporate Development

Ph. +1 604 689 7842 or sophias@namdo.com

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,
the use of proceeds, 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.

Författare SSE

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