Amended: Palisade Global Investments Ltd. Provides Lead Order for Montan Mining $500,000 Non-Brokered Private Placement

• -Montan Mining raising $500,000 through $0.10 unit placement with lead $250,000 investment from Palisade Global Investments Ltd.

  -Majority of proceeds will go to advancing ongoing on-site due diligence at the rey salomon mine.

Vancouver, BC / TheNewswire / August 2nd, 2016 - Montan Mining Corp. (TSXv: MNY | FSE: S5GM | SSE: MNYC) ("Montan" or the "Company") is pleased to announce that the company has arranged a non-brokered unit financing for gross proceeds of $500,000 with units to be issued at $0.10 per unit. Each unit will comprise one share and one share purchase warrant. Each warrant will permit the holder to acquire one additional share at a price of $0.15 for a period of 24 months after closing. The financing is subject to TSX Venture Exchange approval.

Palisade Global Investments Limited is providing the lead $250,000 order for the financing.

"We are thrilled with the innovative support and and leadership being provided to our acquisition initiative by Palisade Global Investments. Palisade's Merchant Banking team has been our trusted advisor in the Cerro Dorado ("CD") potential acquisition from inception, commencing with an introduction to the vendors and now continuing with a lead order for this critical financing", stated Luis F. Zapata, Executive Chairman.

"We could not be more pleased with this potentially transformational acquisition, especially with the surging precious metals market. The Montan management team deserves full recognition for their hard-work, persistence, and dedication", Stated Sean Zubick, Co-Founder, Palisade Global Investments

Approximately $200,000 of the financing proceeds will be spent on the company's active due diligence at the Rey Salomon mine in Arequipa, Peru; $75,000 on direct property costs and $50,000 on CD operating expenses throughout the due diligence process (approx. three months). The balance will be spent on marketing and general working capital.

Finders' fees on the private placement may be paid in accordance with TSX Venture Exchange policies.

Closing of the CD transaction with Chazel Capital remains conditional upon TSX Venture Exchange approval.

Options Re-Price and Issuance

As per the resolution of shareholders passed at the Company AGM on July 5th, 2016, the company was granted approval to re-price certain pre-existing options at a level of $0.07 or above. On Friday, July 29th, 2016 the Board resolved to re-price 1,125,000 existing employee Stock Options at $0.10. The Board also resolved to price and assign to certain directors and employees of the company a further 2,275,000 Stock Options at $0.10, and to price 300,000 Stock Options at $0.10 for assignment in the very near term.

About Palisade Global Investments Ltd.

Palisade Global Investments Ltd. is an offshore merchant banking group, specializing in high growth, small cap investments. Through their global network of private equity groups, fund managers, high networth and retail investors, Palisade is able to create strategic relationships to drive increased liquidity and source financing.

The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 and reviewed on behalf of the company by Ms. Jenna Hardy, M.Sc., P.Geo., of Nimbus Management Ltd., a Qualified Person.

On behalf of the Board of Montan.

Ian Graham

CEO and Director

Tel: +1.604.671.1353

Email: igraham@montanmining.ca

About Montan Mining Corp.

Montan is backed by an experienced and high-energy management team with diverse technical, market and finance strengths and expertise and is supported by committed and sophisticated investors focused on building value for the long term. The Company is engaged in the acquisition of an operational gold mine and operation ready CIP gold plant in the southern Peruvian mining district of Caraveli under a a Term Sheet with Chazel Capital Inc. ("Chazel") for the purchase, by Montan, of the Peruvian Company Cerro Dorado SAC ("CD") from Chazel. Montan will acquire 100% of CD in an all-share deal with Chazel, (refer the News Release of 14th July, 2016) and assumption of operating expenses during a period of continued due diligence that commenced on on July 25th, 2016 (refer News Release of July 26th, 2016 ).

For more information, please visit the corporate website at http://www.montanmining.ca or contact:

Investor Contact:

Luis F. Zapata

Executive Chairman

Email: lzapata@montanmining.ca

Tel: +1-604-358-1382

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.

Forward-Looking Statements Certain statements in this press release are forward-looking statements within the meaning of applicable securities laws. Forward-looking statements in this press release include reference to releases of July 14th and July 26th announcing that Montan will acquire the Peruvian Cerro Dorado mine from Chazel Capital; these release state that we can rapidly finance to free cash flow and become a producing miner before year-end; and the implied outlook that this transaction can be a springboard for growth and create shareholder value. New forward looking statements in this release are that we will commence an arranged financing at a rpice of ten cents per unit.. Such forward-looking statements and information are subject to risks, uncertainties and other factors which may cause our actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statement. Specific risks included that we may not be able to complete the announced financing, or to finance our intended acquisition and we may not obtain regulatory approval.

The Cerro Dorado assets have not been the subject of a feasibility study and as such there is no certainty that the mine or the mill will be able to produce a commercially marketable product. There is a significant risk that any production efforts from the project will not be profitable with these risks elevated by the absence of a defined NI 43-101 compliant resource and economic study. The Company's reliance on historic production and third party gold recovery statistics is necessary under the circumstances, but is not compliant with NI 43-101 reporting standards. There are increased risks and uncertainty in making a production decision without such a study and a historically higher rate of failure for production decisions not based on a feasibility study. The Company is instituting a significant sampling program to try to mitigate these risks: however, these data will not lead to a compliant resource and economic study. General risks inherent in the Project include the reliance on available data and assumptions and judgments used in the interpretation of such data, the speculative and uncertain nature of exploration and development, exploration and development costs, capital requirements and the ability to obtain financing, volatility of global and local economic climates, share price volatility, estimate price volatility, changes in equity markets, increases in costs, exchange rate fluctuations and other risks involved in the mineral exploration and development industry. There can be no assurance that a forward-looking statement or information referenced herein will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements or information. Also, many of the factors are beyond our control. Accordingly, readers should not place undue reliance on forward-looking statements or information. We undertake no obligation to reissue or update any forward-looking statements or information except as required by law.

Copyright (c) 2016 TheNewswire - All rights reserved.