Eskay Mining Closes $13.8 Million Brokered Private Placement

TORONTO, December 14, 2020 - Eskay Mining Corp. ("Eskay" or the "Company") (TSXV:ESK)(OTCQB:ESKYF)(FSE:KN7)(WKN:A0YDPM) is pleased to announce that it has closed the brokered private placement offering previously announced on November 20, 2020 and November 26, 2020 and has issued an aggregate of 1,214,100 units of the Company (the "Units") at a price of $0.90 per Unit (the "Unit Issue Price"), 2,904,700 flow-through shares of the Company (the "FT Shares") at a price of $1.05 per FT Share and 9,657,000 flow-through units of the Company (the "FT Units", and with the Units and FT Shares collectively, the "Offered Securities") at a price of $1.25 per FT Unit for aggregate gross proceeds of $13,799,625 (the "Offering"). The Offering was led by Echelon Wealth Partners Inc. and Eight Capital as co-lead agents (the "Agents").

"Strong demand for Eskay's financing illustrates the excitement behind our recent discovery of multiple precious metal rich VMS systems across our very large land holding in the Golden Triangle," commented Dr. Quinton Hennigh, Director of and Technical Advisor to Eskay Mining. "These funds ensure our ability to undertake an aggressive, +30,000 m diamond drill program in 2021. Next year's program will focus on three objectives: 1) infill and step-out drilling at the 5 km long TV-Jeff VMS trend, 2) infill and step-out drilling at the 3 km long SIB-Lulu VMS system immediately adjacent to and on strike with Skeena Resources' Eskay Creek deposit, and 3) initial drill testing of up to a dozen newly identified high-priority targets across the property. Logistics and drill planning is currently underway with plans to commence drilling in June, 2021. We firmly believe that we are on the path to a significant precious metal rich VMS discovery and that next season's exploration program will prove to be one of the most exciting in Canada."

Each Unit and Each FT Unit consists of one common share of the Company and one-half of one common share purchase warrant (each whole warrant a "Warrant"), with each Warrant entitling the holder thereof to acquire one common share of the Company (a "Warrant Share") at a price $1.30 until December 11, 2022.

The Company had granted the Agents an option to purchase up to an additional 20% of the Offered Securities which was exercised by the Agents.

The net proceeds from the Offering will be used to fund the Company's exploration activities, and for general corporate purposes. The gross proceeds received by the Company from the sale of the FT Shares and FT Units will be used to incur Canadian Exploration Expenses ("CEE") that are "flow-through mining expenditures" (as such terms are defined in the Income Tax Act (Canada)) on the Company's properties in British Columbia, which will be renounced to the subscribers with an effective date no later than December 31, 2020, in the aggregate amount of not less than the total amount of the gross proceeds raised from the issue of FT Shares and FT Units.

The Agents were paid a cash commission of $737,977.50 and issued 582,789 compensation options (the "Compensation Options"). Each Compensation Option entitles the holder thereof to subscribe for one Unit at the Unit Issue Price until December 11, 2022.

All securities issued pursuant to the Offering are subject to a resale restriction expiring on April 12, 2021.

The securities to be offered pursuant to the Offering have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act") or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, United States persons absent registration or any applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About Eskay Mining Corp:
Eskay Mining Corp. (TSXV:ESK) is a TSX Venture Exchange listed company, headquartered in Toronto, Ontario. Eskay is an exploration company focused on the exploration and development of precious and base metals along the Eskay rift in a highly prolific region of northwestern British Columbia known as the "Golden Triangle", approximately 70km northwest of Stewart, BC. The Company currently holds mineral tenures in this area comprised of 177 claims (130,000 acres).

All material information on the Company may be found on its website at www.eskaymining.com and on SEDAR at www.sedar.com.

For further information, please contact:
Mac Balkam
President & Chief Executive Officer
T: 416 907 4020
E: Mac@eskaymining.com

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.

Forward-Looking Statements:
This Press Release contains forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. When used in this document, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions are intended to identify forward-looking statements. Such statements reflect our current views with respect to future events and are subject to risks and uncertainties. Many factors could cause our actual results to differ materially from the statements made, including those factors discussed in filings made by us with the Canadian securities regulatory authorities. Should one or more of these risks and uncertainties, such as actual results of current exploration programs, the general risks associated with the mining industry, the price of gold and other metals, currency and interest rate fluctuations, increased competition and general economic and market factors, occur or should assumptions underlying the forward looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, or expected. We do not intend and do not assume any obligation to update these forward-looking statements, except as required by law. Shareholders are cautioned not to put undue reliance on such forward-looking statements.

SOURCE: Eskay Mining Corp.