Anacortes Mining Provides Update on Tres Cruces Drilling Program

As part of the previously announced 3,000 to 4,000 initial drill program at Tres Cruces, drilling contractor, Remicsa Drilling S.A. ("Redrilsa"), has completed four drill holes totalling 860.1 meters as summarized in the table below.

Of note, hole ATC-501, designed to twin historical hole RTC 255 and test sulphides at depth, continued for a total depth of 496.3 meters, considerably deeper than any hole drilled to date on the project.

As discussed in previous news releases, the drilling program has been designed to support a Feasibility Study on the Tres Cruces Oxide Project as well as to test the depth potential of the underlying sulphides, where many holes drilled by previous operator Barrick, ended in promising gold and silver mineralization.

To view a summary of select historical holes that ended in mineralization, see Appendix 1 in the Company's investor presentation here: Anacortes Mining Investor Presentation.

The drilling program is being managed by personnel from the Company's 100%-owned Peruvian subsidiary, Aurifera Tres Cruces S.A. ("ATC"). Robust QA/QC protocols are in place and are followed by ATC.

The core has been shipped to ATC's warehouse in Trujillo for logging, cutting and preparation for shipment to ALS Global's Peruvian subsidiary, ALS Perú S.A, in Lima for assay.

The Company expects to receive assays from these initial holes in the coming weeks and will report those assays when they are available.

Qualified Person

The technical content of this news release has been reviewed and validated by James ("Jim") Currie, P. Eng., a qualified person as that term is defined in National Instrument 43-101. Mr. Currie is the President and CEO of Anacortes Mining Corp.

About Anacortes

Anacortes is a new growth-oriented gold company in the Americas, which owns a 100-per-cent interest in the Tres Cruces gold project located in Peru. Phase I of Tres Cruces will be the development of the oxide resource which was the subject of a recently released PEA indicating a robust open-pit, heap leach project. Phase II at Tres Cruces will focus on exploring the deeper sulphide resource which has considerable potential. Anacortes is well-capitalized and intends to aggressively pursue its goal of becoming a mid-tier gold producer in the Americas.

For more information visit: www.anacortesmining.com
Twitter: @anacortesmining
LinkedIn: Anacortes Mining

On Behalf of the Board:

James A. (Jim) Currie
President & CEO

Investor Relations Contact:

Kin Communications Inc.
604-684-6730
XYZ@kincommunications.com

Cautionary Statement on Forward-Looking Information

This news release contains forward-looking statements which constitute "forward-looking information" within the meaning of applicable Canadian securities legislation ("Forward-looking Statements"). All statements included herein, other than statements of historical fact, are Forward-looking Statements and are subject to a variety of known and unknown risks and uncertainties which could cause actual events or results to differ materially from those reflected in the Forward-looking Statements.

The Forward-looking Statements in this news release may include, without limitation, statements about the Company's belief that Tres Cruces has exceptional exploration potential at depth, its intent to aggressively advance the development of the oxide resource, its expectation that its proposed drill program can test the extent of the deposit and increase confidence in the resource, the design of the project as contemplated in the PEA, the Company's plans to conduct an extensive metallurgical program during 2022 and its expectation that such a program would confirm recovery and, finally, the Company's intent to aggressively advance Tres Cruces through feasibility and to production under a heap leach open-pit scenario. Often, but not always, these Forward-looking Statements can be identified by the use of words such as "anticipated", "estimated", "potential", "open", "future", "assumed", "projected", "used", "detailed", "has been", "gain", "planned", "reflecting", "will", "anticipated", "estimated" "containing", "remaining", "to be", or statements that events, "could" or "should" occur or be achieved and similar expressions, including negative variations.

Forward-looking Statements involve known and unknown risks, uncertainties and other factors, many of which are beyond the ability of the Company to control or predict and which may cause actual results, performance or achievements to be materially different from any results, performance or achievements expressed or implied by the Forward-looking Statements. These risks include changes in general economic conditions and financial markets; political risks; risks relating to the current and potential adverse impacts of the COVID-19 pandemic on the economy, financial markets and the Company's operations; and risks inherent in mineral exploration and development. Although Forward-looking Statements contained in this news release are based upon what each of the parties believe are reasonable assumptions at the time they were made, such statements are made as of the date hereof and the Company disclaims any obligation to update any Forward-looking Statements, whether as a result of new information, future events or results or otherwise, except as required by law. There can be no assurance that these Forward-looking Statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader should not place undue reliance on Forward-looking Statements.

The TSXV has in no way approved or disapproved of the contents of this press release.