Hornby Bay Announces Closing of Royalty Sale

Toronto, Ontario--(Newsfile Corp. - February 7, 2020) - Hornby Bay Mineral Exploration Ltd. (TSXV: HBE) (the "Company") announces that, further to its press release of January 30, 2020, it has completed the sale of its 5% net smelter return royalty (the "Royalty") on the Copper Mountain mine located in southern British Columbia near the town of Princeton. The Company received the initial cash payment of $2,500,000 from Copper Mountain Mine (BC) Ltd. and a promissory note in the amount of $2,500,000, representing the balance of the $5,000,000 purchase price, which is due on February 1, 2021.

FOR FURTHER INFORMATION, PLEASE CONTACT:

Arvin Ramos, Chief Financial Officer
Tel: (416) 271-3877

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.

This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/52226