Muzhu Amends XWG Option Agreement

NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR

DISSEMINATION IN THE UNITED STATES

MUZHU MINING AMENDS OPTION AGREEMENT FOR

XIAO WA GOU MINING PROPERTY, HENAN PROVINCE CHINA

November 29, 2023 - Vancouver, B.C.; Muzhu Mining Ltd., (CSE: MUZU) (“Muzhu”

or the “Company”) is pleased to announce that it has entered into an amendment to

the Option Agreement with Lingbao Yida Mining Co., Ltd., previously announced on

November 23, 2021.

Under the Option Agreement and the Amendment Agreement, Muzhu Mining Ltd., can

earn up to an 80% interest in the Xiao Wa Gou (XWG) mining property by incurring $3

million in exploration and expenditures on the property over a 3-year period while also

issuing three million seven hundred and fifty thousand (3,750,000) shares of Muzhu

Mining Ltd., to Lingbao Yida Mining Co., Ltd.

Under the terms of the Amendment to the Option Agreement, Muzhu Mining Ltd can

earn a 60% working interest in the XWG property upon completion of the following:

• Incurring expenditures on the XWG property totaling $3,000,000 consisting of: (i)

$500,000 prior to November 22, 2024; (ii) $1,000,000 prior to November 22,

2025; (iii) $1,500,000 prior to November 22, 2026.

• Issuing 3,750,000 Muzhu Mining Ltd., shares consisting of: (i) 250,000 shares

prior to February 19, 2024; (ii) 1,000,000 shares prior to February 19, 2024; iii)

1,000,000 shares prior to February 20, 2025; and iv) 1,500,000 shares prior to

November 22, 2026.

A further 20% interest in the XWG property can be granted to Muzhu Mining Ltd., upon

an independent valuation report at any time after the 60% earn in Option Agreement

has been fulfilled.

ON BEHALF OF THE BOARD OF DIRECTORS

Dwayne Yaretz,

CEO

Muzhu Mining Ltd.

Phone: 778-709-3398

Email: [email protected]

Website: muzhumining.ca

Muzhu Mining Ltd. is a Canadian publicly traded exploration company with a portfolio of

highly prospective projects at various stages of development. Muzhu currently holds

100% interest in the Sleeping Giant South Project, located in the Abitibi Greenstone

Belt, approximately 75km South of Matagami, Quebec. As well, Muzhu has executed

two option agreements to acquire up to 80% of the Silver, Zinc, Lead XWG and LMM

Properties in the Henan Province located in China.

Neither the Canadian Securities Exchange (the “CSE”) nor its Regulation Services

Provider (as that term is defined in the policies of the CSE) accepts responsibility for the

adequacy or accuracy of this release.