Chilean Metals Inc. Closes Financing

Chile ean Metals s Inc. Close es Financin ng

Toronto, ON. Oct 17

7, 2017 Chilean Metals Inc. (“Chile ean Metals,”

” “CMX” or r the “Comp pany”) (TSX.V:C CMX, OTCQ QB: CMETF F, SSE:CMX X, MILA: CM MX).

aised a total of $1,250,00 Chilean M Metals annou unces today t that it has ra 00 in two separate finan ncings. An amoun nt of $698,10 00 under the e previously announced financing ha as closed thr rough the iss suance of 4,654,0 000 units. Ea ach unit cos st $0.15 and is comprise ed of one share and one half of one share purchase warrant. On ne purchase w warrant and $0.20 will e enable holde er to acquire e another sh hare of common stock at any ytime until J June 1, 2019 9 subject to the Compa any’s ability y to accelera ate the warrants s should its st tock trade ab bove $0.30 for a prescri ibed period of time. All l securities i issued ce with applicable under the private plac cement are su ubject to a f four-month h hold period i in accordanc securities laws. The i issue is non-brokered however part ticipating br rokers were paid a fee o of 8% and issued d broker war rrants to acq quire an addi itional 8% o of units sold for a period d of one year r from date of iss suance. In th his tranche br roker fees of f $12,000 an nd 80,000 br roker warran nts were issued.

In additio on, a second d financing h has been co ompleted in the amount of $551,90

00. Each uni it cost $0.10 and d is comprised of one sh hare and on ne half of on ne share pur rchase warra ant. One pur rchase warrant and $0.18 wi ill enable ho older to acqu uire another share of co ommon stock k at anytime e until Oct 16, 2 2019 subject t to the Com mpany’s abil lity to accel lerate the wa arrants shou uld its stock k trade above $0.

.36 for a pre escribed peri iod of time. All securitie es issued un nder the priv vate placeme ent are subject to

• a four-mon nth hold per riod in acco ordance with h applicable securities laws. The issue is

non-broke ered howeve er participati ing brokers may be paid d a fee of 8% % and issued d broker wa arrants to acquire e an addition nal 8% of units sold for r a period of one year f from date of f issuance. I In this tranche no broker fee es were paid d or broker warrants we ere issued. T The financin ngs are subject to regulatory y approval.

Patrick J C Cruickshank k Chilean CE EO commen nted “Comple etion of thes se two place ements will e enable us to cont tinue our exp ploration wo ork program on our proje ects in Nova a Scotia and d Chile. A de etailed release on n our work p programs wi ill be forthco oming. In Nova Scotia, we are excit ted to be wo orking on the Ba ass River N North Project

t. On our Zu ulema proje ect in Chile we have co ompleted the e first phase of d drilling and we have ide entified an IO OCG style m mineralized s system. Afte er consulting g with our Techn nical Adviso or, Minotaur Exploration n Ltd. (Austr ralia), our ne ext phase at Zulema, Ch hile, is additional geophysical work including close spaced gravity, deep penetrating Induced Polarization and magnetic surveying, over our Phase 1 area and over our extended New Western Area Targets.”

In addition, the Company is pleased to announce the appointment of Les Mallard to the Board of the Company. Les is a graduate from The University of Prince Edward Island with a BA in Economics. He has spent 30+ years in the Canadian Produce Industry employed in various capacities with Chiquita Canada and Chiquita Brands North America. Retiring from Chiquita in 2017, he has started Mallard Produce Solutions, a produce consulting company focused on providing North American and Latin American clients business solutions to expand their market potential. Les is on the Board of Directors for the Canadian Produce Marketing Association.

The Canadian Produce Marketing Association is a not-for-profit organization that represents companies that are active in the marketing of fresh fruits and fresh vegetables in Canada from farm gate to dinner plate.

Les is also on the Board of Directors for Hydroponic Life. Hydroponic Life is a privately held company that has developed ground-breaking produce growing technologies that could revolutionize the vertical farming industry.

Terry Lynch, Chairman stated, “I would also like to welcome Les Mallard to the Board of Directors. Les is one of our largest individual shareholders and an influential leader of several Nova Scotia based investors that have been CMX Investors for several years. We felt this was a timely addition given our increased focus on our Nova Scotia portfolio of projects.”

About Chilean Metals

www.chileanmetals.com/

Chilean Metals Inc. is a Canadian Junior Exploration Company focusing on high potential Copper Gold prospects in Chile & Canada.

Chilean Metals Inc is 100% owner of five properties comprising over 50,000 acres strategically located in the prolific IOCG (“Iron oxide-copper-gold”) belt of northern Chile. It also owns a 3% NSR royalty interest on any future production from the Copaquire Cu-Mo deposit, recently sold to a subsidiary of Teck Resources Inc. (“Teck”). Under the terms of the sale agreement, Teck has the right to acquire one third of the 3% NSR for $3 million dollars at any time. The Copaquire property borders Teck’s producing Quebrada Blanca copper mine in Chile’s First Region.

Chilean Metals Inc is the 100% owner of four Copper Gold exploration properties in Nova Scotia on the western flank of the Cobequid-Chedabucto Fault Zone (CCFZ); Fox River, Parrsboro, Lynn and Bass River respectively. Initial targeting and geophysics has been conducted on all properties, At Bass River North, airborne geophysics identified a major VTEM cluster on trend with the Pb/Zn/Ag mineralization exposed at surface and in drill holes to the southwest. Modeling of the

The Quali ified Person n for Chilean n Metals Inc c., as defined d by Nationa al Instrumen nt 43-101, is s Gary Lohman, P P. Geo., Vic ce President, Exploration n.

Forward-l looking Stat tements: Th his news release may contain cert tain stateme ents that m may be deemed "

"forward-loo oking statem ments". All s statements i in this relea ase, other th han statements of historical fact, that a address even nts or developments th hat CMX ex xpects to oc ccur, are fo orward looking st tatements. Forward-look king stateme ents are state ements that a are not histo orical facts an nd are generally, , but not alw ways, identi ified by the words "exp pects", "plan ns", "anticip pates", "beli ieves", "intends", , "estimates"

", "projects", , "potential" and similar r expressions s, or that ev vents or cond ditions "will", "w would", "may y", "could" o or "should" occur. Forw ward-looking g statements s in this docu ument include statements regarding cu urrent and f future explo oration prog grams, activ vities and re esults. Although CMX believ atements are based ves the expe ectations exp pressed in su uch forward-looking sta rmance and actual on reason nable assump ptions, such statements are not gua arantees of fu future perfor s that could cause results ma ay differ ma aterially from m those in f forward-look king stateme ents. Factors the actual l results to differ mater rially from those in for rward-lookin ng statements include m market prices, ex xploitation a and explora ation succes ss, continued d availability of capita al and fina ancing, inability t to obtain req quired regula atory or gove ernmental ap pprovals and d general eco onomic, mar rket or business c conditions. I Investors are e cautioned t that any suc ch statement ts are not gu uarantees of future performan nce and actu ual results or r developme ents may diff ffer materiall ly from thos se projected in the forward lo ooking statem ments.