Copper Reef Announces Repricing and Extension of Expiry Date of Warrants

12 Mitchell Road, Box 306 Tel: (204) 687-3500

Flin Flon, MB, R8A 1N1 CZC.CSE Fax: (204) 687-4762

copperreefmining.com

November 19, 2019

Copper Reef Announces Repricing and Extension of Expiry Date of Warrants

Copper Reef Mining Corporation (CSE: CZC) (the "Issuer") wishes to announce that it is reducing the

exercise price of all of its outstanding Common Share purchase warrants (the "Warrants") and extending

the expiry date of certain Warrants (collectively, the "Amendments"). The Amendments will be carried

out in accordance with Canadian Securities Exchange ("CSE") policy.

As a result of the consolidation of the Issuer's issued and outstanding Common Shares on the basis of one

(1) post-consolidation Common Share for every (10) pre-consolidation Common Shares of the Issuer, with

each fractional post-consolidation Common Share resulting from the such consolidation being converted

into a whole Common Share, on November 15, 2019 (the " Share Consolidation"), the original exercise

price of $0.05 per share for the Issuer's 46,245,000 pre-Share Consolidation Warrants was adjusted to an

exercise price of $0.50 per share for the Issuer's approximately 4,624,500 post-Share Consolidation

Warrants. See the Issuer's November 7, 2019 press release for further details in respect of the Share

Consolidation. The adjusted exercise price of all of the post-Share Consolidation Warrants will be reduced

to $0.35 per share on November 21, 2019 (the "Effective Date").

In addition, the original expiry date of December 31, 2019 for the approximately 359,000 post-Share

Consolidation Warrants (formerly 3,590,000 pre-Share Consolidation Warrants) issued on December 31,

2018 (the "December 31, 2018 Warrants") will be extended to June 30, 2020 on the Effective Date.

In accordance with an exemption granted by the CSE from the requirement that a maximum of 10% of

the total number of Warrants being repriced may be repriced for insiders holding Warrants, all of the

2,285,500 post -Share Consolidation Warrants held by insiders of the Issuer are being repriced. The

exemption was sought to permit insiders, including those persons who became insiders as a consequence

of recent private placement financings (see the Issuer's October 8, 2019 and October 18, 2019 press

releases), to enjoy the benefit of the Warrant repricing equally with the other Warrant holders, as the

efforts of such insiders were critical to the completion of the private placement.

Pursuant t o Multilateral Instrument 61 -101 – Protection of Minority Security Holders in Special

Transactions (“MI 61-101”), the Amendments to the Warrants held by insiders constitute a “related party

transaction”. The transaction is exempt from the formal valuation and minority shareholder approval

requirements in Sections 5.4 and 5.6 of MI 61-101, respectively, pursuant to the exemptions in Subsection

5.5(a) and Paragraph 5.7(1)(a) of MI 61-101, respectively, as neither the fair market value of the subject

matter of, nor the fair market value of the consideration for, the transaction, insofar as it involves

interested parties, exceeds 25% of the Issuer’s market capitalization. The transaction is also exempt from

the formal valuation requirement in Subsection 5.4 of MI 61-101 pursuant to Subsection 5.4(1) and the

exemption in Subsection 5.5(b) of MI 61-101.

This release is being filed less than 21 days before the Effective Date of the Amendments. This shorter

period is reasonable and necessary in the circumstances as the Issuer wishes to carry out the Amendments

as expeditiously as possible given current market conditions . Furthermore, CSE policy requires that

amendments to warrant terms must completed sufficiently in advance of their expiry date, and the Issuer

is concerned that delay may preclude the holders of the December 31, 2018 Warrants from enjoying the

benefit of the Warrant repricing alongside the other Warrant holders.

ABOUT COPPER REEF MINING CORPORATION

Copper Reef is a Canadian junior mineral exploration company with a specific focus on mineral properties

in northwest Manitoba and northeast Saskatchewan, Canada. The Issuer has assembled a portfolio of base

metal and precious metal prospects, including strategic locations in the Provinces of Mani toba and

Saskatchewan and holds a number of royalties on properties within the belt.

Copper Reef Mining Corporation

Stephen L. Masson M.Sc. P.Geo.

President & CEO

No stock exchange or securities regulatory authority has reviewed or accepted responsibility for the

adequacy or accuracy of this release. Some of the statements contained in this release are forward-looking

statements, such as estimates and statements that describe the Issuer's future plans, objectives or goals,

including words to the effect that the Issuer or management expects a stated condition or result to occur.

Since forward-looking statements address future events and conditions, by their very nature, they involve

inherent risks and uncertainties.