Fidelity Minerals Provides Update on Sale of Cerro Dorado and Announces the Issuance of Options

Fidelity Minerals Provides Update on Sale of Cerro Dorado and

Announces the Issuance of Options

Vancouver, BC, January 24, 2020 – Fidelity Minerals Corp. (TSX-V: FMN | FSE: S5GM | SSE:

MNYC) (“Fidelity Minerals” or the “ Company”) is pleased to announce that subsequent to the

news release of January 7, 2019 wherein we updated progress with respect to the Cerro Dorado sale

transaction, the Company has received the scheduled payment of USD $150,000 . T he Payment

Schedule as previously announced remains otherwise unchanged.

In addition, the Company announces that it has received conditional TSX -V approval of the

transaction.

Following the recent cancellation of certain options associated with the rec ent share consolidation,

the Company has also granted an aggregate of 1,725,000 incentive stock options (the "Options") to

certain directors, officers and consultants of the Company pursuant to the Company's previously

approved Stock Option Plan. The Options are exercisable at a price of $0.075 per share for a period

of 5 years.

About Fidelity Minerals Corp.

Fidelity Minerals Corp. is assembling a portfolio of high -quality mining assets in Peru through the

implementation of our Strategic Project Generator (SPG) model. The project generator model

involves the identification and acquisition of appraisal stage opportunities with near-term valuation

catalysts, including potential for high -impact M&A. The company is backed by an experienced

management team with diverse technical, market, and commercial expertise and is supported by

committed and sophisticated investors focused on building long term value.

On behalf of the Board of Fidelity Minerals;

Ian Graham

CEO and Director

Tel: +1.604.671.1353

Email: [email protected]

Investor Contact:

Bahay Ozcakmak

Executive Chairman

Tel: +61.3.9236.2800

Email: [email protected]

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 NEWS RELEASE.