Mineral Hill and Gemsco Agree to Termiate Their MOU and Negotiate an LOI Under Amended Terms

Tel :604-617-6794

Fax:250-707-8111

Email:[email protected]

Toronto: TSX-V: MHI

Frankfurt: MLN/WKN: A1JKJN

OTC Market (US): MHIFF

NEWS RELEASE

Vancouver, BC, Canada – February 28, 2022

MINERAL HILL AND GEMSCO AGREE TO TERMIATE THEIR MOU

AND NEGOTIATE AN LOI UNDER AMENDED TERMS

Mineral Hill Industries Ltd. (“Mineral Hill” or “Company”), listed on the TSX Venture Exchange (“TSXV”)

under the trading Symbol “MHI”, and on the Deutsche Boerse, Frankfurt under the trading Symbol “MLN”

wishes to announce that after careful consideration of all aspects of the non-binding Memorandum of

Understanding (“MOU”) announced on November 17, 2021, with an overseas corporation (“GEMSco”)

which is involved in the business of acquiring and financing mineral resource assets consisting of alluvial

gems and minerals located in South Africa, the Company and GEMSco agreed to terminate the MOU and

enter into a Letter of Intent (“LOI”) with terms resulting in a change of control positions within the Company

to be announced shortly.

As the parties are not continuing under the terms of the MOU, Mineral Hill is herewith canceling the “Bridge

Financing” of $150,000, announced on December 13, 2021, to cover the upcoming costs associated with the

completion of a possible RTO under the MOU.

The Company stated within the above News Release, to continue this spring with Phase II of its exploration,

development program and its primary objective to acquire 100% of the Dot-Apex Claim Group and the

Master-ACE Claim Group, located in south-western British Columbia, encouraged by the analytical lab

results from its Phase I exploration program during 2021.

To fund Phase II of its above 2022 exploration program, the Company will very shortly announce a new tax

deductible “Flow-Through” share financing, qualifying as “flow-through mining expenditures” under the

Income Tax Act (Canada) and a new bridge financing to cover the remaining costs to acquire 100% of the

Dot-Apex and Master-ACE claims and for general working capital.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies

of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

The Company seeks Safe Harbor.

For further information contact the Company or:

Dieter Peter, President & CEO; Phone: (604) 617-6794