Mineral Hill Industries Terminates the Acquisition of the Oil & Gas Project

Tel :604-617-6794

Fax:604-568-9844

Email:[email protected]

Toronto: TSX-V: MHI

Frankfurt: N8Z1/WKN: AODLHP

OTC Market (US): MHIFF

NEWS RELEASE

Vancouver, BC, Canada – July 24, 2019

MINERAL HILL INDUSTRIES TERMINATES THE ACQUISITION OF THE

OIL & GAS PROJECT

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

the trading Symbol “MHI” , on the Deutsche Boerse, Frankfurt under the trading Symbol “N8Z1 wishes to

announce that its Board of Directors terminated the acquisition of the Oil& Gas project (the Okl-1 Project”)

announced on April 27, 2018 in accordance to the termination clause of the Definitive Acquisit ion

Agreement dated April 24, 2018 (the “Agreement”) due to the impaired oil leases on the Okl-1 Project.

After becoming aware of the impairment, t he Company stopped the payments to the seller of the leases in

relation to the Okl -1 Project. The attempt t o amend the Agreement in order to address the issue of the

impaired oil wells with respect to the Okl-1 Project was not successful.

The uncertainties in respect to the outcome of a possible amendment which was disclosed in the MD &A of

its 2018 audited financial statements, made it impossible for the Company to accept and/or complete its

proposed private placement based on the discovered possible partly impairment of the to be acquired assets

and also the fact that under the Agreement the seller of the oil leases insisted to maintain full ownership of

the leases until full payment was receive d in three years subsequent ly to the effective date of definitive

agreement.

Considering the termination, Company is now reviewing proposals of qualifyi ng projects it has received.

These proposals may in certain cases change the business direction of the Company and have to be evaluated

by its board of directors in respect to risk, future profitability and financing possibilities before a decision is

made.

On behalf of the Board of Directors

Dieter Peter, President & CEO

Phone: (604) 617-6794

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 release.