K92 Mining Commences Underground Exploration Drilling Targeting Extensions of Kora copper-gold deposit

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Suite 488 – 1090 West Georgia Street

Vancouver, British Columbia

Canada V6E 3V7

Telephone: (604) 687-7130

Facsimile: (604) 608-9110

NEWS RELEASE

May 18, 2017 Vancouver, British Columbia

K92 MINING INC.

K92 Mining Commences Underground Exploration Drilling Targeting Extensions of Kora

copper-gold deposit

 Drilling of the first diamond drill ho le from underground from a drill cuddy

established off the Kora Drive has commenced

 The drill hole is currently over 160 metres in, with a designed final depth of 280

metres to end of hole

 Kora is a large and high grade deposit, open for expansion in every direction and

strongly mineralized at the extent of all drilling, with a current resource estimate of

4.36 million tonnes of 7.3 g/t Au, 35 g/t Ag and 2.23% Cu Inferred

 Development of the underground drive will co ntinue to provide access to the Kora

Deposit for future production as part of the Company’s growth strategy

 Underground drill testing along the drive planned from drill cuddies to be

established approximately every 100 metres aimed at potentially extending the

known deposit along strike and down dip

 K92 is targeting the commencement of produc tion in First Half 2018 from the Kora

Deposit

K92 Mining Inc. (TSX VENTURE:KNT) (OTCQB :KNTNF) (“K92” or the “Company”) is

pleased to announce that it has commenced drilling the first hole from the Kora Drive which is

being developed from the Irumafimpa Mine towards the Kora Deposit.

This 5m x 5m drive is designed to provide access to the Kora deposit, where K92 is targeting the

commencement of production in First Half 2018, wh ile also providing the Company with the

ability to drill test between Irumafimpa and Kora from unde rground drill cuddies. This area has

not been previously tested due to topographical challenges associ ated with drilling from the

surface and is considered highly prospective give n the current interpretation of Irumafimpa and

Kora being on the same vein structure.

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This series of drill holes are being drilled from the first drill cuddy established at approximately

59200 North on the Kora Drive as shown in Figur e 1 below. The first drill hole, KMDD0008, is

targeting an area approximately 700 metres along strike from, and to the north of the known

Kora Deposit.

K92 Chief Executive Officer, Ian Stalker, states, “The expansion of the high grade Kora deposit

has been a goal of K92 from the first day we acquired Kainantu and the commencement of the

first ever underground drill program targeting to do so is therefore a big milestone. Kora

represents the potential for exceptional size and grade.”

In addition to drilling between the Irumafimpa and Kora deposits, K92 will also be drilling down

dip from the known resource to infill between the known resource and the single deepest known

hole drilled on the deposit BKDD0023. This hole reco rded an intersection of 30.6 metres @ 2.0

g/t Au, 4.8 g/t Ag and 1.3% CU, including 6.4 me tres @ 5.52 g/t Au and 8M @ 3.7% Cu from

920.8 metres, approximately 500 metres below the current resource.

Consideration will be given to extending th e drive beyond the Mining Lease 150 into the

adjacent Exploration Lease (EL 693) which is also held by K92, to allow exploration drilling to

be undertaken to potentially extend the known limit of mineralization to the North.

K92 has filed and made available for downloa d on the Company’s SEDAR profile, a technical

report titled “Independent Tech nical Report, Mineral Resource Update and Preliminary

Economic Assessment (“PEA”) of Irumafimpa and Kora Gold Deposits, Kainantu Project, Papua

New Guinea” with an effective date of March 2, 2017 (the “Technical Report”).

The PEA estimates for Kora, based on the current resource estimates (4.36 million tonnes of 7.3

g/t Au, 35 g/t Ag and 2.23% Cu);

 Over a 9 year operating life the plant would treat 3.2 million tonnes averaging 7.1 g/t Au,

25 g/t Ag and 1.7% Cu (9.3 g/t Au Eq*)

 this would generate an estimated positive cash flow of US $537 million using current

metal prices if 15m levels are used in mini ng. If 25m levels are used then net cashflows

are estimated as US $558 million. This cash flow includes conceptual allowances for

capital

 production of an estimated average of 108,000 Au Eq* ozs per annum over an 8 year

period from Year 2 through to Year 9

 An estimated pre-tax NPV of US $415 million for 25m levels; or US $397 million for

15m levels; using current metal prices, exchange rates and a 5% discount

 an estimated after-tax NPV of US $329 m illion for 25m levels; or US $316 million for

15m levels; using current metal prices, exchange rates and a 5% discount

 initial capital cost is estimated to be US $13.8 million, including the US $3.3 million for

the plant upgrade identified in the Mincor e Scoping Study but excl uding the proposed

Kora exploration inclines and diamond drilling. Sustaining Capital Cost is estimated to a

further US $64 million spent over the life of the Kora mining for 25 m levels or US $83

million for 15m levels

 operating cost per tonne is estimated to be US $125/tonne for 25m levels or US $126 /

tonne for 15m mining levels

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 excluding initial capital expenditu re of US $14 million, cash cost is estimated to be US

$547 / oz Au Eq (inclusive of a 2.5% NSR) and AISC of US $619/oz Au Eq for 25m

mining levels; or US $549/oz (inclusive of a 2.5% NSR) and AISC of US $644/oz Au Eq

for 15m mining levels

Metal prices used were Au – $1300; Ag – US $18/oz; Cu – US $4800/tonne

*Au Eq calculated on above metal prices

Kora remains open for expansion in every directi on and strongly mineralized at the extent of all

drilling.

The PEA is preliminary in nature and includes inferred mineral resources that are considered too

speculative geologically to have the economic consid erations applied to them that would enable

them to be categorized as mineral reserves, and there is no certainty that the PEA will be

realized. The Technical Report cont ains a full description of all underlying assumptions relating

to the PEA. Mineral Resources that are not Mineral Reserv es do not have demonstrated

economic viability.

ON BEHALF OF THE COMPANY,

Ian Stalker, Chief Executive Officer and Director

The TSXV has neither approved nor disapproved the contents of this press release.

K92 Advisor, Brian Lueck, P.Geo, a qualified pe rson under the meaning of Canadian National

Instrument 43-101, has reviewed and is responsible for the technical content of this news release.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes

certain “forward-looking statements” under applicable Canadian securities legislation. Forward-looking

statements are necessarily based upon a number of estimates and assu mptions that, while co nsidered reasonable,

are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and

future events to differ materially from those expressed or implied by such forward-looking statements. All statements

that address future plans, activities, events or developments that the Compan y believes, expects or anticipates will

or may occur are forward-looking information, including statements regarding the realization of the preliminary

economic analysis for the Project, expectations of futu re cash flows, the proposed plant expansion, potential

expansion of resources and the generation of further drilling results which may or may not occur. Forward-looking

statements and information contained herein are based on certain factors and assumptions regarding, among other

things, the market price of the Company’s securities, meta l prices, exchange rates, taxation, the estimation, timing

and amount of future exploration and development, capital and operating costs, the availability of financing, the

receipt of regulatory approvals, enviro nmental risks, title disputes, failure of plant, equipment or processes to

operate as anticipated, accidents, labour disputes, claims and limitations on insurance coverage and other risks of

the mining industry, changes in national and local government regulation of mining operations, and regulations and

other matters.. There can be no assurance that such statem ents will prove to be accurate, as actual results and

future events could differ materially from those anticipat ed in such statements. Accordingly, readers should not

place undue reliance on forward-looking statements. The Company disclaims any intention or obligation to update

or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except

as required by law.

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Figure 1 Long Section through the Irumafimpa and Kora Orebodies