Deep-South Has Raised $2,413,200 After Closing a Second Tranche FOR $1,040,000 of Its Private Placement

Suite 888, 700 West Georgia, Vancouver, BC, Canada, V7Y 1G5

Tel : 604-340-0140. E-mail : [email protected]

Web site: http://www.deepsouthresources.com

DEEP-SOUTH HAS RAISED $2,413,200 AFTER CLOSING A SECOND

TRANCHE FOR $1,040,000 OF ITS PRIVATE PLACEMENT

Vancouver, B.C., Canada – October 19, 2020 – Deep-South Resources Inc. ("Deep-

South" or the “Company") (TSX-V: DSM) announces that it has closed a second tranche

of the non-brokered private placement (“the Offering”) for an amount of $1,040,000. The

two tranche of the private placement have totalled $2,413,200.

The second tranche of the Offering comprises 10,400,000 units (the “Units”) of Deep-

South, at a subscription price of $0.10 per Unit. Each Unit consist of one (1) common

share and one half (1/2) of one common share purchase warrant (“Warrant”). Each full

Warrant entitles the holder thereof to purchase one (1) common share at an exercise price

of $0.15 for thirty-six (36) months from the date of closing of the placement. Each security

issued has a mandatory four (4) month hold period from the date of closing of the

placement.

For the second tranche, the Company has paid finders fees totalling $60,400 and 966,800

broker warrants that have the same terms than the warrants comprised in the Offering.

The complete Offering closed comprises 24,132,000 units (the “Units”) of Deep-South, at

a subscription price of $0.10 per Unit. Each Unit consist of one (1) common share and one

half (1/2) of one common share purchase warrant (“Warrant”). Each full Warrant are

exercisable at a price of $0.15 for thirty-six (36) months.

The funds will be used to further exploration and development of the Haib Copper project

in Namibia and for general working capital.

Mr. John Akwenye, Chairman of Deep-South stated that: « We are very happy to have

closed this offering with a strong demand. We have already started to plan the coming

infill drilling program and we are confident it will bring strong added value for our

shareholders. We will communicate the complete program to our shareholders upon

completion of the planning. »

On another matter, Deep-South has granted an aggregate of 250,000 stock options of the

Company to a consultant. Each option entitles its holder to purchase one common share

of the Company at a price of $0.10 per share for a five-year period. The Company has

also issued 200,000 stock options to another consultant.

Each option entitles its holder to purchase one common share of the Company at a price

of $0.10 per share for a three-year period. In accordance with the policy of the Company,

the options are vesting every 6 months for a period of 24 months.

Options are granted in accordance with Policy 4.4 of the TSX Venture Exchange and the

terms and conditions of the Company's stock option plan.

About Deep-South Resources Inc.

Deep-South Resources Inc. is a mineral exploration company largely held by

Namibian shareholders and Management with 25% and Teck Resources Ltd with 28%

of Deep-South share capital. Deep-South currently holds 100% of the Haib Copper

project in Namibia, one of the largest copper porphyry deposits in Africa. Deep-South

also holds 75% of the Kapili Tepe Copper exploration project in Turkey.

Deep-South’s growth strategy is to focus on the exploration and development of

quality assets, in significant mineralized zones, close to infrastructure, in stable

countries.

This press release contains certain "forward-looking statements," as identified in Deep- South’s periodic

filings with Canadian Securities Regulators that involve a number of risks and uncertainties. There can

be no assurance that such statements will prove to be accurate and actual results and future events

could differ materially from those anticipated in such statements. 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.

More information is available by contacting Pierre Léveillé, President & CEO at

+1-819-340-0140 or at: [email protected] or Paradox Public Relations

at +1-514-341-0408