Chakana Announces Delay IN Filing Annual Financial Statements

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CHAKANA ANNOUNCES DELAY IN

FILING ANNUAL FINANCIAL STATEMENTS

Vancouver, British Columbia (October 1, 2019) – CHAKANA COPPER CORP. (the

“Company”) (TSXV: PERU) (OTCQB: CHKKF) (FRA: 1ZX) w ishes to announce that its

annual financial statements for the year ended May 31, 2019, including the related management

discussion and analysis, and CEO and CFO certificat ions (collectively, the “ 2019 Annual

Financial Filings ”) were not filed by the required filing deadline o f September 30, 2019.

The Annual Financial Filings were not filed on or b efore the Filing Deadline due to the fact the

Company working on restating certain prior year bal ances due to identification of late payments

including in the opening balances from the prior fi scal year. During the audit preparation

process, the Company identified certain discrepanci es in its expenditures which requires

additional time for the Company and its auditors to complete its review and substantive audit

procedures.

The Company is working on the audit procedures requ ired to complete the 2019 Annual

Financial Filings and expects to be able to file th e 2019 Annual Financial Filings within the next

two to three weeks. The Company will provide updat es as further information relating to the

2019 Annual Financial Filings becomes available.

The Company has applied to the applicable securitie s regulatory authorities and received a

management cease trade order related to the Company ’s securities to be imposed against the

Chief Executive Officer and Chief Financial Officer of the Company to trade securities of the

Company. The management cease trade order will be in effect until the 2019 Annual Financial

Filings are filed, and requires that the 2019 Annua l Financial Filings be filed on or before

November 29, 2019.

Until the 2019 Annual Financial Filings are filed, the Company intends to provide information in

accordance with National Policy 12-203 Management Cease Trade Orders.

For further information please contact:

Michelle Borromeo, Manager – Corporate Communicatio ns

Phone: 604-715-6845

Email: [email protected]

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Reader Advisory

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

Forward-looking Statement Advisory: This release ma y contain forward-looking statements.

Forward-looking statements involve known and unknow n risks, uncertainties, and other factors

which may cause the actual results, performance, or achievements of the Company to be

materially different from any future results, perfo rmance, or achievements expressed or implied

by the forward-looking statements. Forward looking statements or information relates to, among

other things, the timing for preparation and filing of the 2019 Annual Financial Filings, and the

timing and duration of the management cease trade o rder under National Policy 12-203. These

forward-looking statements are based on management’ s current expectations and beliefs but

given the uncertainties, assumptions and risks, rea ders are cautioned not to place undue reliance

on such forward- looking statements or information. The Company disclaims any obligation to

update, or to publicly announce, any such statement s, events or developments except as required

by law.