Chakana Provides Bi-Weekly Status Report

NOT FOR DISSEMINATION IN THE UNITED STATES OR TO UNITED STATES

NEWSWIRE SERVICES.

CHAKANA PROVIDES BI-WEEKLY STATUS REPORT

Vancouver, British Columbia (October 11, 2019) – CHAKANA COPPER CORP. (the

“Company”) (TSXV: PERU) (FRA: 1ZX) is providing thi s bi-weekly default status report in

accordance with National Policy 12-203 - Management Cease Trade Orders. On October 1,

2019, the Company announced that, for reasons set o ut in its news release of October 1, 2019,

the filing of its annual audited financial statemen ts for the year ended May 31, 2019, the

accompanying management’s discussion and analysis a nd the related CEO and CFO

certifications (collectively, the “ Annual Filings ”) would not be filed by the prescribed deadline

of September 30, 2019.

On October 1, 2019, the British Columbia Securities Commission, as principal regulator, granted

a temporary management cease trade order (the “ MCTO ”). As previously announced, the

Company requires additional time to file the Annual Filings due to the fact the Company is

working on restating certain prior year balances du e to identification of late payments including

in the opening balances from the prior fiscal year. During the audit preparation process, the

Company identified certain discrepancies in its exp enditures which require additional time for

the Company and its auditors to complete its review and substantive audit procedures. As a

result, the Company concluded that it would not be able in a position to complete the year-end

audit within the time periods required by National Instrument 51-102. The Company currently

anticipates that it will be in a position to file the Annual Filings by the end of October.

Pursuant to National Policy 12-203, the Company mus t file bi-weekly default status reports in

the form of further news releases during the period of the MCTO. The Company reports that

since its news release of October 1, 2019, there ha ve been no material changes regarding the

information contained in that news release. The Com pany confirms there have been no failures

by the Company in fulfilling its stated intentions with respect to satisfying the provisions of the

alternative information guidelines under National P olicy 12-203, and there has not been, nor is

there anticipated to be, any specified default subs equent to the default announced in the

Company’s news release of October 1, 2019. The Comp any also confirms that there is no other

material information concerning the affairs of the Company that has not been generally disclosed

as of the date of this news release.

For further information please contact:

Michelle Borromeo, Manager – Corporate Communicatio ns

Phone: 604-715-6845

Email: [email protected]

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Reader Advisory

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

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 Annual Filings, and the timing and

duration of the management cease trade order under National Policy 12-203. These forward-

looking statements are based on management’s curren t expectations and beliefs but given the

uncertainties, assumptions and risks, readers are c autioned not to place undue reliance on such

forward- looking statements or information. The Com pany disclaims any obligation to update, or

to publicly announce, any such statements, events or developments except as required by law.