Minfocus Updates Acquisition of Majority Interest IN the BIG Hill GOLD Property and $2,125,000 Private Placement

TSX.V: MFX

THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES

OR FOR DISSEMINATION IN THE UNITED STATES

MINFOCUS UPDATES ACQUISITION OF MAJORITY INTEREST IN

THE BIG HILL GOLD PROPERTY AND $2,125,000 PRIVATE PLACEMENT

October 8, 2021 - Minfocus Exploration Corp. (TSX.V: MFX) (“Minfocus ” or the “ Company”) is

pleased to provide an update with respect to the proposed transaction (the “ Proposed

Transaction”) between Minfocus and Mining Projects Accelerator Pty Ltd. CAN 629 011 196

(“MPX”) which will constitute a fundamental acquisition in accordance with Policy 5.3 of the TSX

Venture Exchange (“TSX-V”).

As announced on September 10, 2021, Minfocus entered into a definitive Share Sale Agreement

(the “Agreement”) with MPX pursuant to which the Company will acquire MPX’s ownership of

80% of the outstanding common shares (each, a “Big Hill Share”) of Big Hill Gold Mining Company

Pty Ltd. ACN 081 474 179 (“Big Hill”). Big Hill holds a 100% interest in an exploration permit and

two mining licenses comprising the Big Hill Gold Property located in Queensland, Australia (the

“Big Hill Gold Property”). In consideration for the purchase of the Big Hill Shares, Minfocus will

issue 17,500,000 common shares of Minfocus (the “Payment Shares”) to MPX and pro rata to its

shareholders at a deemed price of $0.125 per Payment Share. The Payment Shares will be subject

to a statutory hold period for four months and one day from the date of issuance, and MPX

shareholders have agreed that the Payment Shares shall be subject to a contractual escrow.

The Proposed Transaction is an arms -length transaction and remains subject to certain closing

conditions, including the approval of the TSX-V.

Minfocus and MPX continue to work towards completion of the Propos ed Transaction and have

met several conditions to completion. A technical report has been prepared on the Big Hill Gold

Property in accordance with National Instrument 43 -101 “Standards of Disclosure for Mineral

Projects” and has been submitted to the TSX-V.

There can be no assurance that the Proposed Transaction will be completed as contemplated, or

at all. Minfocus’ Shares are currently halted from trading and are expected to remain halted

pending the completion of the Proposed Transaction.

Name Change

Concurrent with the completion of the Proposed Transaction and subject to the approval of the

TSX-V, Minfocus will change its name to “Queensland Gold Hills Corp.”

Private Placement

Minfocus announced a non -brokered private placement of up to 17,000,000 un its (each, a

“Unit”) at a price of $0.125 per Unit for gross proceeds of up to $2,125,000 in connection with

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the Proposed Transaction. Each Unit will consist of one common share of Minfocus (each, a

“Share”) and one half of one common share purchase warrant (each whole warrant, a “Warrant”)

(the “Offering”). Each Warrant is exercisable into one additional Share for two years after the

date of issuance. In accordance with the policies of the TSX-V, the exercise price of each Warrant

was changed from $0.19 to $0.25 per Share because the Offering is part and parcel to the

Proposed Transaction.

Closing of the Offering is subject to the approval of the TSX-V. Proceeds of the private placement

will be used to acquire an additional 15% of the Big Hill Shares from the minority shareholder, for

exploration and development of the Big Hill Gold Property and for general working capital

purposes. All securities to be issued under the Offering will be subject to a statutory hold period

expiring four months and one day from the date of issuance. Minfocus anticipates that the

majority of the subscriptions will be from arm’s length parties, although insiders may participate

in the Offering. Minfocus may pay finders' fe es on the Offering, as permitted by applicable

securities laws and the Exchange.

The Big Hill Gold Property

The Big Hill Gold Property consists of a single Exploration Permit (“EPM”) EPM 18255 covering 24

sq km and includes two discrete granted mining leases owned by Big Hill (“ML”) on the EPM. The

EPM covers the historic mines of Big Hill (ML50287), Queenslande r, Monte Cristo and Sultan &

Taylor (ML50286) of the Talgai Goldfield within the EPM and is an excluded small ML held by an

unrelated third party.

The Talgai Goldfield is one of eight historical Goldfields in the broader Warwick -Texas District

active in th e late 19th century, which include Canal Creek, Thanes Creek, Leyburn, Palgrave,

Pikedale, Lucky Valley and MacDonald Goldfields. The bulk of production in the historical mines

of EPM18255 and the broader Warwick-Texas District occurred from initial discovery in 1864 until

the early 1900s. Small- scale activity continued during intermittent periods in the 20th century

with many of the larger historic mines remaining under mining leases and which have had limited

modern exploration over the main lode deposits to date.

Parts of EPM18255 have been covered by exploration permits almost continuously since 1980 as

part of gold exploration programs within the broader Texas –Warwick district. The work

programs involved varying amounts of mapping, stream sediment, soil and rock chip sampling.

Recent exploration over the EPM completed by MPX in 2020 comprised surface geochemical

sampling including rock chips and soils, a ground magnetic survey and 2 diamond drillholes. Data

compilation, including surface mapping, is in progress with the aim of generating a 3D geological

model for the gold mineralisation. The outcomes will be used to generate further drill targets

and the knowledge gained from exploration programs conducted in the initial focus areas of the

two mining leases will be applied to targeting within the broader EPM.

The Big Hill Gold Property is located near the town of Pratten approximately 35km northwest of

Warwick and 160km southwest of Brisbane, the capital of the state of Queensland, Australia.

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Simon Te ar, BSc (Hons), PGEO, MIOM3, EurGeol., Qualified Person as defined by National

Instrument 43-101, supervised the preparation of the technical information in this news release.

About Minfocus Exploration Corp.

Minfocus is a Canadian mineral exploration company currently advancing a portfolio of North

American precious and base metals projects, including precious metals in Nevada, USA and three

Mississippi Valley-type zinc projects in B.C. and Newfoundland, Canada. Minfocus is led by an

unparalleled technical team with a track record of successful exploration worldwide.

FOR FURTHER INFORMATION, PLEASE CONTACT:

Alicia Milne, President and Director

Telephone: 1 (800) 482-7560

E-mail: [email protected]

Cautionary Note Regarding Forward-Looking Statements

This news release contains forward-looking statements and forward-looking information (collectively,

“forward-looking statements”) within the meaning of applicable Canadian legislation. Forward- looking statements

are typically identified by words such as: “believes”, “expects”, “anticipates”, “intends”, “estimates”, “plans”, “may”,

“should”, “would”, “will”, “potential”, “scheduled” or variations of such words and phrases and similar expressions,

which, by their nature, ref er to future events or results that may, could, would, might or will occur or be taken or

achieved. Accordingly, all statements in this news release that are not purely historical are forward- looking

statements and include statements regarding beliefs, plans, expectations and orientations regarding the future

including, without limitation, any statements or plans regard the geological prospects of the Property or the future

exploration endeavours of Minfocus, the Proposed Transaction, the Offering and other matters in connection with

the aforementioned items. Although the Company believes that such statements are reasonable and reflect

expectations of future developments and other factors which management believes to be reasonable and relevant,

the Company c an give no assurance that such expectations will prove to be correct. Forward- looking statements

involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance

or achievements of the Company to differ materially from any future results, performance or achievements expressed

or implied by the forward -looking information. Such risks and other factors include, but are not limited to, the risk

that the Proposed Transaction, the Offering and resulting name change may not be completed as set out herein or

at all, and the inability of the Company to execute and raise funds necessary to complete its planned future activities

and proposed business plans.

This press release does not constitute an offer to sell or solic itation of an offer to buy any of the securities in the

United States. The securities have not been and will not be registered under the United States Securities Act of 1933,

as amended (the “U.S. Securities Act”) or any state securities laws and may not b e offered or sold within the United

States or to a U.S. Person unless registered under the U.S. Securities Act and applicable state securities laws or an

exemption from such registration is available.

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.