Euro Sun Closes Previously Announced Private Placement Financing

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

TORONTO, Jan. 30, 2020 (GLOBE NEWSWIRE) — Euro Sun Mining Inc., (TSX: ESM) (“Euro Sun” or the “Company”) is pleased to announce that it has closed its previously announced non-brokered private placement financing of common shares (the “Offering”) for total gross proceeds of C$3,300,000. Pursuant to the closing of the Offering, the Company issued 11,379,310 shares of the Company at a price of C$0.29 per share for gross proceeds of C$3,300,000.

Euro Sun intends to use the proceeds of the Offering for the advancement of its Rovina Valley Project and for general corporate purposes.

The common shares issued under the Offering are subject to a hold period that expires on May 30, 2020.

The securities referred to in this news release 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 applicable securities laws of any state of the United States, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons (as such term is defined in Regulation S under the U.S. Securities Act) or persons in the United States unless registered under the U.S. Securities Act and any other applicable securities laws of the United States or an exemption from such registration requirements is available. This news release does not constitute an offer to sell or a solicitation of an offer to buy any of these securities within any jurisdiction, including the United States.

Corporate Update

The Company’s focus for 2020 continues to be on the successful completion of our three major initiatives. At the project level we are working on our Urbanization Certificate, which is split into two parts; the first is our Environmental Impact Assessment (EIA) and the second being our re-zoning plan.

As previously press released, we have retained international environmental consultancy ERM, through their local offices in Romania, to conduct the EIA process and public audience as part of our Urbanization certificate for the project. Additionally, we continue to advance the Urbanization certificate for the plan of the project through the completion of the ongoing survey and cadastral registration as we move the current project footprint through the necessary re-zoning plan with the local county level authorities.

During 2019 management spent considerable time and effort to optimize the parameters of the project in preparation for our feasibility study. We conducted numerous trade-off studies focused on optimizing the project without increasing the initial capital required for the project. As such, the feasibility study will now focus on the inclusion of the Rovina open pit sequentially to the Colnic open pit. We now expect to deliver a much larger project than that of the preliminary economic assessment of 2019 with higher gold and copper production through a longer mine life. Our staged approach to exploiting the project with the inclusion of Colnic and Rovina will maximize the economics of the project while still leaving tremendous upside with the Ciresata deposit to be developed at a later stage.

The Company just returned from the Vancouver Resource Investment Conference where we introduced our outstanding project to many new investors. Euro Sun has also been invited to present at the 29^th BMO Global Metals and Mining Conference being held in Hollywood, Florida from February 23rd-26th, one of the pre-eminent global mining conferences by invitation only.

We would also announce that Stan Bharti has resigned from the board of directors effective immediately.

About Euro Sun Mining Inc.

Euro Sun is a Toronto Stock Exchange listed mining company focused on the exploration and development of its 100%-owned Rovina Valley gold and copper project located in west-central Romania, which hosts the second largest gold deposit in Europe.

Further information:

For further information about Euro Sun Mining, or the contents of this press release, please contact Investor Relations at [email protected]

Caution regarding forward-looking information:

This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, statements regarding the Offering, use of proceeds of the Offering, project optimization, the anticipated results of the feasibility study, project economics and advancement of the Urbanization certificate. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including risks inherent in the mining industry and risks described in the public disclosure of the Company which is available under the profile of the Company on SEDAR at www.sedar.com and on the Company’s website at www.eurosunmining.com. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.