Mr. Kevin Reid reports

ARIZONA EAGLE MINING CORP. ANNOUNCES DTC ELIGIBILITY, ALLOWING FOR ELECTRONIC SETTLEMENT OF TRADES IN THE UNITED STATES

Arizona Eagle Mining Corp.'s common shares are now eligible for electronic clearing and settlement in the United States through the Depository Trust Company (DTC). DTC eligibility is expected to simplify the process of trading and enhance liquidity of the company's shares in the United States.

As a subsidiary of the Depository Trust & Clearing Corp. (DTCC), DTC handles electronic clearing and settlement for publicly traded companies. With DTC eligibility, the company's shares can now be traded across a wider network of brokerage firms, accelerating the settlement process and improving access for a broader range of investors. Existing shareholders are not required to take any action as a result of the company's common shares becoming DTC eligible.

Kevin Reid, president, chief executive officer and a director, commented: "DTC eligibility removes a barrier for U.S. investors, allowing our shares to clear and settle electronically through a broader network of brokers. Together with our recent commencement of trading on the OTCQB, this expands access to our common shares for institutional and retail investors base in the United States as we move to reopen the McCabe mine in Arizona for underground drilling and exploration."

Precious Metals & Critical Minerals Virtual Investor Conference Oct. 13 at 11 a.m. ET

Arizona Eagle Mining will be presenting live at the Precious Metals & Critical Minerals Virtual Investor Conference on Oct. 13 at 11 a.m. ET. Mr. Reid, CEO, will be discussing the recently announced plan to reopen the McCabe mine for underground drilling, which has the potential to dramatically reduce drill costs while also increasing output. This virtual event is open to all investors and registration is complimentary.

Eagle project overview

Arizona Eagle holds a 100-per-cent interest in the Eagle project located in Yavapai county, Arizona. The Eagle project is anchored by the past-producing gold and silver McCabe mine, situated on 348 acres of private land. Stan West Mining Corp. historically invested more than $35-million (U.S.) (approximately $110-million in today's dollars) to drill and develop the mine. In 1984, Stan West Mining published the historical estimate of approximately 880,000 ounces of gold grading 11.7 g/t and five million ounces of silver grading 69 g/t, defined to a maximum depth of approximately 440 metres and open in all directions.

Over the past two years, Arizona Eagle has expanded its total land position to 4,169 acres through staking and acquisitions surrounding the McCabe mine, including the acquisition of three high-grade, past-producing silver mines that consolidate the Eagle silver zone. During this time, the company completed exploration programs focused on geological mapping, surface sampling, helicopter-borne VTEM (versatile time-domain electromagnetic) surveys and ground-based induced polarization surveys that identified multiple parallel mineralized structures not historically drill tested.

About Arizona Eagle Mining Corp.

Arizona Eagle is a mineral exploration company focused on the acquisition, exploration and development of mineral properties. Arizona Eagle's principal asset is the Eagle project, a 4,169-acre property comprising patented and unpatented claims located near the town of Prescott Valley in Yavapai county, Arizona. The Eagle project is centred on the past-producing McCabe mine, a high-grade gold-silver deposit, and includes multiple parallel structures hosting past-producing mines that remain largely untested by modern drilling. While Arizona Eagle's primary focus will be on the exploration and development of the Eagle project, it will continue to own its legacy land portfolio in the Thompson nickel belt of Northern Manitoba.

The scientific and technical information contained in this news release has been reviewed and approved by Dr. Clyde Smith, PhD, vice-president, exploration, of the company, who is a qualified person as defined under NI 43-101. Dr. Smith supervised the surface sampling program and verified the data disclosed, including sampling, analytical and QA/QC data, underlying the technical information in this news release, including reviewing the reports of ALS, methodologies, results and all procedures undertaken for QA/QC in a manner consistent with industry practice, and all matters were consistent and accurate according to his professional judgment. There were no limitations on the verification process. Dr. Smith has also reviewed and approved the disclosure in this news release regarding the historical estimate; he has not, however, performed the work necessary to verify or upgrade the historical estimate as current mineral resources or current mineral reserves.

We seek Safe Harbor.