Mr. James Boyce reports

GOLDBANK CLOSES $2,100,000 PRIVATE PLACEMENT

Goldbank Mining Corp. has closed its previously announced private placement of 30 million units at seven cents per unit for proceeds of $2.1-million. Each unit is composed of one common share and one five-year transferable warrant with each warrant entitling the holder to purchase one additional share at a price of 9.5 cents per share. The company issued $450,000 of units on a flow-through basis. The flow-through shares comprising the 6,428,569 flow-through units and 6,428,569 flow-through shares issuable upon exercise of the warrants comprising the flow-through units will entitle holders to receive the tax benefits applicable to flow-through shares in accordance with provisions of the Income Tax Act (Canada).

Participation by four insiders of Goldbank, for 18,428,572 units or $1.29-million, comprising 61.4 per cent of the total amount raised, constitutes a related-party transaction within the meaning of TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 (Protection of Minority Security Holders in Special Transactions). Goldbank is relying on the exemptions contained in Section 5.5(a) and Section 5.7(1)(a) as the fair market value of the participation in the private placement by the insiders does not exceed 25 per cent of the market capitalization of Goldbank, as determined in accordance with MI 61-101. Goldbank's board of directors and specifically the independent members of the board, as applicable, reviewed and approved the private placement subscriptions by the insiders. Goldbank did not file a material change report in respect of the related-party transaction at least 21 days before closing of the private placement as the date of closing was not previously known.

The flow-through proceeds will be used for exploration on Goldbank's Leota gold project in the famous Klondike goldfields near Dawson City in the Yukon territory, Canada. Non-flow-through proceeds will be used for working capital and existing liabilities. The terms of the financing have been accepted for filing by the TSX Venture Exchange. The units are restricted from trading until Jan. 21, 2023.

Goldbank is a Canadian exploration company, actively exploring for gold in the Klondike goldfields near Dawson City, Yukon, Canada.

We seek Safe Harbor.