Mr. Allen Sabet reports

VICUNA DISTRICT UPDATE: TRENCH RESULTS HIGHLIGHT COMPELLING COPPER AND GOLD DRILL TARGETS AT CRUZ DEL SUR AND STOCKWORK HILLS

Mogotes Metals Inc. has released the first trench results from the sampling program this season, highlighting two compelling copper-gold and gold drill targets at the Cruz del Sur and Stockwork Hills prospects, located at the Filo Sur project, in the prolific Vicuna copper-gold-silver district.

Chief executive officer Allen Sabet commented: "The Cruz del Sur and Stockwork Hills targets are now drill ready and represent, in our view, compelling drill targets for Mogotes. They have multiple ingredients we like to see: large target footprint scale, strong geochemistry (including compelling vectors in the new trench results), as well as coincident geophysical anomalies in magnetics, IP and MT at both targets."

Target 1: Cruz del Sur (CDS) is a large-scale covered gold (Au) (Cu-Ag (copper-silver)) target:

• Shallow: the top of the drill target sits approximately 300 metres (m) below the surface (relatively shallow);
• Low elevation: elevation is approximately 4,300 m (relatively lower altitude);
• Large: the geophysical target footprint is large scale (700 by 400 m footprint);
• Compelling geophysical signature with coincident:
  • Strongly magnetic in ground magnetic 3-D inversion (100 to 220 SI multiplied by 10 to the power of minus three);
  • Highly chargeable in IP (induced polarization) survey (more than 75 m to 180 m);
  • Strongly conductive in MT (magnetotelluric) survey (up to 32 ohm-metres);
• Encouragingly, the CDS trench channel results define an increasing Au (plus or minus Ag, zinc (Zn), molybdenum (Mo) and Cu) vector toward the main geophysical target, with the highest gold assay in both trenches (three m at 2.14 grams per tonne (g/t) Au and two m at 1.67 g/t Au) the last sample at the southwestern end of each trench before cover became too deep to trench;
• Better Au (Zn-Pb-Ag (zinc-lead-silver)) assays in the trenches related to pyrite (plus or minus sphalerite) facture veinlets hosted in pyrite-sericite altered volcanics and diorite porphyry. Assay results from channel sampling of the trenches include (see the attached table):
  • Trench CDS T4, 33 m at 0.64 g/t Au, including three m at 2.41 g/t Au;
  • Trench CDS extension, 12 m at 0.7 g/t Au, including two m at 1.67 g/t Au.

Target 2: Stockwork Hills (SWH) is a 600 m by 200 m target:

• Shallow: the top of the drill target starts at approximately 350 metres below the surface (relatively shallow);
• Low elevation: elevation is approximately 4,300 m (relatively lower altitude);
• Size: the footprint of the geophysical target is approximately 600 m by 200 m;
• Compelling geophysical signature:
  • Highly chargeable in IP survey (more than 50 m);
  • Magnetic anomaly;
• Trenching at the SWH prospect tested a high-order Cu-Au soil anomaly on the edge of gravel cover;
• Assays from trench channel sampling returning encouraging Cu-Au (Zn-Ag-Mo) results associated with moderate intensity A and B quartz veinlet stockworking with visible supergene (malachite -- chrysocolla copper oxides) mineralization hosted in sericite-clay-silica altered volcanics and diorite dikes;
• Assays results from channel sampling of the trenches include:
  • Trench CDS T7, 147 m at 0.2 g/t Au and 600 parts per million (ppm) Cu, including 12 m at 0.29 g/t Au and 0.32 per cent Cu;
  • Trench CDS T8, 106 m at 0.14 g/t Au and 700 ppm Cu, including 17 m at 0.27 g/t Au and 0.14 per cent Cu;
• SWH trenches outline a 400-plus m long, north-south-oriented zone of mineralization that projects under gravel cover in both directions. The SWH Cu-Au zone outcrops approximately 350 m above a 600-plus m long, strong chargeable (plus 50 m) and magnetic geophysical anomalies representing an attractive target for higher-grade stockwork Cu-Au-Ag-Mo mineralization.

Next steps:

• Geophysical survey (DDIP and VIPMT) progressing well, results anticipated in the coming weeks;
• Assays and complete analysis pending for surface sampling, trenching and mapping campaign at the Meseta, Cumbre, Filon Alunita and Rincon areas.

About Mogotes Metals Inc.

Mogotes Metals is a mineral exploration company exploring for copper and gold in the prospective Vicuna district of Argentina and Chile. Mogotes's eflagship project, Filo Sur, adjoins the large Filo del Sol copper-gold-silver discovery, and is along the same north-south-trending belt as the Filo del Sol-Aurora, and NGEx Minerals Lunahuasi and Los Helados copper-gold deposits.

Qualified persons

The scientific and technical disclosure for the Filo Sur project included in this news release has been reviewed and approved by Stephen Nano, who is the qualified person as defined by National Instrument 43-101. Mr. Nano is a director and technical adviser for the company.

Mogotes applies industry standard exploration sampling methodologies and techniques. All geochemical soil, stream, rock and drill samples are collected under the supervision of the company's geologists in accordance with industry practice. Geochemical assays are obtained and reported under a quality assurance and quality control (QA/QC) program. Samples from Argentina are dispatched bagged in raffia bags and packaged for shipment by an exclusive truck to the ALS laboratory in Mendoza, Argentina. Samples from Chile are dispatched bagged in raffia bags and delivered to the ALS laboratory in Copiapo, Chile. These facilities carried out sample preparation (PREP-31B), which includes crushing to 70 per cent less than two millimetres (mm), riffle splitting off one kilogram (kg) and pulverizing to 85 per cent passing 75 microns. The prepared samples are sent to the ALS laboratory in Lima, Peru, for gold and multielement analysis. Gold (Au-ICP21) was analyzed by fire assay fusion with ICP-AES (inductively coupled plasma atomic emission spectroscopy) finish on a 30-gram sample. Samples were also analyzed for a suite of 48 elements (ME-MS61) with four-acid digestion and ICP-MS (inductively coupled plasma mass spectrometry) finish.

Assay results from drill core samples may be higher, lower or similar to results obtained from surface rock, channel, trench samples due to surficial oxidation and enrichment processes, or due to natural geological grade variations in the primary mineralization.

We seek Safe Harbor.