TORONTO, ON--(Marketwired - December 23, 2016) -

THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES FOR DISSEMINATION IN THE UNITED STATES

COBALTECH MINING INC. (TSX VENTURE: CSK) (the "Company" or "CobalTech"), is pleased to announce that it has closed its previously announced non-brokered private placement offering (the "Offering") (see press releases of November 16, 2016 and December 19, 2016) for gross proceeds of $2,920,000 through the sale of 14,600,000 units (the "Units") at a price of $0.20 per Unit. Each Unit is comprised of one common share in the capital of the Company (a "Share") and one-half of one common share purchase warrant (a "Warrant'). Each whole Warrant is exercisable at a price of $0.30 until December 23, 2017, subject to an early acceleration provision which provides for the mandatory exercise or expiry of the Warrants in the event that the Company's shares close at $0.40 or higher for at least 10 consecutive trading days. In such event, the Warrants will accelerate and expire 30 days after the Company has given notice of the accelerated conversion to the holders of Warrants.

In connection with the Offering, the Company paid eligible finders a cash commission of $233,600, being 8% of the gross proceeds raised, and issued 1,168,000 non-transferable finders warrants (a "Finders Warrant"), being 8% of the number of Units sold. Each Finders Warrant entitles the holder to acquire one Share at an exercise price of $0.30 per Share until December 23, 2017.

All securities issued in connection with the Offering are subject to a four month and one day hold period pursuant to applicable securities laws which expires on April 24, 2016. The proceeds of the Offering will be used to satisfy certain obligation with respect to the Company's Duncan Kerr Cobalt Project (see press release dated October 20, 2016) and for general working capital.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful. The securities issued, or to be issued, under the Offering have not been, and will not be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

About CobalTech:

CobalTech Mining Inc. is a cobalt mining and processing company based in Ontario, Canada. The company owns and operates the Duncan Kerr Property located outside of Cobalt, Ontario, in an area known for its geological setting responsible for unique mineralization composed of quartz-carbonate veins enriched in silver-cobalt-nickel-bismuth-arsenic. The company's assets and technology have provided them the foundation to become North America's first vertically integrated cobalt processing company with the capacity to take mineralized ore through production to high-tech metals for use in the lithium battery industry. The company is committed to operating within the strict environmental, health, and safety framework governed by the e3 Plus regulation put forth by the Prospectors & Developers Association of Canada (PDAC).

ON BEHALF OF THE BOARD

(signed) "Antoine Fournier"
Antoine Fournier
Chief Executive Officer

Neither TSX Venture Exchange nor its Regulations Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Statement Regarding "Forward-Looking" Information

Some of the statements contained in this press release are forward-looking statements and information within the meaning of applicable securities laws. Forward-looking statements and information can be identified by the use of words such as "plans", "expects", "intends", "is expected", "potential", "suggests" or variations of such words or phrases, or statements that certain actions, events or results "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements and information are not historical facts and are subject to a number of risks and uncertainties beyond the Company's control. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this news release. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements, except as may be required by law.

CobalTech Mining Inc.
77 King St W #400
Toronto, ON M5K 0A1
www.cobaltechmining.com