Callinex Issues Annual Letter to Shareholders

VANCOUVER, BC, Jan. 17, 2023 /PRNewswire/ - Callinex Mines Inc. ("Callinex" or "the Company") (TSXV: CNX) (OTCQX: CLLXF) is pleased to provide its year-end letter to shareholders from President and CEO, Max Porterfield:

Dear Shareholders,

We are pleased to enter 2023 on the heels of another year of exciting results and key milestones to come. None of this would be possible without the continued support of our dedicated shareholders, stakeholders and employees that have funded, contributed and collaborated to meet our rapidly expanding objectives. I'd like to personally thank each and every one of you.

Over the last year Callinex has remained focused on delineating the high-grade copper, gold, silver and zinc Rainbow Deposit and testing regional targets developed by our team at our Pine Bay Project, located just outside of Flin Flon, MB.

At Rainbow, the Company has completed over 42,000 meters of drilling into the deposit area since its discovery in August 2020 across 82 drill holes (including 18 wedges). We have now completed all the necessary drilling to establish a maiden resource estimate for Rainbow down to the 800m level, which is to come this year. Looking forward, we are eager to continue to advance Rainbow with infill drilling, a key step prior to commencing economic studies, and are excited to conduct exploration at depth to further increase the size of the deposit.

Callinex's exploration focus along the growth fault corridor that hosts Rainbow and five other deposits to the east has paid off with a new discovery in 2022. The Alchemist was discovered at the base of the growth fault corridor and exhibits the same robust base and precious metals grades that the Flin Flon Greenstone Belt is famous for. The Alchemist comes with the potential for significant resource growth and we intend to conduct step-out drilling to unlock this potential. To date, each deposit discovered along the growth fault corridor at Pine Bay has grown to be significantly larger than the one that precedes it.

Exploration opportunities beyond Rainbow and Alchemist look bright and bring the potential to stack a pipeline of discoveries at Pine Bay. Within the main growth fault corridor, follow-up is planned at target area Odin which is located between Alchemist and Rainbow as well as the Cabin deposit area to the east. Additionally, near surface target areas have been identified along the Alchemist and Rainbow horizons within a separate growth fault corridor that we are excited to share more details on soon.

This year presents an opportunity for significant growth as we continue to advance the high-grade Rainbow, Alchemist and pipeline of exciting exploration targets. Surging global demand for base metals driven by government policy in a tight market coupled with a rapidly changing geopolitical landscape provides Callinex a strong backdrop as we continue to achieve our milestones in 2023 and beyond.

Sincerely,

"Max Porterfield"

President & CEO

J.J. O'Donnell, P. Geo, a qualified person under National Instrument 43-101 and a Exploration Manager for Callinex, has reviewed and approved the technical information in this news release.

Callinex Mines Inc. (TSXV: CNX) (OTCQX: CLLXF) is advancing its portfolio of base and precious metals rich deposits located in established Canadian mining jurisdictions. The focus of the portfolio is highlighted by the rapidly expanding Rainbow and Alchemist deposits at its rich VMS Pine Bay Project located near existing infrastructure in the Flin Flon Mining District. The second asset in the portfolio is the Nash Creek Project located in the VMS rich Bathurst Mining District of New Brunswick. A 2018 PEA generates a strong economic return with a pre-tax IRR of 34.1% (25.2% post-tax) and NPV8% of $230 million ($128 million post-tax) at $1.25 Zinc. The third asset, 100% owned Point Leamington Deposit in Newfoundland, is located in one of the richest VMS and Gold Districts in Canada. Callinex prepared a pit constrained Indicated Mineral Resource of 5.0 Mt grading 2.5 g/t AuEq for 402 koz AuEq (145.7 koz gold, 60.0 Mlb copper, 153.5 Mlb zinc, 2.0 Moz silver, 1.5 Mlb lead), an pit constrained Inferred Mineral Resource of 13.7 Mt grading 2.24 g/t AuEq for 986.5 koz AuEq (354.8 koz gold, 110.2 Mlb copper, 527.3 Mlb zinc, 6.2 Moz silver, 7.0 Mlb lead) and an out-of-pit Inferred Mineral Resource of 1.7 Mt grading 3.06 g/t AuEq for 168.5 koz AuEq (65.4 koz gold, 13.3 Mlb copper, 102.9 Mlb zinc, 1.4 Moz Ag, 2.6 Mlb lead).

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

Some statements in this news release contain forward-looking information. These statements include, but are not limited to, statements with respect to future expenditures. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include, among others, the ability to complete the proposed drill program and the timing and amount of expenditures. Except as required under applicable securities laws, Callinex does not assume the obligation to update any forward-looking statement.

SOURCE Callinex Mines Inc.