London - Peloton Minerals Corporation ('Peloton' or the 'Company') (CSE Symbol: PMC) (OTCQB Symbol: PMCFF) and joint venture partners Frederick Private Equity Corporation and African Metals Corporation have received an encouraging report from the project geologist on drilling completed in late 2019 at the Company's Silver Bell St. Lawrence Project ('SBSL') in Montana.

Frederick/African Metals may earn up to a 75% interest in the SBSL project by spending US$2,000,000, including the funding of this past drilling program.

This was the first drilling program conducted on SBSL by the Company or by Frederick/African Metals, with a total of 2,111.5 feet of core drilling being completed in 12 holes sited east and west along strike from the headframe of the former St. Lawrence mine. The holes were designed to test the depth, extent, thickness, and grade of the vein system that was worked previously on at least two levels from an inclined shaft at the headframe. In addition, geologic mapping was conducted as well as surface sampling of veins, wall rocks and dumps.

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Tel: 1-519-964-2836

About Peloton

Peloton Minerals Corporation is a reporting issuer in good standing in the Provinces of Ontario and British Columbia whose common shares are listed on the CSE (Symbol: PMC) and are quoted in the U.S. as OTCQB Symbol: PMCFF. There are 84,621,354 common shares issued and outstanding in the capital of the Company.

Peloton holds three gold exploration projects located in Elko County, Nevada, and one gold exploration project in the Virginia City Mining District, Montana, which is the subject of this release, and is under option to Frederick Private Equity Corporation and African Metals Corporation.

This news release contains 'forward-looking information' (within the meaning of applicable Canadian securities laws) and 'forward-looking statements' (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995). Such statements or information are identified with words such as 'anticipate', 'believe', 'expect', 'plan', 'intend', 'potential', 'estimate', 'propose', 'project', 'outlook', 'foresee' or similar words suggesting future outcomes or statements regarding an outlook.

Such statements include, among others, those concerning the Company's plans for exploration activity and to conduct future exploration programs. Such forward-looking information or statements are based on a number of risks, uncertainties and assumptions which may cause actual results or other expectations to differ materially from those anticipated and which may prove to be incorrect. Assumptions have been made regarding, among other things, management's expectations regarding its ability to initiate and complete future exploration work as expected. Actual results could differ materially due to a number of factors, including, without limitation, operational risks in the completion of the Company's future exploration work, technical, safety or regulatory issues.

Although the Company believes that the expectations reflected in the forward-looking information or statements are reasonable, prospective investors in the Company's securities should not place undue reliance on forward-looking statements because the Company can provide no assurance that such expectations will prove to be correct. Forwardlooking information and statements contained in this news release are as of the date of this news release and the Company assumes no obligation to update or revise this forward-looking information and statements except as required by law.

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