Fredonia Mining Inc. announced successful completion of its phase III drilling program, with results of the remaining 6 HQ diamond drill holes totaling 1,143.00 m. drilled at the Northern Monserrat sector of its EDM project. The phase III drill program included an aggregate of 12 holes for a total of 2,955 m ­ 6 holes in the southern Herradura Hill target and the last 6 holes at the Northern Monserrat sector (drilled at the Main Veins, Bajo Pedernal and Monserrat West targets). This phase III drill program was design to cover two targets within the Northern Monserrat sector: A four-hole fence completes a full 1.1 km long cross-section to encompass a large unexposed Bajo Pedernal target covered by modern rocks.

This cross-section spans the area between the Main Veins and Monserrat West targets. The drill-hole fence intercepted multiple zones of stockworks, veins and breccias containing high- grade of gold and silver, with 0.60m @ 6.18 g/t Au Eq. at BPDDH001.

The new intercepts added to the historical intercepts at Main Veins and Monserrat West, in the Northern Monserrat sector. The two additional drill holes at the Main Veins target extend its strike and open the system to the north, under the basalt flow, intersecting a wide ore shoot with high-grade - 4.00m @ 1.66 g/t Au Eq. and 4.00m @ 1.49 g/t Au Eq at MVDDH078.

The Northern Monserrat sector comprises an area 3.5 km long by 3.2 km wide, made up of mineralized corridors hosted in andesitic lavas that form country rock, and contains more than 20 kilometers of epithermal veins, not all of which have been explored or drilled. There is evidence of buried veins unexplored or as extensions to understand the vein systems. All prospects discovered up to date have not been limited along strike or dip. Two different strikes of faults host the mineralization: north-south "horst and graben" faults, and NW-SW shear faults.

The crossings, nodes, and inflexion between both structures control the location of the high-grade gold and silver ore shoots, and reveal the potential at the Northern Monserrat sector. Main Veins Target: To the east, the current drill-hole fence integrated with Main Veins target has received most of the historical exploration focus and remains as an advanced target of merit. Main Veins extends for over 2.0 km long and a 25 m wide.

The mineralization show multiple ore shoots open at depth, with subvertical plunge that has been tested down to -200 m below the surface, and remains open significantly to the north and at depth. To the south the Main Veins target merges with the Abanico target veins field. Monserrat West Target: To the west, the drill-hole fence integrating with Monserrat West target is located on a north-south dilatational, 1.6km long corridor that contains ore shoots expressed as veining and brecciation, that open in both directions.

The sparce surface expression is characterized by a silica cap, secondary oxidation, leaching, breccia and residual quartz textures. The historical drill holes intersected the target structure and contain high-grade significant gold and silver intervals demonstrating the potential for further strike and down dip extension, but also the possibility of further high-grade gold and silver ore shoot zones. Phase III drilling has confirmed the location of multiple ore shoots in the Northern Monserrat sector, with extensive intersections of gold and silver mineralized veins, extending the known mineralization to the north at the Main Veins target, under the basalt flow.

It also extended the Bajo Pedernal target, which has very little surface expression (jasperoidal veins) but which now show similar potential as the more advanced Main Veins and Monserrat West targets. In addition, there are numerous targets that are yet to be drilled such as Abanico, that comprise at least four distinct veins traceable over 1.0 km of strike; and Monserrat East, a silicified trend reaching 3.0km long by 8m wide located 2.5km east of Main Veins. Based on all of the above, the Northern Monserrat sector requires additional systematic drilling to define the true extent of the sector, currently open in all directions.

The interpretation of this new phase of drilling is currently being carried out, including integrating it with the historical drilling. This will provide the basis for future exploration drilling and selection of other potential high-grade zones.