Vancouver - Prime Mining Corp. ('Prime' or the 'Company') (TSX-V: PRYM, OTCQB: PRMNF, Frankfurt: 04V3) announces new drill results that continue to expand known mineralized structures at its wholly-owned Los Reyes gold-silver project ('Los Reyes') in Sinaloa State, Mexico.

Results reported today are from 17 new core holes from the Company's exploration program targeting the northern extension of the Zapote-Tahonitas structure ('Z-T Structure'). Seven of the 17 core holes are near the historical underground Mariposa Mine and the other 10 new core holes are from Zapote North in a previously untested mineralized gap between Zapote North and Mariposa. These holes confirm that gold-silver mineralization extends from Zapote North to Mariposa, increasing the total length of the gold-silver mineralized Z-T Structure by 450 metres ('m') to approximately 3.0 kilometres. ('km')

Holes reported today are from Phase 1 drilling through October 30, 2021, and Phase 2 drilling that began November 1, 2021. Approximately 15,000 m of the planned 50,000 m Phase 2 drill program are targeting the Mariposa, Zapote North, Zapote South and Tahonitas gold-silver mineral deposits that make up the Z-T Structure. There are currently 3 drill rigs working on the west side of the property at the Z-T Structure and 5-rigs working on the east side of the property at the Guadalupe and El Orito structures. The Company continues to work with the assay laboratory to resolve, and where possible accelerate, the previously reported current backlog of drill hole samples requiring assaying. The assay turnaround time is now 6-8 weeks, including completion of QA/QC procedures. Despite the assay delays, the efficient ramp up of drilling and mobilization of a reverse circulation drill rig has kept Phase 2 progress on target with 21,530 m, comprising 69 holes, already drilled including approximately 5,440 m in November, 4,550 m in December and 6,850 m in January.

About Prime Mining

Prime Mining (member of the TSX Venture 50) is an ideal mix of successful mining executives, strong capital markets personnel, and experienced local operators focused on unlocking the full potential of the high-grade Los Reyes Gold-Silver Project in Mexico. Prime Mining has a well-planned capital structure with significant team and insider ownership.

Contact:

Daniel Kunz

Tel: 1-208-926-6379

Email: daniel@primeminingcorp.ca

Forward Looking Information

This news release contains certain 'forward-looking information' and 'forward-looking statements' within the meaning of Canadian securities legislation as may be amended from time to time, including, without limitation, statements regarding the perceived merit of the Company's properties, including additional exploration potential of Los Reyes, potential quantity and/or grade of minerals, the potential size of the mineralized zone, metallurgical recoveries, the timing and results of permitting and the Company's exploration and development plans in Mexico and expectations on the potential extension of the expired mineral concessions and granting of new mineral concessions with respect to El Rey. Forward-looking statements are statements that are not historical facts which address events, results, outcomes, or developments that the Company expects to occur.

Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made, and they involve several risks and uncertainties. Certain material assumptions regarding such forward-looking statements were made, including without limitation, assumptions regarding the price of gold, silver and copper; the accuracy of mineral resource estimations; that there will be no material adverse change affecting the Company or its properties; that all required approvals will be obtained, including concession renewals and permitting; that political and legal developments will be consistent with current expectations; that currency and exchange rates will be consistent with current levels and that there will be no significant disruptions affecting the Company or its properties. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements involve significant known and unknown risks and uncertainties, which could cause actual results to differ materially from those anticipated. These risks include, but are not limited to: risks related to uncertainties inherent in the preparation of mineral resource estimates, including but not limited to changes to the cost assumptions, variations in quantity of mineralized material, grade or recovery rates, changes to geotechnical or hydrogeological considerations, failure of plant, equipment or processes, changes to availability of power or the power rates, ability to maintain social license, changes to interest or tax rates, changes in project parameters, delays and costs inherent to consulting and accommodating rights of local communities, environmental risks, title risks, including concession renewal, commodity price and exchange rate fluctuations, risks relating to COVID-19, delays in or failure to receive access agreements or amended permits, risks inherent in the estimation of mineral resources and risks associated with executing the Company's objectives and strategies, including costs and expenses, as well as those risk factors discussed in the Company's most recently filed management's discussion and analysis, as well as its annual information form dated August 31, 2021, available on www.sedar.com.

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