Tesoro Minerals Announces a $600,000 Private Placement

"Not for distribution to United States newswire services or for dissemination in the United States."

Tesoro Minerals Corp. (TSXV: TES,OTC:NNGVF) ("Tesoro" or the "Company") is pleased to announce it intends to complete a non-brokered private placement (the "Private Placement") for gross proceeds of up to $600,000 through the sale of up to 6,000,000 common shares (the "Shares") at a price of $0.10 per Share (all dollar amounts in Canadian dollars).

A finder's fee may be payable in cash of up to 6% of the proceeds of the Private Placement in accordance with TSX Venture Exchange ("TSX-V") policies.

Closing of the Private Placement is subject to certain customary conditions, including the receipt of TSX-V approval.

Use of Proceeds

The net proceeds from the Private Placement are expected to be used for the following purposes:

• Advancement of the Rumichaca and Cerro Macho properties in Peru, including initial fieldwork, data compilation, geological mapping and sampling, and induced polarization (IP) ground geophysical surveys
• Community and social engagement initiatives
• General working capital and corporate purposes

It is important to note that none of the proceeds will be utilized for Investor Relations Activities, and no payments will be made to Non-Arm's Length Parties of the Issuer. All securities issued pursuant to the Private Placement are subject to a four-month and one-day hold period, in accordance with applicable securities laws and the policies of the TSX-V.

About Tesoro Minerals Corp.

Tesoro Minerals Corp. (TSXV: TES,OTC:NNGVF) is a junior exploration company focused on the discovery and advancement of high-quality precious and base metal projects in Peru. The Company leverages strong in-country expertise and a disciplined, value-accretive approach to project acquisition and exploration.

Cautionary Statements regarding Forward-Looking Information

Except for statements of historical fact contained herein, the information in this news release constitutes "forward-looking information" within the meaning of Canadian securities law. Such forward-looking information may be identified by words such as "plans", "proposes", "estimates", "intends", "expects", "believes", "may", "will" and include without limitation, statements regarding estimated capital and operating costs, expected production timeline, benefits of updated development plans, foreign exchange assumptions and regulatory approvals. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from such statements. Factors that could cause actual results to differ materially include, among others, metal prices, competition, risks inherent in the mining industry, and regulatory risks. Most of these factors are outside the control of the Company. Investors are cautioned not to put undue reliance on forward-looking information. Except as otherwise required by applicable securities statutes or regulation, the Company expressly disclaims any intent or obligation to update publicly forward-looking information, whether as a result of new information, future events or otherwise.

Not for distribution to United States newswire services or for dissemination in the United States of America This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933 (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons (as defined in the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws, or an exemption from such registration is available.

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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/312857