Metallis Closes $2.18 Million Financing

VANCOUVER, British Columbia, Jan. 26, 2018 (GLOBE NEWSWIRE) -- Metallis Resources Inc. (TSX-V:MTS) ("Metallis" or the "Company") is pleased to announce that further to its news release dated January 5, 2018, the Company has closed its private placement (the "Private Placement") pursuant to which its issued 1,897,142 Units at a price of $1.15 per Unit for aggregate gross proceeds of $2,181,713.

Each $1.15 Unit consists of one (1) common share of the Company (each, a "Share") and one-half (1/2) of one non-transferable share purchase warrant (each whole warrant, a "Warrant"). Each Warrant is exercisable for the purchase of one (1) additional Share at a price of $1.60 per Share for a period of three (3) years.

All securities issued under the private placement are subject to a hold period expiring four months and one day from the date of issuance pursuant to applicable Canadian securities laws and the rules of the TSX Venture Exchange. Finder's fees of $10,488 were incurred with the private placement.

Proceeds from the private placement will be used for the 2018 exploration and drill program on the Company's 100%-owned Kirkham Property situated in the heart of the Golden Triangle's Eskay Camp in northwest British Columbia and for general working capital. The private placement is subject to final TSX-V approval.

About the Kirkham Property

The 106 sq. km Kirkham Property is located about 65 km north of Stewart, BC within the prolific Golden Triangle. The northern border of Kirkham is contiguous to Garibaldi Resources' E&L Nickel Mountain Project whereas the northeast corner of Kirkham is within 12 km of the Eskay Creek mine while the eastern border is within 15 to 20 km of Seabridge Gold's KSM deposit and Pretium Resources' Brucejack mine.

About Metallis

Metallis Resources Inc. is a Vancouver-based company focused on the exploration of gold, copper, nickel and silver at its 100%-owned Kirkham Property situated in northwest British Columbia's Golden Triangle. Metallis trades under the symbol MTS on the TSX Venture Exchange and currently has 31,838,629 shares issued and outstanding, including this private placement.

On behalf of the Board of Directors:

/s/ "Fiore Aliperti"
Chief Executive Officer, President and Director

For further information:
Tel: 604-688-5077
Email: [email protected]
Web: www.metallisresources.com

CAUTION REGARDING FORWARD-LOOKING STATEMENTS

This Press Release may contain statements which constitute ?forward-looking' statements, including statements regarding the plans, intentions, beliefs and current expectations of the Company, its directors, or its officers with respect to the future business activities and operating performance of the Company. The words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions, as they relate to the Company, or its management, are intended to identify such forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future business activities or performance and involve risks and uncertainties, and that the Company's future business activities may differ materially from those in the forward-looking statements as a result of various factors. Such risks, uncertainties and factors are described in the periodic filings with the Canadian securities regulatory authorities, including quarterly and annual Management's Discussion and Analysis, which may be viewed on SEDAR at www.sedar.com. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update these forward-looking statements.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. The TSX-V Stock Exchange has neither approved nor disapproved the contents of this news release.