Progress Minerals Provides Financing Update

/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/

VANCOUVER, Oct. 9, 2018 /CNW/ - Progress Minerals Inc. ("Progress" or the "Company") is pleased to announce that the Company has raised gross proceeds of C$8,690,272.75 through the sale of 34,761,091 common shares at a price of C$0.25 per common share (the "Offering"). The Offering was originally announced on June 12, 2018 and the gross proceeds raised thus far have been completed in two tranches. The Company may elect to raise additional funds under the Offering to reach total gross proceeds of up to C$10 million.

The net proceeds of the Offering will be used for exploration activities in Burkina Faso and Côte d'Ivoire, payment of the upfront consideration with respect to the Bobosso acquisition and for general corporate purposes. In connection with the Offering, Progress paid cash finder's fees totalling C$16,000.

About Progress Minerals Inc.

Progress is an exploration company, focused on the West African Birimian Greenstone Belts, targeting large, low-cost, high-quality, gold deposits. Progress is currently earning into a portfolio of permits in both Burkina Faso and Côte d'Ivoire, covering approximately 2,000km² including anchor projects in each jurisdiction; the Bira Trend Project (Burkina Faso) and the Bobosso Project (Côte d'Ivoire).

On the Bira Trend Project, Progress has completed a district-wide power auger program targeting over 24km of a geochemical anomaly and recently completed a concurrent follow-on 5,129m (49 hole) reverse-circulation ("RC") drill program to test priority targets within an area of known mineralization. Progress has identified ten drill-ready targets for follow-on RC drilling to commence in the fall of 2018. Progress is earning into a 70% interest in a large property package in Burkina Faso in partnership with Predictive Discovery Ltd. (ASX:PDI), whereby Progress is sole-funding US$5 million in expenditures by October 2021 to earn a 70% interest, after which time a joint-venture will be formed. Progress is finalizing its initial earn-in of 51% with Predictive after having spent the first US$1 million in eligible expenditures in Burkina Faso.

On the Bobosso Project, Progress has released final assays from its 2017 reverse-circulation drill program which have generated a number of targets for further follow-up within a large 7km² gold-in-soil anomaly. Progress has signed a memorandum of understanding with its partners on the Bobosso Project (which includes Predictive Discovery Ltd.), pursuant to which Progress will consolidate a 100% interest in the property.

K. Kirk Woodman, P. Geo, Vice President Exploration is a Qualified Person overseeing Progress' exploration projects in Burkina Faso and Côte d'Ivoire and has reviewed and approved this press release.

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. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (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 unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

SOURCE Progress Minerals Inc.