CHILEAN METALS /HIGHLANDER JV INITIATES DRILL PHASE AT BASS RIVER N. Large Target Confirmed — 540m x 476m

CHILEAN N METAL LS /HIGHL LANDER J JV INITIAT TES DRILL L PHASE A AT BASS RIVER N.   Large e Target C Confirme ed – 540m m x 476m

Toro onto, ON. Jan

n 30, 2018 Chilean Metals s Inc. (“Chilean Metals,” “ “CMX” or the e “Company”

”) (TSX.V:CM MX, OTCQB: CME ETF, SSE:CM MX, MILA: CMX).

er Resources Corp are plea Minotaur Exploration Ltd.’s Chile ean Metals an nd Highlande ased to annou unce the com mpletion of M s (Australia) analys sis of the gr round Pulse Electro-Magnetic (PEM)

data collect ted by Clear rview Geoph hysics Ltd. in n Dece ember. The re esults were ve ery positive, M Maxwell plat te modeling d delineating a target of con nsiderable strike length and d depth h as shown be elow.

Mino otaur Explora ation Ltd (Au ustralia) has c confirmed the e VTEM and PEM target on our BRN_ _VT01 Grid at Bass River r North

h. The body i is interpreted to have a str rike length of 540 meters a and a depth e extension of 4 467 meters. T The target dips s 50 de egrees to the s southeast. Bo oth ground wo ork and modeling suggest t the target exte ends to the no orth off of the e survey grid.

As suggested by both the airb borne and gr round geophy ysics and sub bsequent plat te modeling, Target BRN N_VT01 is of subst tantial size an nd according gly, should be e tested by se everal drill h holes along st trike. To the southwest, d drilling of the e Gam mble Lake targ get encountere ed Pb, Zn, Ag g mineralization within and d proximal to

• pyrrhotite an nd pyrite vein ning hosted by y

a sili icified tuff. M Mineralization n consisted of f sphalerite an nd galena and d lesser chalc copyrite and b bornite. BRN N_VT01 is the e proje ected extensi ion of this m mineralization; the geophysical targe et substantial lly larger th han that dril lled in 2014. Geol logically, BRN N_VT01 is in nterpreted to b be in proximi ity to the cont tact of the gra anitic Pleasan nt Hills Pluton

n. Ideally, this s woul ld provide a structural ho ost for miner ralization as found elsewh here in the C Cobequids, sp pecifically th he Bass River r Magn netite / Cobal lt occurrences s.

Acce ess to the area a is very good d via the Old Castlereagh Road. By uti ilizing a skid mounted dril ll and second dary roads and d trails s, the environm mental impac ct will be kept t to a minimu um while also facilitating a an expanded p program if res sults dictate.

Patrick J Cruickshank, MBA , Chilean Pre esident & CE EO stated” W We are excite ed to have th he opportunity y to drill this s Mass sive Target in n Nova Scoti ia. It’s the lar rgest anomaly y delineated in over 2000 0 line kilome eters of airbor rne surveying g cond ducted by the company. Or rbit–Garant D Drilling, NB w will be condu ucting our Dr rill Program ( (Previously a announced) as s soon as permittin ng is comple ete. We look k forward to reporting re esults in the upcoming w weeks. This has been the e culm mination of a tremendous amount of work by our r Technical A Advisory Te eam and our JV Partner - Highlander r Reso ources Corp.”

ted “We are extremely p H. K Kirby Atwood d, MBA, Highlander Res sources Corp p, President & & CEO, stat pleased to be e explo oring for IOC CG – VMS st tyle mineraliz zation in the C Cobequids H Highlands of N Nova Scotia. and are anxio ous to get the e Castl leReagh Drill l program und derway & loo ok forward to proving a hig ghly mineralis sed system at t the Bass Riv ver North.

In ad ddition, the a amount of $5 535,860 unde er the previou usly announc ced non-broke ered financin ng was closed d through the e issua ance of 5,358 8,600 units. E Each unit cost t $0.10 and w was comprise ed of one sha are and one h half of one sh hare purchase e warra ant. One purc chase warrant t and $0.18 e enables the ho older to acqui ire another sh hare of comm mon stock at a any time until Oct 16, 2019 sub bject to the Company’s a ability to acc celerate the w warrants sho ould its stock k trade above e $0.36 for a a presc cribed period of time. All securities iss sued under th he private pla acement are subject to a f four-month h hold period in n accor rdance with a applicable sec curities laws. N No broker fee es were paid o or broker war rrants were is ssued.

Abou ut Chilean Me etals

www w.chileanmeta als.com/

The Qualified P Person for Ch hilean Meta als Inc., as d defined by N National Instr trument 43-1 101, is Gary y Lohman, P P. Geo.

., Vice Presi ident, Explor ration.

Forward-looking St tatements: This s news release may contain certain statemen nts that may be e deemed "forw ward-looking s statements". Al ll statem ments in this re elease, other th han statements of historical fa act, that addres ss events or de evelopments th hat CMX expec cts to occur, are forwa ard looking sta atements. Forw ward-looking st tatements are s statements that t are not histori ical facts and a are generally, but not always s, identi ified by the w words "expect ts", "plans", "

"anticipates", "

"believes", "in ntends", "estim mates", "projec cts", "potentia al" and simila ar tements in this expre essions, or tha at events or co onditions "will l", "would", "m may", "could"

" or "should" occur. Forwar rd-looking stat MX believes the docum ment include s statements rega arding current and future ex xploration prog grams, activitie es and results. Although CM expec ctations expressed in such for rward-looking statements are e based on reasonable assump ptions, such sta atements are no ot guarantees o of could cause the future e performance and actual res sults may diffe er materially f from those in f forward-lookin ng statements. Factors that c actua al results to di iffer materially y from those in forward-looking stateme ents include m market prices, exploitation a and exploration n succe ess, continued a availability of capital and fin nancing, inability to obtain re equired regulat tory or govern nmental approv vals and genera al rantees of future performance econo omic, market o or business con nditions. Inves stors are cautio oned that any s such statement ts are not guar and a actual results or r developments s may differ m materially from those projected d in the forwar rd looking state ements.