CMX Acquires Prospective Cobalt Project

CMX X Acquir res Prosp pective Cobalt P Project 

Toronto, ON. May 10, 2018 Ch hilean Metals s Inc. (“Chil lean Metals,”

” “CMX” or r the “Company”) (TSX.V:C CMX, OTCQ QB: CMETF, , SSE:CMX, MILA: CM MX) has ente ered into an n option with h Elk Exploratio on Ltd. to ac cquire 3 Lice enses contain ning 720 acre es representin ng the balanc ce of land lo ocated within our r Bass River c concessions a as outlined in the photo bel low.

In  consideration  for  the  Option,  t the  CMX  shall  pay  the  Optionor  as  fo ollows:  (a)  a  cash  payme ent  of $12,000 to be paid wit thin 10 workin ng days of rec ceiving TSX V Venture Excha ange (the “Exchange”) app proval of this Ag greement; (b) an issuance of common s shares (the “Shares”) of the Optionee, , having a val lue of $5,000  to

• the  Option nor  issuable  within  10  w working  days s  of  receivin ng  Exchange  approval  of f  this

Agreement; (c) a cash payment of $5,000 paid to the Optionor on or before the first anniversary of the Exchange approval and all subsequent years thereafter; and (d) incur, within 3 years from the date of Exchange approval of this Agreement, at least $500,000 in exploration expenditures on the Property, upon which the CMX will have earned its Interest in the Property, subject only to the 10% Free Carried Interest  and  the  1%  NSR  Royalty  to  be  held  by  Optionor.  CMX  may  purchase  the  10%  Free  Carried Interest  for  $500,000  payable  in  cash  or  shares  and  it  may  acquire  the  1%  NSR  Royalty  by  paying $250,000 in cash or shares.

“We are very bullish on the Bass River concession and the potential for a major Cobalt and/or base metals discovery. We have previously announced our intention to drill our Castlereigh prospect in Bass River and we expect to finalize our drilling contract shortly in this respect. The Quarry Project as we call this newly acquired ground will test a known Iron deposit, identified by Chilean Metals Advisor Mick Sharry. The Quarry was the site of six core holes and a 1000 tonne bulk sample which were completed in the late 80’s.   The bulk sample had noted interesting Cobalt results by the department of Natural Resources. It will be our intention to assay the old drill cores as an immediate next exploration step. Then we will contract a Helicopter to complete a detailed Mag and radiometrics survey. This will be followed by an IP survey over the areas defined by interpretation of the the magnetics and radiometrics to be high priority areas of interest for Cobalt.

The historic drill cores will be sampled will be sent in for Assay as soon as we can arrange access to the historic  core  and  we  will  report  these  results  when  received.  We  will  move  quickly  to  complete  the Airborne  Mag  and  Radiometrics  survey  which  we  expect  will  happen  in  June.  We  will  then  move  as quickly as possible to obtain land access agreements, cut lines and conduct the IP survey. Following that drill targets will be defined by integrating all available data and a drill program will be proposed.

We  look  forward  to  keeping  you  updated  as  we  progress  these  quality  prospects  in  a  timely  and professional manner.” commented CMX CEO Terry Lynch.

About Chilean Metals,

www.chileanmetals.com/

Chilean Metals Inc. is a Canadian Junior Exploration Company focusing on high potential Copper Gold prospects in Chile & Canada.

Chilean Metals Inc is 100% owner of five properties comprising over 50,000 acres strategically located in the prolific IOCG (“Iron oxide-copper-gold”) belt of northern Chile. It also owns a 3% NSR royalty interest on any future production from the Copaquire Cu-Mo deposit, recently sold to a subsidiary of Teck Resources Inc. (“Teck”). Under the terms of the sale agreement, Teck has the right to acquire one third of the 3% NSR for $3 million dollars at any time. The Copaquire property borders Teck’s producing Quebrada Blanca copper mine in Chile’s First Region.

The Qualif fied Person fo or Chilean Met tals Inc., as de efined by Nati ional Instrume ent 43-101, is Mick Sharry, M.Sc. Consultant t

Forward-l looking State ements: This news release may conta ain certain st tatements tha at may be de eemed "forward- -looking state ements". All s statements in this release, other than st tatements of h historical fact t, that elopments that CMX expects to occur address ev vents or deve r, are forward d looking sta atements. For rwardtatements are statements th looking st hat are not historical facts and are gene erally, but not t always, iden ntified anticipates", "believes", "i by the wo ords "expects s", "plans", "a intends", "est timates", "pro ojects", "pote ential" and simila ar expression ns, or that eve ents or condit tions "will", "would", "ma ay", "could" or "should" o occur. d future exploration Forward-l looking statem ments in this document inc clude stateme ents regarding g current and programs, , activities an nd results. A Although CMX X believes th he expectatio ons expressed d in such for rwardfuture looking statements are e based on re easonable ass sumptions, su uch statemen nts are not gu uarantees of f performan nce and actua al results may y differ mate erially from th hose in forwa ard-looking s statements. Fa actors that could d cause the ac ctual results t to differ mate erially from t those in forw ward-looking statements in nclude market pr rices, exploit tation and ex xploration su uccess, contin nued availab bility of capi ital and finan ncing, inability to obtain req quired regula atory or governmental ap pprovals and general eco onomic, mark ket or Investors are cautioned t business conditions. I that any such h statements s are not guarantees of f future performan nce and actu ual results or r developmen nts may diff fer materially y from those e projected i in the forward-lo ooking statem ments.