TSX.V: NIM
NEWS RELEASE

VANCOUVER, BC, February 11, 2020 – Nicola Mining Inc. (the “Company”) is pleased to announce positive preliminary grade and copper recovery results on flotation tests conducted at ALS Metallurgy Kamloops^[1] laboratory (“ALS”) under program KM5954. The tests were designed to simulate copper and magnetite recovery into separate concentrates through flotation and magnetic separation.

A sample from the mine’s historic waste rock terraces underwent sorting via COM Tertiary XRT Sorter tests^[2]. The testing provided encouraging results and indicate that low-grade mineralized material from the historic mine waste terraces can be upgraded to a feed stream appropriate for copper flotation and magnetic separation. Sorted product from the XRT Sorter was used as feed in the flotation and magnetic separation tests. This material had feed grades of 0.34% copper (Cu) and 6.9% iron (Fe).

Key results of the tests include the following:

A Copper concentrate of 29.6% Cu and 29.4% Fe, with 73.1 % recovery copper in un-optimized laboratory batch tests.

Magnetite (Fe₃O₄) concentrate grading 64.8% Fe or (93.9% Fe₃O₄)

Sorted mill feed material was first ground to a nominal 132µmK₈₀ and underwent an initial rougher separation to confirm copper recoveries. Rougher concentrate was reground to 21µm K₈₀ prior to three stages of cleaning to produce a final copper concentrate. The copper rougher tailings were processed by using magnetic separation. The magnetic rougher concentrate was reground to 28µmK₈₀and cleaned via Davis Tube to produce a high-grade magnetic concentrate.

Initial material that contained 0.34% Cu and 6.87% Fe was separated into 2 key concentrates

Cu cleaner concentrate containing 29.6% Cu and 29.4% Fe. Copper recover was 73.1%.
Magnetite cleaner concentrate containing 64.8% Fe, which was comprised of 93.9% Fe₃O₄ and approximately 2.9% of the overall feed mass.

The ability to produce a copper concentrate grading 29.6% Cu with 73.1% Cu recovery rate in initial testing is very encouraging. Positive Cu grades were further augmented by the magnetite concentrate that contained 64.8% Fe or (93.9% Fe₃O₄) and accounting for approximately 2.9% of the overall mass. The Company plans to conduct further testing on the grades of the fines in

the historic waste rock terraces, which account for approximately 50% of the tested material and graded 0.25% Cu and additional lab testing to further optimize and confirm grades and recovery.

Scientific and Technical Information

The Qualified Person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects, Kelly McLeod, P. Eng of K-Met Consultants Inc. Kelly McLeod is independent of Nicola and has reviewed the contents of this press release that pertain to the metallurgical test work results and their interpretation and has approved its dissemination.

About Nicola Mining

Nicola Mining Inc. is a junior mining company listed on the TSX Venture Exchange and is in the process of recommencing mill feed processing operations at its 100% owned state-of-the-art mill and tailings facility, located near Merritt, British Columbia. It has already signed four mill profit share agreements with high grade gold producers. The fully-permitted mill can process both gold and silver mill feed via gravity and flotation processes. The Company also owns 100% of Treasure Mountain, a high-grade silver property, and an active gravel pit that is located adjacent to its milling operations.

On behalf of the Board of Directors

“Peter Espig”
Peter Espig
CEO & Director

For additional information contact:

Peter Espig
Telephone: (778) 385-1213
Email: peter@nicolamining.com

Cautionary Statement Regarding Forward-Looking Statements

This news release includes certain “forward-looking statements” under applicable Canadian securities legislation that are not historical facts. Forward-looking statements involve risks, uncertainties, and other factors that could cause actual results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements in this news release include, but are not limited to, statements with respect to the expectations of management regarding its mineral projects, the technical reports being prepared in relation to these projects, the mineralization on these projects, the relevancy and reliability for historical estimates, and the timing for completion of technical report. Although the Company believes that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. Such forward-looking statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements including that: the Company may not complete the new technical reports within the time anticipated or at all; the mineral properties may not have any current mineral resources or mineral reserves; the mineral projects may not prove to be economically feasible; risks inherent to mineral exploration and extraction activities; and those additional risks set out in the Company’s public documents filed on SEDAR at www.sedar.com. Although the Company believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Except where required by law, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.

[1] ALS Kamloops is a subsidiary of ALS Global, leader in providing laboratory testing, inspection, certification and verification solutions. https://www.alsglobal.com/

[2] Tests were conducted at Tomra Sorting’s Test Center located in Hamburg, Germany and announced in a news release on March 29, 2019 and November 27, 2019

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