TSX.V: NIM
FSE: HLI

VANCOUVER, BC, August 31, 2021 – Nicola Mining Inc. (TSXV: NIM) (FSE: HLI), (the “Company” or “Nicola“) is pleased to announce that it has commenced shipping of concentrate with Ocean Partners UK Limited^[1] (“Ocean Partners“). To date 140 dry metric tonnes of gold and silver concentrate grading an estimated 90 g/t Au and 500 g/t Ag have been prepared for shipping (See Diagram 1). All concentrate assays were completed at Base Met Labs^[2], an accredited metallurgical testing facility located in Kamloops, BC. Concentrate grades have increased from 84.6 g/t Au to 92.2 g/t Au^[3], which may be attributed to higher throughput grades and recoveries. The Company looks forward to releasing future assays and in a subsequent news release.

Crushing of mill feed, which was transported to the site by Blue Lagoon Resources Inc. (CNSX: BLLG), commenced on July 2, 2021. In addition, to producing the gold and silver concentrate the Company has also completed key upgrades and purchase of spare parts to further augment production efficiencies.

Diagram 1: Initial shipment of gold and silver concentrate

Peter Espig, Chief Executive Officer commented, “Commencing milling operations to become Canada’s new gold/silver producer is a significant milestone. Over the past few months, we have completed an exploration program at New Craigmont Copper Project, acquired a 75% economic interest in a high grade gold project that is currently applying for a bulk sample permit and committed to environmental and social initiatives that include engaging Vest Filipchuk. It highlights a company focused on business execution while honouring social and environmental obligations.”

Qualified Person

Kevin Wells, P.Geo, a consulting geologist to the Company, is the independent qualified person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects for the technical disclosure contained in this news release.

About Nicola Mining

Nicola Mining Inc. is a junior mining company listed on the TSX Venture and Frankfurt Exchanges that maintains a 100% owned mill and tailings facility, located near Merritt, British Columbia. It is comprised of four key assets:

A $30.0 million plus modern mill facility that is held freehold and is the only site permitted to process material province wide.
100% ownership of the historic Craigmont Copper Mine located in southern British Columbia.
100% ownership of Treasure Mountain, a high-grade silver mine located in southern British Columbia.
75% economic interest in the high grade Dominion Creek Project gold project.

In depth explanations can be seen on the Company’s Corporate Presentation.

On behalf of the Board of Directors

“Peter Espig“
Peter Espig
CEO & Director

For additional information

Contact: Peter Espig
Phone: (778) 385-1213
Email: info@nicolamining.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This press release contains “forward-looking statements” within the meaning of applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements regarding the impact of the ongoing drill program and results on the Company, the possible economics of the project and the Company’s understanding of the project; the development potential and timetable of the project; the estimation of mineral resources; realization of mineral resource estimates. Generally, forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “continue”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “will”, “might” or “will be taken”, “occur” or “be achieved”. Forward-looking statements are made based upon certain assumptions and other important facts that, if untrue, could cause the actual results, performances, or achievements of Nicola to be materially different from future results, performances or achievements expressed or implied by such statements. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which Nicola will operate in the future. Certain important factors that could cause actual results, performances, or achievements to differ materially from those in the forward-looking statements include, amongst others, currency fluctuations, the global economic climate, dilution, share price volatility and competition.

Forward-looking statements are subject to known and unknown risks, uncertainties and other important factors that may cause the actual results, level of activity, performance or achievements of Nicola to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: there being no assurance that the exploration program will result in expanded mineral resources; risks and uncertainties inherent to mineral resource estimates.

[1]Ocean Partners operates in a number of countries, including Canada, Chile, China, Cyprus, Mexico, Mongolia, Netherlands, Peru, Taiwan, Turkey, United Kingdom, and the United States, and retains agency representation in Argentina, Australia, Bolivia, Brazil, Chile, Ecuador, India, Japan, South Africa, South Korea. The Company maintains a strong global network of relationships and contacts in the base metal mining and smelting sector.

[2]Base Met Labs: https://basemetlabs.com/

[3]There were 24 assays taken for this news release. The first 10 assays measured an average grade of 84.6 g/t Au while the last ten assays (15 through 24) graded 92.2 g/t Au.

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