Vancouver - Capitan Mining Inc. (TSXV: CAPT) ('Capitan' or the 'Company') is pleased to report results from drillhole 21-CARC-29 and regional surface work from its fall work program at the Penoles project, Durango, Mexico.

Highlights

RC Hole: 21-CARC-29 intersected 38.1m of 0.63g/t AuEq within a broad zone of 195.1m of 0.34g/t AuEq and intersected a second interval with Jesus Maria (JM) style silver mineralization (New)

The second interval in Hole 21-CARC-29, is located immediately below the Capitan Hill Main Zone and is highlighted by an intersection of 3.0m of 103 g/t Ag, 0.26 g/t Au, 0.1% Pb and 0.49% Zn

This new discovery is significant as it represents a 350m step out down-dip, and to the south of the previously drill-defined extent of the Jesus Maria Silver deposit

Chip sampling on outcrops north of the Jesus Maria Silver deposit have discovered new zones with values up to 410 g/t Ag, 0.9 g/t Au, 1.67% Pb and 0.7% Zn over 0.6m

Trenching along the new Gully Fault target, between the Capitan gold deposit and the Jesus Maria silver deposit, has identified a wide zone of mineralization up to 54m wide with 0.14 g/t Au

First 10 holes at the Jesus Maria Silver deposit are completed and awaiting assay, this is part of a 5,000m inaugural RC drill program at the Jesus Maria Silver deposit planned to be completed in H1 2022

Overview: Jesus Maria Silver Deposit

The Jesus Maria (JM) silver deposit is located approximately 280m to the northeast of the Capitan deposit. It has been traced by surface trenching and diamond drilling over a strike length of 750m and to a depth of 150m, with the majority of drilling focused over 250m strike length and less than 100m below surface.

The Jesus Maria Silver deposit has a long mining history going back to the late 1800's, when the Penoles Mining company constructed several shafts and drifts to exploit the high-grade silver veins in the area. In recent years, work programs conducted by previous operators has demonstrated significant potential at the Jesus Maria silver deposit. The work to date has identified Two (2) distinct styles of silver mineralization.

High-grade silver polymetallic veins (Silver gold lead-Zinc)

High-grade silver with gold veins

About Capitan Mining Inc.

Capitan Mining is a well-funded junior exploration company focused on its 100% owned gold and silver Penoles Project in Durango, Mexico. The company is led by a management team that has successfully advanced and developed several heap leach operations in Mexico over the past 16 years.

Contact:

Alberto Orozco

Tel: (778) 327-6671

Fax: (778) 327-6675

Email: info@capitanmining.com

Web: www.capitanmining.com

Certain statements in this press release may be considered forward-looking information. These statements can be identified by the use of forward-looking terminology (e.g., 'expect',' estimates', 'intends', 'anticipates', 'believes', 'plans'). Such information involves known and unknown risks-including the availability of funds, the results of financing and exploration activities, the interpretation of exploration results and other geological data, or unanticipated costs and expenses and other risks identified by Capitan in its public securities filings that may cause actual events to differ materially from current expectations. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.

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