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Pistol Bay Closes Private Placement

VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 01/23/14 -- Pistol Bay Mining Inc. (TSX VENTURE: PST) ("the Company") is pleased to announce that it has closed the non-brokered private placement announced on January 14th 2014.

A total of 4,000,200 units will be issued as non flow-through units at a price of $0.06 per unit for total proceeds of $240,012. Each unit will consist of one common share and one share purchase warrant. Each warrant will entitle the holder to purchase one additional common share of the Company at a price of $0.10 per share for 18 months from the date of closing.

Shares, warrants and any shares issued upon exercise of the warrants are subject to a hold period of four months expiring May 24th 2014. The proceeds of the private placement will be used for general working capital.

The following insiders participated in the private placement: Doug McFaul, 180,500 units and Dave John Ramesh Bissoondatt 50,000 units.

Finders' fees: Leede Financial Markets Inc. - $2,800.20 cash and 46,670 Broker warrants, Global Securities Corp. - $4,431 cash and 73,850 Broker Warrants and Canaccord Genuity Corp. - $4,800 cash and 80,000 Broker warrants. Each Broker Warrant is convertible into units of the Company at an exercise price of $0.06 until expiration on July 23rd 2015. Each unit comprises one share and one warrant exercisable at $0.10 per share for 18 months from the date of closing.

The Company further announces that pursuant to its stock option plan, the Company has granted incentive stock options to its directors, officers, consultants, and employees to purchase in the total of 650,000 common shares in the capital stock of the company, subject to regulatory approval, exercisable for a period of five years, at a price of $0.105 per share.

About Pistol Bay Mining Inc. (TSX VENTURE: PST) is a diversified Junior Canadian Mineral Exploration Company with a focus on graphite, precious and base metal properties in North America..

For additional information please contact Charles Desjardins at Pistol Bay Mining Inc. or visit www.pistolbaymining.com.

On Behalf of the Board of Directors, PISTOL BAY MINING INC.

Charles Desjardins, President and Director

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.

Cautionary note:

This report contains forward looking statements. Resource estimates, unless specifically noted, are considered speculative. Any and all other resource or reserve estimates are historical in nature, and should not be relied upon. By their nature, forward looking statements involve risk and uncertainties because they relate to events and depend on factors that will or may occur in the future. Actual results may vary depending upon exploration activities, industry production, commodity demand and pricing, currency exchange rates, and, but not limited to, general economic factors. Cautionary Note to US investors: The U.S. Securities and Exchange Commission specifically prohibits the use of certain terms, such as "reserves" unless such figures are based upon actual production or formation tests and can be shown to be economically and legally producible under existing economic and operating conditions.

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