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55 North Mining completes sale of Edleston Gold Project in Timmins to European Cobalt Ltd

Sep 3, 2020

55 North Mining Inc. ("55 North" or the "Company") is pleased to announce that it has completed the previously announced sale (see press release dated July 3, 2020) of its 100% interest in the Edleston Gold Project to European Cobalt Ltd. ("European Cobalt"). See also press release dated June 8, 2020 which announced the signing of a binding letter of intent to enact this transaction.

Under the terms of the Agreement, European Cobalt paid to 55 North a non-refundable cash payment of C$100,000, and, on closing, made a cash payment of C$650,000 and issued 100,000,000 common shares of European Cobalt to the Company at a deemed issue price of A$0.02 per share (the "Consideration Shares"). European Cobalt's shares trade on the Australian Securities Exchange ("ASX" - trading symbol EUC). On September 1, 2020, the Company declared an in specie dividend to common shareholders of record as of July 6, 2020 in the form of the Consideration Shares. The common shareholders of the Company will receive approximately 1.26 European Cobalt common shares for each common share of the Company held as at July 6, 2020. The Consideration shares are currently subject to a lock up agreement. However, the Company anticipates that the dividend, now declared, will be paid by issue of the European Cobalt common shares to shareholders on or about December 2, 2020.

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