White Metal Closes $180,000 Financing

Thunder Bay, December 31, 2018 - White Metal Resources Corp. (TSXV: WHM) ("White Metal" or the "Company") is pleased to announce that the Company has closed its previously announced financing, subject to Toronto Venture Exchange approval.

The Company has raised $180,000 by issuing 3,600,000 Flow-Through Units (FT Units) at $0.05 per FT Unit, each FT Unit consisting of 1 common flow-through share and one (1) common share purchase warrant, each warrant (a "Warrant") being exercisable for one common share of the Company at $0.15 for a period 24 months from the date of issuance of such Warrants, subject to the right of the Company to accelerate the exercise period of the Warrants if the price of shares of the Company closes at or above $0.30 for 30 consecutive trading days. All securitis issued pursuant to this financing will be subject to a 4 month hold period. A cash finder's fee of $4,900 was paid in respect of this financing.

The Placement was effected with an insider of the Company subscribing for 1,800,000 FT Units for aggregate subscription proceeds of $90,000, that portion of the financing a "related party transaction" as such term is defined under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company is relying on exemptions from the formal valuation and minority approval requirements set out in MI 61- 101. The Company is exempt from the formal valuation requirement of MI 61-101 under sections 5.5(a) and (b) of MI 61-101 in respect of the transaction as the fair market value of the transaction, insofar as it involves the interested party, is not more than the 25% of the Company's market capitalization. Additionally, the Company is exempt from minority shareholder approval under sections 5.7(1)(a) and (b) of MI 61-101 as, in addition to the foregoing, (i) neither the fair market value of the Units nor the consideration received in respect thereof from interested party exceeds $2,500,000, (ii) the Company has one or more independent directors who are not employees of the Company, and (iii) all of the independent directors have approved the transaction. Material change reports were not filed 21 days prior to the closing of the financing because insider participation had not been established at the time the financing was announced.

About White Metal Resources Corp. (TSX-V: WHM)
White Metal Resources Corp. is a junior exploration company exploring in Canada.

On behalf of the Board of Directors of White Metal Resources Corp.

"Jean-Pierre Colin"
Jean-Pierre Colin, President, CEO and Director

For further information contact:

Jean-Pierre Colin
President, CEO & Director
(416) 573-4300
jpcolin.whitemetal@gmail.com

or

Michael Stares
Director
84 Squier Street
Thunder Bay, Ontario, Canada, P7B 4A8
Phone: (807) 628-7836

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