Anacortes Mining Grants Stock Options and Engages Kin Communications for Investor Relations Services and Independent Trading Group as Market-Maker

Under the terms of the Investor Relations Agreement with Kin, which is dated October 12, 2021, Kin has agreed to assist Anacortes with investor relations, including communicating with and marketing to potential investors, shareholders and media contacts for a period of twelve months and on a month-to-month basis thereafter. In consideration for the services, the Company has agreed to pay Kin $12,500 per month. In addition, the Company has granted Kin stock options entitling it to purchase 150,000 of the Company's common shares at a price of $2.40 per share with a five-year term, vesting in four equal instalments of 37,500 options over a period of 18 months, with the first instalment vesting on the date of grant (October 12, 2021), and three additional instalments, each for 37,500 options, on the six, 12 and 18 month anniversaries of the date of grant. The Company has been advised that Kin and its principals own 366,666 shares of the Company.

Kin is owned by President & CEO Arlen Hansen and has no direct relationship with the Company, other than as described in this news release.

Anacortes has also engaged the services of Independent Trading Group Inc. ("ITG") as market-maker for its common shares on the TSX Venture Exchange.

Under the terms of the agreement, Anacortes has engaged ITG for an initial term of three-months, and thereafter on a month-to-month basis. Anacortes has agreed to pay ITG a monthly fee of $5,000 for market making services. The Company is advised that, at the date of this agreement, neither ITG nor its principals had any direct or indirect interest in any of the Company's securities. The engagement of ITG remains subject to the approval of the TSX Venture Exchange.

ITG is Canada's only brokerage firm dedicated specifically to professional trading. ITG provides market making and liquidity provider services. ITG was established by a group of Toronto Floor Traders in 1992 with the intent of developing a business where market makers could conduct business in a professional manner without conflict or compromise.

In addition, effective October 12, 2021, Anacortes has granted options to purchase an aggregate of 600,000 common shares in its capital to three of its independent directors, 300,000 options to its Chief Executive Officer, 250,000 options to its Chief Financial Officer, 250,000 options to the President of its Peruvian subsidiary, and 250,000 to a consultant advisor to the Board. All of these options vest immediately and entitle the holder to purchase one common share of the Company at an exercise price of C$2.40 per share for a period of five years from the date of grant.

For more information visit: www.anacortesmining.com

Twitter: @anacortesmining
LinkedIn: https://www.linkedin.com/company/anacortes-mining/

On Behalf of the Board:
Jim Currie
President & CEO

Investor Relations Contact:
Kin Communications Inc.
Victor Ostlund
604-684-6730
XYZ@kincommunications.com

About Anacortes

Anacortes is a new growth-oriented gold company in the Americas, which owns a 100-per-cent interest in the Tres Cruces gold project located in Peru. Tres Cruces is one of the highest-grade oxide deposits globally and hosts oxide plus sulphide indicated resources of 2,474,000 oz at 1.65 g/t gold and inferred resources of 104,000 oz at 1.26 g/t gold, inclusive of 630,000 oz of high-grade leachable gold at 1.28 g/t gold. Anacortes is well capitalized and intends to aggressively advance Tres Cruces through feasibility and to production under a heap leach open-pit scenario. Additionally, Anacortes will continue to seek further growth opportunities in the Americas, with the goal of creating the next mid-tier multi asset gold producer.

About Independent Trading Group

ITG is Canada's only brokerage firm dedicated specifically to professional trading. As Canada's foremost Market Making Firm, ITG provides Market Making and Liquidity Provider services that are objective and focused. With its head office in Toronto, ITG employs real traders and provides real liquidity, with an underlying emphasis on integrity and success.

Cautionary Statement on Forward-Looking Information

This news release contains forward-looking statements which constitute "forward-looking information" within the meaning of applicable Canadian securities legislation ("Forward-looking Statements"). All statements included herein, other than statements of historical fact, are Forward-looking Statements and are subject to a variety of known and unknown risks and uncertainties which could cause actual events or results to differ materially from those reflected in the Forward-looking Statements.

The Forward-looking Statements in this news release may include, without limitation, statements about the the services to be provided to the Company by Kin and ITG and the Company's plans to aggressively advance Tres Cruces through feasibility and to production. Often, but not always, these Forward-looking Statements can be identified by the use of words such as "anticipated", "estimated", "potential", "open", "future", "assumed", "projected", "used", "detailed", "has been", "gain", "planned", "reflecting", "will", "anticipated", "estimated" "containing", "remaining", "to be", or statements that events, "could" or "should" occur or be achieved and similar expressions, including negative variations.

Forward-looking Statements involve known and unknown risks, uncertainties and other factors, many of which are beyond the ability of the Company to control or predict and which may cause actual results, performance or achievements to be materially different from any results, performance or achievements expressed or implied by the Forward-looking Statements. These risks include changes in general economic conditions and financial markets; political risks; risks relating to the current and potential adverse impacts of the COVID-19 pandemic on the economy, financial markets and the Company's operations; and risks inherent in mineral exploration. Although Forward-looking Statements contained in this news release are based upon what each of the parties believe are reasonable assumptions at the time they were made, such statements are made as of the date hereof and the Company disclaims any obligation to update any Forward-looking Statements, whether as a result of new information, future events or results or otherwise, except as required by law. There can be no assurance that these Forward-looking Statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader should not place undue reliance on Forward-looking Statements.

The TSXV has in no way approved or disapproved of the contents of this press release.