MINERAL HILL RECEIVES EXTENSION OF THE BRIDGE FINANCING FOR DUE DILIGENCE

VANCOUVER, BC, Jan. 31, 2022 /CNW/ - Mineral Hill Industries Ltd. ("Mineral Hill" or "Company") listed on the TSX Venture exchange ("TSXV") under the trading symbol "MHI" and on the Deutsche Boerse, Frankfurt under the trading symbol "MLN" wishes to announce that the TSXV has granted a thirty day extension of the private placement announced on December 13, 2021 in order to finalize a Bridge Financing for its due diligence under the terms of the Memorandum of Understanding ("MOU") announced on November 17, 2021 with an overseas corporation which is involved in the business of acquiring and financing mineral resource assets consisting of alluvial gems and minerals ("RTO-Project").

The conditions and scope of the bridge financing will remain the same with the Company raising $150,000 comprised of 600,000 common shares at $0.25.

The financing will meet each criteria of Policy 5.2, section 5.3 "Bridge Financing" and will be used for covering costs such as legal fees, audit fees and due diligence associated with proceeding to completion of a possible RTO. No payments will be made to the vendor.

THE COMPANY SEEKS SAFE HARBOUR

ABOUT MINERAL HILL INDUSTRIES LTD
Mineral Hill is a publicly trading junior mining company focused on the acquisition, exploration, development and possible mining of natural resources, with the objective of developing the Dot-Apex Claim Group ("Apex Claims") and the Master-ACE Claim Group ("ACE Claims"), located in south-western British Columbia (the "BC-Project").   

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release may contain forward-looking statements based on assumptions and judgments of management regarding future events or results. Such statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements. There is no assurance the property option referred to above will be exercised or the private placement referred to above will close on the terms as stated, or at all. The Company disclaims any intention or obligation to revise or update such statements.

SOURCE Mineral Hill Industries Ltd.

CONTACT : Dieter Peter, President & CEO; Phone: [phone]