Palamina Appoints New Board Members and Issues Options

TORONTO, ONTARIO--(Marketwired - Dec. 3, 2015) - Palamina Corp. (TSX VENTURE:PA) has appointed Jose Vizquerra-Benavides and Darin Wagner to its board of directors and Douglas Reeson and Phillip Walford will continue to serve Palamina on the advisory board. Brian Jennings has stepped down from the board and will remain as a consultant to the Company in his capacity as CFO. Palamina has granted the new directors 300,000 options of the Company under its Stock Option Plan. All options are exercisable at $0.06 per common share and expire on December 1, 2020.

Andrew Thomson President of Palamina Corp. stated: "We would like to thank Mr Jennings, Reeson and Walford for their prior board support and welcome their continued involvement as advisors and consultants to Palamina. The new board consists of mine finders who are actively committed operators able to secure financings and move significant projects forward under current market conditions."

Palamina's board consists of:

Jose Vizquerra-Benavides: Mr. Vizquerra is the COO, Senior VP Corporate Development and a director of Oban Mining Corporation. Mr. Vizquerra previously worked as Head of Business Development for Compania de Minas Buenaventura (NYSE:BVN), prior to which he worked as production and exploration geologist at the Red Lake gold mine. He is currently a board member of Timmins Gold. Mr Vizquerra holds a M.Sc. from Queens University in MINEX.

Darin Wagner: Mr. Wagner heads Balmoral Resources whose team have been twice recognized as the Explorers of the Year in Quebec for Balmoral's Martiniere and Grasset discoveries. Mr. Wagner and the team at Platinum Group Metals were awarded the NWOPA Explorer of the Year Award in 2004 for the Seagull Pt-Pd discovery near Thunder Bay, Ontario. In addition to his duties with Balmoral Mr. Wagner currently serves on the Board of Directors of Newcastle Gold and is co-founder of Falco Resources.

Mr. Wagner is the former President and CEO of West Timmins Mining. Darin and his team were instrumental in the discovery of the high-grade Thunder Creek Gold Zone in Timmins, Ontario and the subsequent acquisition of West Timmins by Lake Shore Gold in an all share deal valued at $424 million which was completed in November of 2009.

Glen Masterman: Dr. Masterman is executive director in charge of corporate development for Beadell Resources. Glen previously served as Kinross' head of exploration and over a period of seven years significantly enhanced that company's strength in global exploration, building a world-class exploration program and team across four continents. In addition to replenishing resources at Kinross' active mining sites, Dr. Masterman and his team were responsible for a number of important near-mine discoveries in Russia and Chile. Between 2010 and 2012, he oversaw the immense drilling effort at the Tasiast mine in Mauritania which resulted in a significant resource expansion. Prior to Kinross, Dr. Masterman was General Manager, Exploration for Bolnisi Gold, an Australian junior company that discovered and developed the Palmarejo silver-gold mine in Mexico up until its USD$1.1 billion takeover by Coeur Mining in 2007.

Andrew Thomson: Former President and founder of Soltoro Ltd. which defined a significant silver resource on the El Rayo silver project in South Western Mexico. Soltoro was subsequently acquired by Agnico Eagle Mines in June of 2015. Mr. Thomson is an Entrepreneur who has actively been exploring in central America since 1993. Mr. Thomson is fluent in French and proficient in Spanish and currently serves on the Board of Directors of Gossan Resources Ltd. and Montero Mining and Exploration Ltd.

About Palamina Corp.

Palamina is a holding company with 3 mining assets in Mexico. Palamina is well financed and seeking advanced projects with the potential for short term cash flow. Palamina has 14,574,504 shares outstanding and trades on the TSX Venture Exchange under the symbol PA.

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