VANCOUVER, BC, July 11, 2019 — Nicola Mining Inc. (TSX-V: NIM) (the “Company” or “Nicola”) is pleased to provide an update on its Notice of Objection filed with the Canada Revenue Agency (“CRA”) on July 19, 2018 concerning certain Canadian Exploration Expenses (“CEE”) claimed by investors who purchased flow-through securities issued by the Company in 2012, for which tax deductions had previously been disallowed by the CRA. The Company has been advised by the CRA Appeals Officer assigned to the matter that sufficient CEE had in fact been incurred by the Company at the relevant times in order to allow renunciation of CEE to these investors (the “CRA Decision”).
The Company shall communicate with each group of affected investors to provide notice of the consequences of the CRA Decision, which will vary for each group. This information will assist these investors with their filings with the CRA.
The Company is also pleased to report that as a result of the CRA Decision the Flow-through Obligation of $4,106,780 as in the most recent interim financial statements will be reversed and associated gains and losses will be reflected in the interim financial statements to June 30, 2019.
Nicola’s CEO Peter Espig stated “We are pleased with the outcome of the CRA Notice of Objection process, which was concluded in less than 12 months. This significant accounting issue has been removed from the Company. For almost three years the Company has dealt with a CRA audit, reassessment and Notice of Objection. This long arduous process has resulted in a very positive outcome. We can now move forward and focus on the exploration and development of the Company’s mineral projects.”
On behalf of the Board of Directors
CEO & Director
About New Craigmont Project
In November of 2015, Nicola became the first group in decades to consolidate ownership of the New Craigmont Project (the “Property”) and has been actively conducting mineral exploration since. The Property is a wholly owned copper property with an active mine permit (M-68), located 33 km south of the world-class Highland Valley porphyry district. It lies at the southern contact between the Nicola Group rocks and Guichon Creek batholith, of which the latter is known to be a precursor to mineralization at Highland Valley. For further details on the Property, see the technical report entitled “Technical Report on the Thule Copper– Iron Property, Southern British Columbia, Canada”, filed on May 8, 2013 on Sedar at www.sedar.com.
For additional information contact:
Telephone: (778) 385-1213
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 Bristow, J.F. (Jul. 22, 1985) Internal memo: Continued Exploration at Craigmont Mines Limited’s Merritt Property.