DGAP-News

Vendetta Mining Closes $2.5 Million Private Placement and Strategic 9.9% Equity Investment by Solitario Exploration and Royalty

DGAP-News: Vendetta Mining Corp. / Key word(s): Miscellaneous
Vendetta Mining Closes $2.5 Million Private Placement and Strategic 9.9%
Equity Investment by Solitario Exploration and Royalty

05.05.2016 / 16:21
The issuer is solely responsible for the content of this announcement.

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Vancouver, British Columbia--(Newsfile Corp. - May 5, 2016) - Vendetta
Mining Corp. (TSXV: VTT) ('Vendetta' or the 'Company') is pleased to
announce that it has closed an oversubscribed private placement announced
on March 3, 2016 (and revised April 18th, 2016). The Company issued a total
of 50,000,000 units at a price of $0.05 per unit for gross proceeds of
$2,500,000, each unit comprising one share and one share purchase warrant
exercisable at $0.10 for a period of two years.

The financing was increased to facilitate a strategic investment by
Solitario Exploration & Royalty Corp. ('Solitario'). Solitario is traded on
the NYSE under the symbol 'XPL' and on the Toronto Stock Exchange under the
symbol 'SLR'. As a result of its placement, Solitario will now hold 9.97%
of the issued and outstanding shares and 11.21% on a fully diluted basis of
Vendetta. Assuming exercise of all of the warrants by Solitario, and no
other warrants or options are exercised, it would own 18.13% of the common
shares of Vendetta. The Company's largest shareholder, Resource Capital
Fund VI L.P. ('RCF'), will continue to maintain a significant holding in
Vendetta with 26.72% of the issued and outstanding shares (39.80% on a
fully diluted basis).

Vendetta's President, Michael Williams stated, 'having Solitario as a
strategic partner in Vendetta re-confirms our belief that the Pegmont
Lead-Zinc Project is on the right trajectory and provides us with a key
Partner as we advance our corporate objectives. Solitario also shares our
view on the immediate future of the zinc and lead markets and corresponding
opportunities.'

The proceeds of the private placement will be used to advance the
development of the Pegmont Lead-Zinc sulphide project. The 2016 program
will include metallurgical and resource development drilling at the newly
discovered near surface Burke Hinge Zone and within Zone 5 (areas of
increasing zinc grade), metallurgical test work, property payments and for
general working capital. Drilling will commence Q2, 2016.

Vendetta also intends to update the NI43-101 Mineral Resource Estimate in
Q4 2016. The Company will incorporate the proposed 2016 drilling and