Arena Minerals and JOGMEC Joint Venture Receives Permit to Drill 241 Holes and Commences the Drill Program

TORONTO, ONTARIO--(Marketwired - Feb. 21, 2017) - Arena Minerals Inc., (TSX VENTURE:AN) ("Arena" or the "Company") is pleased to report that the Japan Oil Gas and Metals National Corporation ("JOGMEC") and Arena joint venture has received drilling permits for the Pampa Union drill program that forms part of the US$17.5 million JOGMEC joint venture. The exploration program has been designed to complete a 1.5 kilometre grid spacing drill pattern over Pampa Union as well as follow-up on previous successes. Drill hole PU-RC-39, drilled in the north-western portion of the Pampa Union block, intersected a lithocap, alteration and pyrite shell characteristic of a porphyry system down to a total depth of 441 metres below surface. The follow-up 241 platform drill program has met all necessary environmental, health and safety, fresh water resource management, archeological, communal, fauna and flora standards and was officially approved by the National Environmental Assessment Service in Santiago.

"We are pleased to have received drill permits for up to 241 additional drill platforms at the Pampa Union project, which is currently under Joint Venture with JOGMEC," commented William Randall, President and CEO of Arena. He continued, "We plan to commence drilling immediately, initially with one drill rig and adding a second drill in the coming weeks. We will be following up on previous discoveries, as well as further regional exploratory drilling, which is a big step for the Company in our objective of delineating a copper porphyry deposit in the Antofagasta mining region of northern Chile."

The drill program is fully funded by the JOGMEC joint venture, with funds already in Chile enabling immediate initiation of the drill program. AK Drilling has been awarded the drill bid, consisting of an initial 10,000 metres of reverse circulation drilling. Drill rigs are being mobilized to the Pampa Union project with drilling to commence shortly.

About Arena Minerals

Arena Minerals is a prospect generator that has one property under option covering approximately 68,468 hectares within the Antofagasta region of Chile. The property is at low altitudes, within producing mining camps in infrastructure rich areas. The Company's flagship asset is the Atacama Copper Property, consisting of 68,468 hectares, following a contractual land reduction on July 2016, of essentially undrilled ground in the heart of Chile's premier copper mining district. Currently, approximately 50% of the Atacama Copper Property is under option to third parties. Pursuant to option agreements entered into between Arena, Japan Oil, Gas and Metals National Corporation and Teck Resources Chile Limitada, each have the right to earn into 60% of the respective land holdings within the property, by collectively spending over $40 million in exploration expenditures, amongst certain other commitments.