NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWS WIRES

TORONTO, Sept. 20, 2022 (GLOBE NEWSWIRE) -- Fredonia Mining Inc. (the "Company") (TSXV:FRED) is pleased to announce it has continued from the Province of Alberta to the Province of Ontario (the "Continuance") pursuant to a resolution passed by shareholders of the Company at the Company's Annual General and Special Meeting held on October 12, 2021. The Continuance was made effective as of September 16, 2022. Copies of the Articles of Continuance and Ontario by-laws of the Company will be made available on the Company's SEDAR profile at . Further details with regards to the Continuance are contained in the management information circular of the Company dated September 8, 2021, a copy of which is available electronically under the Company's profile at .

The Company also announces that it has granted stock options (the "Options") to Mr. Omar Salas, Chief Financial Officer of the Company, to purchase a total of 250,000 common shares at a price of $0.11 per common share. The Options are exercisable for a period of 5 years and have been granted in accordance with the terms of the Company's current stock option plan and the terms of Mr. Salas' consulting agreement. The options are subject to a four month hold period.

This press release is intended for distribution in Canada only and is not intended for distribution to United States newswire services or dissemination in the United States. The securities being issued have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from the U.S. registration requirements. This release does not constitute an offer for sale of securities in the United States.

About Fredonia

Fredonia indirectly owns a 100% interest in certain license areas (totalling approximately 18,300 ha.) (collectively, the "Project"), all within the Deseado Massif geological region in the Province of Santa Cruz, Argentina, including the following principal areas: El Aguila, approx. 9,100ha, Petrificados, approx. 3,000ha, and the flagship, advanced El Dorado-Monserrat property covering approx. 6,200ha located close to Anglo Gold Ashanti's Cerro Vanguardia mine, subject to a 1.5% net smelter return royalty on the EDM project, 0.5% net profits interest on Winki II, El Aguila I, El Aguila II and Hornia (ex Petrificados).

For further information: Please visit the Company website or contact: Omar Salas, Chief Financial Officer, Direct: +1-416-846-7807, Email: omar.salas@icloud.com.

Neither 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.