Update on Proposed Change of Business

Vancouver, British Columbia:  Further to its press release of October 15, 2020, iMining Blockchain and Cryptocurrency Inc. (TSX-V: IMIN) (the “Company” or “iMining”) advises that its proposed transaction to acquire 100% interest in four silver and five gold properties in New South Wales, Australia (the “Properties”) continues to move forward.

The proposed structure of the transaction has changed, such that the Company will be acquiring the Properties directly, rather than acquiring any intermediary holding companies.  The consideration remains the same, being 20,000,000 post-consolidated shares and reimbursement of certain out-of-pocket maintenance costs.

The Company also advises that it has identified a tenth mineral property in the same geographic area which it will be acquiring at a purchase price of AUS$50,000, 750,000 post-consolidated shares, and a 2.0% NSR royalty.

As the proposed transactions will constitute a change of business for iMining, trading in the Company’s common shares will remain halted until the transactions have closed.  Closing of the transactions is subject to several conditions, including the approval of the TSX Venture Exchange and the Company’s shareholders and the completion of a NI-43-101 technical report.

The Company will be issuing further news releases with updated information related to the transactions as it becomes available.


Signed “Gary Arca”                                                               
Gary Arca, Interim President, Chief Financial Officer and Director

Contact: Gary Arca
Telephone: 1-604-602-4935    t   Facsimile: 1-604-602-4936
Email: investor@imining.com

Website: www.imining.com

Completionof the transaction is subject to a number of conditions, including but not limited to, Exchange acceptance and if applicable, disinterested shareholder approval. Where applicable, the transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the transaction will be completed as proposed or at all.

Investorsarecautionedthat,exceptas disclosed in the management information circular or filing statement to be prepared in connection with the transaction, any information released or received with respect to the transaction may not be accurate or complete and should not be relied upon. Trading in the securities of iMining should be considered highly speculative.

The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this news release.

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