10557501 Canada Corp. Changes Name and Signs Letter of Intent

Toronto, Ontario--(Newsfile Corp. - February 19, 2019) - 10557501 Canada Corp. is pleased to announce that it has completed a change of name to Rossiter Mining Corp. ("the Company" or "Rossiter").

The Company has also signed a binding Letter of Intent ("LOI") with Comet Exploration Ltd. ("Comet") of Australia to acquire the shares of Comet and seek a public listing of the Company's shares in Canada.

Comet is a privately held, mineral exploration company focused on a portfolio of copper and copper-gold mineral properites located in the Atacama region in Chile. Over the past seven years of operations, Comet has established three platforms for growth:

Exploration: A prime portfolio of exploration projects in one of the most exciting largely undeveloped regions of Chile. The portfolio has been built based on 25 years of active exploration work in Chile, and all of the projects have been taken to the stage where the geological evidence of their potential has been well established.

Development: Comet is in the process of developing and further exploring two projects located close to the major centre of La Serena in north central Chile, approximately 460 km north of Santiago. The first development target (Farellon) is located in moderate terrain at low altitude close to La Serena. It is a Cu (+Au) iron-rich multi-vein system that has been mined in the past and is able to produce ore with copper grades of +2% in sectors of the veins. The second development project is situated close to the small town of Incahuasi, about one-hour drive north of La Serena and is rich in copper and gold. The Company has a number of other projects in the same general region under initial investigation.

Opportunities: By virtue of its established presence in Chile, Comet is in the enviable position of being approached on a continuous basis by holders of tenements and mines which suit small to medium high grade production. A number of these are currently under examination by Comet and can form the basis, subject to availability of capital, of a significantly expanded and accelerated growth strategy for the company.

Rossiter CEO, Stephen Coates states "The Comet team and the portfolio of assets they bring are of superior quality. We look forward to completing the definitive agreement and taking the next steps forward in developing this exploration and development portfolio. Now is the time to acquire quality exploration assets and to get positioned in the public markets."

The LOI outlines the business terms under which Rossiter and Comet would combine by way of 3-cornered amalgamation, plan of arrangement or such alternate corporate structure as may be deemed most efficient and effective for both parties. The LOI shall be considered a binding agreement subject to the conditions presented below:

• Execution of a formal definitive agreement for the Transaction to be negotiated in good faith by the parites.
• Respective approvals of the boards and shareholders of each party
• Approvals of any and all governements, regulators and the TSX venture exchange

The Transaction is subject to a Definitive Agreement, shareholder approvals, and final approvals of securities regulators and the relevant exchange.

For further information, please see the Company's SEDAR profile at www.sedar.com.

For more information, please contact:

Rossiter Mining Corp.
1.416.222.4202
[email protected]

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/42919