Vancouver, British Columbia–(Newsfile Corp. – October 7, 2022) – Capitan Mining Inc. (TSXV: CAPT) (“Capitan“) is pleased to announce its intention to raise C$3 million, by way of a non-brokered private placement of 15 million common shares (the “Shares“) at a price of C$0.20 per Share (the “Private Placement“). Capitan intends to use the net proceeds from the Private Placement to advance drilling and work programs at the Cruz de Plata gold & silver project in addition to funding working capital and general corporate expenses.