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Windfall Geotek Corporate Update (1st Quarter 2020-2021)

Tickers: PINX:MJXFF, XTSX:WIN
Tags: #Mining



Brossard, Quebec - The Newswire - June 23, 2020 - Windfall Geotek (TSXV:WIN) a mining and technology services company and leader in the use of Artificial Intelligence (AI) and advanced knowledge-extraction techniques since 2005 in the mining sector, is pleased to report highlights for the 1st quarter of its fiscal year 2020-2021 and its outlook for the remaining of the year.

Michel Fontaine President & CEO of Windfall Geotek states: <<It is with great pleasure that I recap the progress that we, at Windfall Geotek, have made during our Q1 period despite the Covid-19 issue. It has been a very busy quarter for our team. Indeed, it has never been a better time for digital exploration and, as such, we have been engaging with exploration companies globally:

  • - Signed a contract for a gold project in the San Juan province of Argentina.

    - Finalized agreements with representatives in Chile and Peru; this should bring about rapid market penetration in the region

    - Windfall Geotek CARDS AI technology will be featured on www.axora.com, a new global platform that highlights innovation in the mining sector.

    - We delivered high probability targets to Pacton Gold in the Red Lake mining camp of Ontario

    - Our recent clients are drilling CARDS targets with substantial success (Crawford and Sakami projects)

    - Playfair Mining should close a financing that will enable them to test high-probability CARDS targets in Norway

    - The optionee of our Ashanuipi project (Flow Metals Corp) is slated to commence ground work on the property

In addition to our significant market traction for the CARDS AI-based digital exploration system, we were able to make significant progress regarding our land mine detection application. Testing is ongoing in the desert of Arizona and the analysis of the first data set provided by drone-supported magnetic surveying resulted in highly-promising project advances. We are now on a path that will allow us to market this application that could lead to a major new revenue stream and an increase in returns for Windfall Geotek shareholders.

Lastly, we finalized a financing for $ 337,000 to help support our growth and allow us to add highly skilled talent to our team. The development of our land mine detection application is now well on its way and it is important that we dedicate a full-time person in the coming weeks and months to this project without it affecting the workflow for our mining clients.

I wish to thank our existing shareholders for their support and confidence as we pivot the business to our new operating model and markets. It is clear that we are gaining momentum and are rapidly establishing ourselves as a leader in the digital exploration sector>>.

About Windfall Geotek - Powered by Artificial Intelligence (AI) since 2005

Windfall Geotek is a services company using Artificial Intelligence (AI) with an extensive portfolio of shares of its clients. Windfall Geotek can count on a multidisciplinary team that includes professionals in geophysics, geology, Artificial Intelligence, and mathematics. The Company's objective is to develop a new royalty stream by significantly enhancing and participating in the exploration success rate of mining and to continue the Land Mine detection application as a high priority.

For further information, please contact:

Michel Fontaine

President and CEO of Windfall Geotek

Telephone: 514-994-5843

Email: michel@windfallgeotek.com

Website: www.windfallgeotek.com


Additional information about the Company is available under Windfall Geotek's profile on SEDAR at www.sedar.com. Neither the TSX Venture Exchange nor does its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.

FORWARD LOOKING STATEMENTS This news release may contain forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date such statements were made. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of TSX Venture Exchange) accepts responsibility for the adequacy of accuracy of this release

NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN

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