CHILEAN METALS ENTER STRATEGIC ADVISORY AGREEMENT WITH MINOTAUR EXPLORATION LIMITED (AUSTRALIA)

TORONTO, ON. June 27, 2016. Chilean Metals Inc. ("Chilean Metals," "CMX" or the "Company") (TSX.V:CMX, OTCQB: CMETF, SSE:CMX ).

Chilean Metals Inc. ("CMX") is pleased to announce that it has entered into an advisory services agreement with Minotaur Exploration Limited ("Minotaur") a company listed on the Australian Securities Exchange (ASX) under ticker MEP. The agreement provides for Minotaur to provide technical services, in particular geophysical processing and target prioritization recommendations for the CMX Projects located along the Atacama Structural Zone in Region III, Chile. These advanced IOCG / Porphyry Copper gold projects include Zulema, Palo Negro / Hornitos and Tierra de Oro (TDO). Located 18 miles due west of Lundin Mining's Candelaria mine, the target at Zulema is a copper - gold stockwork underlying the desert sands. With surface geology similar to Candelaria and both copper and gold at surface, ground based gravity, as recommended by Minotaur, is scheduled to commence in August. Additional ground geophysics prior to the Phase I drill program is also under consideration to refine targeting. Previous drilling has intersected 22 meters of 0.45% Cu and 0.11 g/t Au.

Tony Belperio, Minotaur Director of Business Development comments "We look forward to further assisting Chilean Metals with their exploration challenges, technical data evaluation and targeting on their Chile Copper Belt projects."

Patrick J Cruickshank, Chilean CEO states " We are honoured to be working strategically with Tony Belperio & Minotaur Exploration Limited of Australia to assist in our exploration program in Chile, especially our Zulema & TDO Properties. We have known Minotaur for several years now and have the highest respect for their technical abilities. We are very excited to have them join the Team".

About Minotaur

Minotaur applies advanced geophysical techniques to locate virgin mineralization deep below the surface. Often, economic mineral deposits are contained within basement rocks, buried below several hundred metres of transported cover (overburden) and cannot be located through surface exploration methods such as soil sampling, geochemical assays and drilling. Minotaur's remote sensing and interpretative approach has proven very successful. The directors and management of Minotaur each have around 30 years of exploration, mining and mineral resource experience and are eminently qualified in their respective fields of expertise. Under their direction, Minotaur has earned a strong reputation for technical excellence and a high profile within the Australian resources sector. The company is actively exploring IOCG style targets in the Cloncurry District of Australia, where geophysics have identified numerous sub-surface anomalies prospective for copper-gold mineralization. Other targets are prospective for base metals such as zinc, lead, copper. Minotaur are credited with discovering the massive Prominent Hill deposit, Australia and more recently, the Cloncurry, Artemis Copper Gold deposit.

About Chilean Metals

Chilean Metals Inc. is 100% owner of five properties comprising over 50,000 acres strategically located in the prolific IOCG ("Iron oxide-copper-gold") belt of northern Chile. It also owns a 3% NSR royalty interest on any future production from the Copaquire Cu-Mo deposit, recently sold to a subsidiary of Teck Resources Inc. ("Teck"). Under the terms of the sale agreement, Teck has the right to acquire one third of the 3% NSR for $3 million dollars at any time. The Copaquire property borders Teck's producing Quebrada Blanca copper mine in Chile's First Region.

The Qualified Person for Chilean Metals Inc., as defined by National Instrument 43-101, is Gary Lohman, P. Geo., Vice President, Exploration & Director.

Forward-looking Statements: This news release may contain certain statements that may be deemed "forward- looking statements". All statements in this release, other than statements of historical fact, that address events or developments that CMX expects to occur, are 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. Forward-looking statements in this document include statements regarding current and future exploration programs, activities and results. Although CMX 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. Factors that could cause the actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration success, continued availability of capital and financing, inability to obtain required regulatory or governmental approvals and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward looking statements.

ON BEHALF OF THE BOARD OF DIRECTORS OF

Chilean Metals Inc. "Patrick J Cruickshank"

Patrick J Cruickshank, MBA, CEO Contact: [email protected]

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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