ABOUT MONTEZUMA MINING

Listed in 2006, Montezuma Mining Company Ltd (ASX: MZM) is a diversified explorer primarily focused on manganese, copper and gold. The Company's primary objective is to achieve returns for shareholders through selected strategic acquisitions and targeted exploration.

Montezuma Mining has 100% interests in the Yamarna Gold Project in the Yamarna Geenstone Belt, Western Australia and the Butcherbird Manganese/Copper Project in the Murchison region of Western Australia

MARKET DATA

ASX code: MZM

Share price: $0.29

Shares on issue: 70,464,350

Market capitalisation: $20.4M Cash (30 September 2015): $6.22M

BOARD AND MANAGEMENT

Chairman Seamus Cornelius Executive Director Justin Brown Non-Executive Director John Ribbons

Company information, ASX announcements investor presentations, corporate videos and other investor material on the Company's projects can be viewed at www.montezuma.com.au

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27 OCTOBER 2015

Further Basement Gold Results Extend Jatz Strike to Over 1.5Km

➤ Further bedrock intercepts from shallow first pass geochemical drilling at Jatz include 15m @ 0.4 g/t Au with a bottom of hole assay of 1m @ 1.47 g/t Au in fresh Archean greenstones.

➤ Mineralised corridor in excess of 1.5km in strike at Jatz

confirmed with multiple basement gold intercepts.

➤ Second highly anomalous kilometre scale trend defined at Captains with both basement and overburden hosted gold.

➤ Twelve holes have now returned basement hosted gold values

greater than 0.1 g/t, many from 4m composite samples.

➤ Approximately 60% of assays now received. Remaining samples from additional target areas in laboratory with results pending.

➤ Expanded work programme to be expedited to follow up the

highly encouraging results.

Montezuma Mining Company Ltd ('Montezuma' or 'Company') is pleased to announce that assays received from the recently completed drilling programme at the Company's 100% owned Yamarna Project have returned further significant basement hosted gold results with a best intersection of 15m @ 0.4 g/t Au in interpreted Archaean greenstone.

Results continue to confirm strong widespread regional anomalism over

1.5 strike kilometres in multiple sampling horizons in basement, the recent and Permian cover and at the Permian/Archaean interface.

The geochemical aircore programme was designed to test for basement (Archaean) hosted primary gold mineralisation beneath multiple regional scale historic gold in soil anomalies1.

Given the reconnaissance nature of the programme, the Company is of the view that these results are highly significant and are indicative of a potentially large gold system.

Assays remain pending for a significant number of holes over additional target areas.

Executive Director Justin Brown said 'The latest batch of results have confirmed at least two significant gold trends from very limited work. The results have far exceeded expectations and we look to be on the edge of a potentially significant gold system here'.

1http://www.montezuma.com.au/images/uploads/150729_Results_Confirm_Yamarna_Gold_Targets.pdf

Ground Floor, 31 Ventnor Street, WEST PERTH WA 6005

Figure 1: Jatz gold corridor delineated by multiple basement gold intersections. All intersections are downhole widths

Figure 2: Regional collar location plan showing widespread gold anomalism in two major corridors at Jatz and Captains. Yellow dot indicates assays received, black indicates results are pending.

Ground Floor, 31 Ventnor Street, WEST PERTH WA 6005 2

A total of 202 holes were completed for 7,525 metres. Samples were collected in four metre composites downhole except at notable geological boundaries, where sampling was constrained to the different units with particular attention given to separating transported cover, interface zones, palaeo-surfaces and underlying basement. A total of 2,280 samples were submitted for assay by Aqua Regia with an ICP-MS finish for gold and selected pathfinder elements including Au, Ag, As, Cu, Pb, Zn, Ni, Sb, Bi, W, Te and Mo. This release details results for the first 1431 samples from the programme, representing approximately 60% of the samples submitted for assay.

The Archean geology intersected in the drilling was varied and indicates lithological and structural complexity. The geology included multiple types of granite and mafic and meta-sedimentary rocks with quartz veining present in a number of the targeted areas. The overlying cover is variable in thickness, from approximately 12 metres in western areas to over 40m to the east. The cover comprises a combination of recent Aeolian dune material and various phases of alluvials and possible lacustrine members currently interpreted as Permian in age.

Samples returned to date indicate that the profile has four horizons that show significant gold anomalism (see Figure 3), with the surface anomaly present in the soils data reflected in the upper parts of the drilling, an interpreted paleo-surface within the cover sequences, a strong interface anomaly at the Archean/Permian contact and primary basement hosted mineralisation in three holes. The basement mineralisation intersected also showed a moderate to strong copper, bismuth, moybdenum and tellurium association, a common assemblage in meso-thermal gold deposits in the Yilgarn Province.

The strength and scale of the anomalism in these zones gives weight to the technical merit of the project and follow-up drilling will be expedited.

Table 1: Significant gold assays >50ppb from recently completed aircore drilling at the Yamarna Project. All intersections are quoted as downhole widths. (Note - * indicates this is a Fire Assay Repeat following an over range result initially)