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Goldhills Holding Ltd. press release

Colibri Resource Corp and Tocvan Ventures Finalize Option Agreement on Pilar Gold Project

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Canada NewsWire

DIEPPE, NB, Nov. 26, 2019

DIEPPE, NB, Nov. 26, 2019/CNW/ - (CBI-TSXV) Colibri Resource Corporation ("Colibri" or the "Company") wishes to announce that Tocvan Ventures has completed all necessary due diligence and has finalized their option agreement dated September 22ndwith Colibri. The agreement allows Tocvan to acquire 51% interest in the Pilar project located in Sonora Mexico.

Under the terms of the agreement Tocvan has now advanced the first year's cash payment of $125,000to Colibri and issued 2,000,000 common shares of Tocvan to Colibri. Under the terms of the agreement Tocvan must now complete $2,000,000of exploration on the property over five years, advance Colibri an additional $275,000over the 5-year period with $50,000due on the 1stanniversary date of the agreement and $75,000due on the 3rd, 4thand 5thanniversary dates. Tocvan will also issue an additional 1,000,000 shares of the corporation to Colibri on the 3rd, 4thand 5thanniversary dates.

Once the above is satisfied Tocvan will have earned a 51% interest in the property and have the option to acquire the additional 49% interest by making a further $2,000,000payment to Colibri and issuing a 2% NSR within 6 months of fulfilling the obligations listed above.

Mark Smethurst, a Director of Tocvan, commented: "The Pilar property has the right features and system to allow for great potential in defining a multimillion-ounce property."

Ian McGavney, Colibri's COO states: "The conclusion of this deal is significant for Colibri as the Company can now firmly focus on advancing its highly prospective Evelyn and El Mezquitegold projects to drilling phases. Colibri will continue to hold a significant interest in Pilar by way of owning a material amount of Tocvan shares and not need to dilute its own share structure to appreciate its upside."

Colibri management anticipates near term news releases highlighting structure, mineralization and its path to drilling at Evelyn.

About Colibri Resource Corporation:

Colibri is a Canadian-based mineral exploration company listed on the TSX-V (CBI) focused on acquiring and exploring properties in Mexico. The Company currently has five active exploration properties at various stages of exploration.

For more information about all of our projects please visit: www.colibriresource.com.

We seek safe harbour.

SOURCE Colibri Resource Corporation

View original content: http://www.newswire.ca/en/releases/archive/November2019/26/c9636.html

Ronald J. Goguen, President, Chairperson and Director, Tel:(506) 383-4274, rongoguen@colibriresource.comCopyright CNW Group 2019

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