Private Placement and Stock Option Grant

Zanzibar Gold Inc.

5623 145A Street Surrey BC V3S 8E3

Tel 778-891-2701

September 25, 2019

Zanzibar announces $1,000,000 private placement and Stock Option Grant

Zanzibar Gold Inc. (the “Company” or “Zanzibar”) (ZBR – CSE; ZNZBF – OTC Pinks)

is pleased to announce a privat e placement offering for the sa le of up to 5, 714,286 units

(each, a “Unit”) at the issue price of $0.175 per Unit for gro ss proceeds of up to $1,000,000.

Each Unit shall comprise of one common share and one share purchase warrant, where

each warrant (a “Warrant”) may be exercised to purchase a further common share at a price

of $0.30 for a period of 3 years.

The funds will be used for the Co mpany’s working capital. Fin ders' fees shall be paid in

cash, shares or warrants, or a combination of the foregoing, subject to board approval and in

accordance with the policies of the Canadian Securities Exchange.

The completion of the private placement is subj ect to approval from the Canadian Securities

Exchange.

The Company also wishes to announce that it has entered into stock option agreements

granting the right and option to purchase 1,700,000 common shares of the Company at

$0.175 per common share exercis able in whole or in part on or before five years from

September 25, 2019.

On behalf of the Board,

“Abby Farrage”

Abby Farrage President

Tel: 1-778-891-2701

This press release contains forward-lookin g statements within the meaning of applicable

securities laws. All statements that are not historical facts, including without limitation, statements

regarding future estimates, plans, programs, fo recasts, projections, objectives, assumptions,

expectations or beliefs of future performance, are “forward-looking statements.” Forward-looking

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“is expected”, “estimates”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or

variations of such words and phrases or statement s that certain actions, events or results “may”,

“could”, “would”, “might” or “will” be taken, occur or be achieved. Such forward-looking

statements involve known and unknown risks, uncertainties and other factors that may cause

actual results, events or developments to be materially different from any future results, events or

developments expressed or implied by such forward looking statements.

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