VanGold Increases Placement to $14,550,000 ~ Funds to be Used to Purchase and Develop El Cubo ~

TSX-V: VGLD OTC: VGLDF

THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR

DISSEMINATION IN THE UNITED STATES

VanGold Increases Placement to $14,550,000

~ Funds to be Used to Purchase and Develop El Cubo ~

January 25, 2020 – Vancouver, British Columbia –VanGold Mining Corp (the “ Company” or “ VanGold”)

(TSXV:VGLD) announces that due to increased demand and to allow for participation from existing security

holders who may not otherwise qualify as accredited investors , the Company has expanded the size of its non-

brokered private placement financing announced December 23, 2020 (the “Private Placement”) and expanded on

January 19, 2021 . The Private Placement will now consist of a total of 48,500,000 units (“ Units”) at a price of

$0.30 per Unit for gross proceeds of $ 14,550,000. Each Unit will consist of one common share of the Company

and one half (1/2) of a common share purchase warrant (each whole warrant a “Warrant”); with each Warrant

entitling the holder to purchase an additional common share of the Company at a price of $0.45 within three years

of closing, subject to acceleration in certain events . All other terms of the Private Placement as announced on

December 23, 2020 remain the same.

The Private Placement remains subject to acceptance of the TSX Venture Exchange (the "TSXV") and is expected

to close immediately prior to or concurrent with the Company’s acquisition of the El Cubo mine and mill complex

(“El Cubo”). The Company may pay finder's fees in cash, shares a nd/or warrants to certain finders in connection

with the sale of Units in accordance with the policies of the TSXV and all securities issued pursuant to the Private

Placement will be subject to a four month hold period from the date of closing.

Reinstatement of Trading:

The Company has submitted documentation pertaining to its acquisition of El Cubo (the “Acquisition”), as well

as the Company’s budget and financing plans in relation to the Acquisition , to the TSXV for review. Upon

completion of that review process the Company expects its shares to be reinstated for trading on the TSXV.

El Cubo Mine and Mill:

On December 18, 2020 t he Company announced it had signed a binding LOI with Endeavour Silver Corp. (the

“Endeavour Agreement”) to acquire El Cubo. Click here to see full news release. The El Cubo plant and tailings

facilities are currently on short term care and maintenance and VanGold intends to re-start the mill at approximately

750 tonnes per day using mineralized material from its existing surface and underground stockpiles at El Pinguico

as a significant portion of its estimated throughput for the first 36 months of operation.

As reported by Endeavour on January 29, 2020 i, as at December 31, 2019, El Cubo contained the following silver-

gold resources:

Resource Tonnes Ag g/t Au g/t Ag oz Au oz Ag Eq oz

Measured 19,000 224 1.89 140,000 1,200 236,000

Indicated 32,000 209 2.03 214,000 2,100 382,000

Inferred 463,000 163 1.89 2,419,000 28,200 4,675,000

VanGold is not treating these estimates as current mineral resources as a qualified person on behalf of VanGold

has not done sufficient work ii to classify these estimates as current resources. iii However, as such resources were

derived from 19 different veins on the property, the Company believes El Cubo hosts excellent exploration

possibilities for the future.

Under the Endeavour Agreement, VanGold will acquire the El Cubo mine, the El Cubo mill (known also as the El

Tajo mill), and approximately 7,000 h ectares of prospective mining concessions located adjacent to the El Cubo

mill and within the greater Guanajuato mine region. The Acquisition remains subject to acceptance of the TSXV.

VanGold’s El Pinguico Project:

El Pinguico is a high-grade gold and silver deposit that was mined from the early 1890s until 1913. Toward the end

of that period it was mined exclusively by The Pinguico Mines Company of New York City, whose shares traded

on the Boston and New York Stock Exchanges. The mining was done principally from the El Pinguico and El

Carmen veins, which are thought to be splays off the Mother Vein, or ‘Veta Madre’.

The Veta Madre is associated with a mega fault that outcrops for 25 kilometres and is the most important source of

precious metal mineralization in the region. Current geologic interpretation, based on regional mapping and

projections from the Veta Madre developed at adjacent historic mine operations, suggest that the Veta Madre vein

system may cross VanGold’s property at depth, underneath the high grade El Pinguico and El Carmen veins. Very

limited drilling has been done on the property and no drilling has yet attempted to encounter the Veta Madre at

depth. The intersection of these major vein structures are excellent exploration targets and may result in zones of

significant size and grades.

Hernan Dorado Smith, a director of VanGold and a “qualified person” as defined by National Instrument 43-101,

Standards of Disclosure for Mineral Projects, has approved the scientific and technical information contained in

this news release.

Existing Securityholder Exemption within the Private Placement.

The Private Placement is being made pursuant to certain exemptions from the prospectus requirements in Canada

to “accredited investors ”, “family members, close friends and business associates ” of directors and executive

officers of the Company, and now to existing shareholders of the Company under the “ existing securityholder

exemption” (the “ Existing Securityholder Exemption ”). The Company has allocated up to a maximum of

1,500,000 Units for gross proceeds of up to $450,000 for sale to existing shareholder s under the Existing

Securityholder Exemption on a “first come first serve”.

For existing shareholders, the Private Placement is available to all shareholders of the Company as at January 15,

2021, (the “ Record Date”) who satisfy the criteria for participating in the Private Placement under the Existing

Securityholder Exemption including that the shareholder: (a) was a shareholder of the Company on the Record

Date (and is still a shareholder), (b) is purchasing the Units as a principal (i.e. for their own account and not for any

other party), (c) may not purchase more than C$15,000 of securities from the Company in any 12 month period

unless the shareholder has obtained advice regarding suitability of the investment from a registered investment

dealer; and (d) must execute and deliver a subscrip tion agreement in the required form which include s the

requirements of the Existing Securityholder Exemption . Any persons who become shareholders of the Company

after the Record Date are not permitted to participate in the Private Placement using the Existing Securityholder

Exemption, but other exemptions may still be available to them. Shareholders interested in participating in the

Private Placement under the Existing Securityholder Exemption should consult with their investor advisor or

contact the Company as soon as possible as this portion of the Private Placement will be allocated on a first come

first serve basis such that a subscription received from an existing shareholder may not be accepted by the Company

if the allocation under the Existing Securityholder Exemption is over subscribed.

The Company plans to allocate the gross proceeds raised under the Existing Shareholder Exemption in the amount

of $450,000 (assuming the Existing Shareholder Exemption is fully subscribed for) towards the refurbishment of

the El Cubo mill for operation ($300,000) and the delineation and development of the historic resources identified

by Endeavour Silver Corp. ($150,000).

About VanGold Mining Corp.

VanGold Mining is an exploration and development company engaged in reactivating high-grade past producing

silver and gold mines near the city of Guanajuato, Mexico. The Company’s El Pinguico project is a significant past

producer of both silver and gold located just 7 kilometers south of the city. The Company remains focused on the

near-term potential for development and monetization of its surface and underground stockpiles of mineralized

material at El Pinguico, and in delineating silver and gold resources through underground and surface drilling on

projects located in this historic mining camp.

ON BEHALF OF THE BOARD OF DIRECTORS

"James Anderson"

Chairman and CEO

For further information regarding VanGold Mining Corp, please contact:

James Anderson, Director, +1 (778) 989-5346

Email: [email protected]

Continue to watch our progress at: www.vangoldmining.com

This new release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the

United States. The securities have not been and will not be registered under the United States Securities Act of

1933, as amended (the " U.S. Securities Act"), or any state securities laws and may not be offered or sold within

the United States or to or for the account or benefit of a U.S. person (as defined in Regulation S under the U.S.

Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption

from such registration is available.

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.

Forward-Looking Statements

This news release contains certain forward-looking statements and information, which relate to future events or

future performance including, but not limited to, the conditions and expected timing for reinstatement of the

Company’s shares for trading on the TSXV, the successful acquisition of El Cubo on the proposed terms and

estimated timing for closing thereof, the ability of VanGold to raise the necessary funding to purchase El Cubo on

the terms and conditions contemplated including the final amount, terms, allocation and use of proceeds of the

Private Placement, the ability of VanGold to successfully re-start the El Cubo mill and supply sufficient mineralized

material from El Cubo and the Company’s El Pinguico project for processing through the El Cubo mill at projected

rates, the ability to generate positive cash flow from the El Cubo mill as contemplated or at all, the exploration

and development potential of El Cubo and the potential existence of mineral resources thereon, and the potential

intersection at depth of the “Veta Madre” with the Company’s El Pinguico and El Carmen veins. Such forward-

looking statements reflect management’s current beliefs and are based on assumptions made by and information

currently available to the Company. Readers are cautioned that these forward-looking statements are neither

promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially

from those expected including, but not limited to, market conditions, availability of financing, currency rate

fluctuations, actual results of exploration and development activities, unanticipated geological formations and

characteristics, environmental risks, future prices of gold, silver and other metals, operating risks, accidents, labor

issues, delays in obtaining governmental or regulatory approvals and permits, and other risks in the mining

industry. There are no assurances that VanGold will successfully finance and complete the acquisition of El Cubo

on the terms contemplated or at all or, if acquired, that the Company will be able to re-start the El Cubo mill to

process mineralize materials in the amounts and at the costs anticipated. In addition, there is uncertainty about the

spread of COVID-19 and the impact it will have on the Company’s operations, supply chains, ability to access El

Pinguico or El Cubo or procure equipment, contractors and other personnel on a timely basis or at all and

economic activity in general. All the forward-looking statements made in this news release are qualified by these

cautionary statements and those in our continuous disclosure filings available on SEDAR at www.sedar.com.

These forward-looking statements are made as of the date hereof and the Company does not assume any obligation

to update or revise them to reflect new events or circumstances save as required by law.

VANGOLD MINING CORP.

PH: +1(778) 989-5346 E: [email protected] W: vangoldmining.com

CA: Suite 2820 - 200 Granville Street, Vancouver B.C. V6C 1S4

MX: Carretera – Guanajuato - Silao km 5.5, Int 4, Col. Marfil CP36250, Guanajuato, Gto., Mexico

i Extracted from Endeavour’s news release dated January 29, 2020.

ii These figures are historical in nature, have not been verified by VanGold and should not be relied upon. A thorough review

by VanGold’s “qualified person” of all historic data, along with additional exploration and validation work to confirm results

and estimation parameters, would be required in order to produce a current mineral resource estimate for El Cubo.

iii Endeavour reported that its El Cubo mineral resource estimates were (a) calculated using the Canadian Institute of Mining,

Metallurgy and Petroleum (CIM) and CIM Standards on Mineral Resources and Reserves, (b) cut-off grades were based on a

196 g/t silver equivalent for Area II (that comprises Dolores Mine) of El Cubo and 238 g/t silver equivalent for Areas I and IV

(that comprises Santa Cecilia and San Nicolas Mines) of El Cubo, (c) silver equivalent grades and ounces are based on 80:1

silver:gold ratio and calculated using only silver and gold, and (d) price assumptions were US$16.34/oz for silver and

US$1,279/oz for gold.