Tembo Announces C$1,250,000 Private Placement

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TEMBO ANNOUNCES C$1,250,000 PRIVATE PLACEMENT

Vancouver, August 29, 2019 – Tembo Gold Corp. (TSXV: TEM) ("Tembo" or the "Company”) is pleased to

announce a non-brokered private placement. The Company proposes to complete a non-brokered

private placement (the “Financing”) consisting of up to 25,000,000 common shares (“Shares”) at a price of

C$0.05 per Share for total gross proceeds of C$1,250,000. The Shares will be subject to a four month and

one day hold period from the date of issuance of the Shares.

The proceeds raised from the Financing will be used to cover corporate costs in Canada and Tanzania,

general working capital purposes and to pay down debt.

The Financing is subject to acceptance and approval by the TSXV.

David Scott, President and CEO of Tembo states, "We have continued to protect our licence holding and

physical assets in Tanzania through the recent lean years and remain fully convinced of the quality and

potential of the Tembo project to host significant gold mineralization. Our in- country exploration and

administrative team are poised to remobilize and continue the work and believe that the results to date

are a strong indicator of the potential of the gr ound and future of the Company. We are grateful to our

main shareholders who have remained faithful, supporting the Company through this time, and we

anticipate advancing the project to their benefit and that of all stakeholders in an improved gold market.”

Simon Benstead , Director and CFO of Tembo states, "The initiatives outlined today will significantly

improve the liquidity position of the Company and enable Tembo to move forward with a clean balance

sheet. We are pleased to have the ongoing support of several key shareholders and insiders, together with

the commitment of a dedicated management team in Tanzania and Canada. Conditions in mining in

general have dramatically improved and Tanzania specifically has seen a sharp turn in sentiment with the

Barrick/Acacia transaction. Tembo is now well positioned to take the next steps that will move the

property toward production.”

About Tembo Gold Corp.

Tembo Gold Cro p (T SX-V: TEM) is a Canadian publicly-listed mineral exploration c ompany with a 100%

interest in the Tembo Gold Project which is located adjacent to African Barrick's 14Moz Bulyanhulu Gold

Mine in the prolific Lake Victoria Greenstone belt in Tanzania. Tembo’s focus is the discovery and

development of world-class gold projects in Africa. The Company has assembled a highly experienced

team with a proven history of developing, financing, and operating mining projects in Africa.

The Company's exploration strategy is to discover mineral resources as well as continue to look for

additional opportunities that can bring value to the Company and shareholders.

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On Behalf of the Board of Directors of Tembo,

David Scott

President & CEO

For more information please contact:

Simon Benstead

Director & VP Business Development

Phone: 604-685-9316

Email: [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

NEWS RELEASE.

Cautionary Note Regarding Forward-Looking Statements

Certain information set out in this news release constitutes forward-looking information. Forward looking statements

are often, but not always, identified by the use of words such as "seek", "anticipate; "plan", "continue; "estimate;

"expect", "may, "will", " intend", "could", "might", "should", "believe" and similar expressions. This news release

contains forward-looking statements in respect of certain anticipated goals and expectations in connection with the

Financing, including, without limitation, the use of the net proceeds from the Financing, the receipt of applicable

shareholder approval in connection with the change of control of the Company, the anticipated lock-up and voting

arrangements to be entered into by the Investor Group, the anticipated reconstitution of the board of directors of

Tembo, the anticipated approval of the TSXV for the Financing and the expectation that Tembo will remain a public

company following the change of control. Forward-looking statements are based upon the opi nions and

expectations of management of the Company as at the effective date of such statements and, in certain cases,

information provided or disseminated by third parties. Although the Company believes that the expectations reflected

in such forward-looking statements are based upon reasonable assumptions, and that i nformation obtained from

third party sources is reliable, they can give no assurance that those expectations will prove to have been correct. The

forward-looking statements contained herein after provided for the purpose of providing readers with the Company’s

expectations and goals in connection with the Financing, and may not be suitable for other purposes. Readers are

cautioned not to place undue reliance on forward- looking statements.