Majestic Signs Memorandums of Understanding ON Four Properties

MAJESTIC SIGNS MEMORANDUMS OF UNDERSTANDING ON FOUR PROPERTIES

Vancouver, British Columbia, October 23, 2019 – Majestic Gold Corp. (the “Company”) (TSX-V:

MJS FSE: A0BK1D) is pleased to report that its Chinese subsidiary, Majestic China Holdings Corp.

(“Majestic”), has entered into three separate non-binding Memorandums of Understanding (“MOUs”) with

three different groups (the “Parties”) on four gold projects located in the Muping-Rushan gold belt in eastern

Shandong Province, China.

Under the terms of each of the MOUs, Majestic and each of the Parties have agreed to a 12-month exclusivity

period whereby Majestic shall have the right to carry out a thorough due diligence review of the business,

finance and legal status of each party and its assets. Majestic has agreed to complete a Competent/Qualified

Persons report for each of the four properties and upon completion of its due diligence, Majestic will decide

upon a possible joint venture, merger or acquisition with each of the Parties and/or their assets.

Pursuant to the MOUs signed by Majestic, the Company has contracted SRK Consulting China Ltd. to

prepare Competent/Qualified Persons reports for the four properties that are the subjects of the MOUs, as

outlined below.

Baiheng

In August of 2015, Majestic entered into a letter of intent with Yantai Baiheng Gold Mine Co. Ltd.

(“Baiheng”) on two gold properties : Xia Yu Cun and Shuang Shan Tun, both in relative proximity to

Majestic’s Songjiagou open pit gold mine. The properties are located 16.5 and 26 kilom etres northeast of

Songjiagou and both properties were former gold producers and have been explored recently by Baiheng in

order to expand gold mineralization laterally and at depth.

Majestic’s August 2015 letter of intent with Baiheng has been terminated and has been superseded by the

MOU which will allow for a more thorough due diligence of Baiheng and its two properties. Baiheng has

been focused on Shuang Shan Tun, a property with a 2.05 square kilometre Prospecting License and a 0.778

square kilometre Mining License. The previous operator of Shuang Shan Tun mined eight gold mineralized

structures from near surface down to a depth of about 250 metres. Since taking over, Baiheng has since

discovered 15 deep gold -mineralized vein structures down to a de pth of about 1,000 metres. Baiheng has

developed a production shaft down to 1,000 metres in order to access three of the higher-grade mineralized

structures. Baiheng has also begun development of horizontal levels and has indicated that it hopes to be in

production in mid-to-late 2020.

At Xia Yu Cun, Baiheng holds a 3.14 square kilometre Prospecting License and is in the process of renewing

its 0.44 square kilometre Mining License. Mining by the previous operator at Xia Yu Cun was stopped at a

depth of 100 metres. Baiheng has since delineated gold mineralization from eight distinct mineralized vein

structures that are found from 100- 800 metres below surface but the company has not proceeded with any

development on the property.

306 - 1688 152nd Street

Surrey, British Columbia

Canada, V4A 4N2

Telephone: 604-560-9060

Facsimile: 604-560-9062

Email: [email protected]

Moshan

Majestic’s second MOU is with Moshan Fanda Mining Co. Ltd. (“Fanda”), owner of the Moshan property,

located 14.5 kilometres northeast of Majestic’s Songjiagou gold mine. Fanda owns a 5.2 square kilometre

Exploration License that covers an area where they expanded mineralization on 15 gold- mineralized vein

structures and discovered an additional four mineralized vein structures in exploration between 2015 and

2016.

Jiaxing

Majestic’s third MOU is with Weihai Jiaxing Mining Co. Ltd. (“Jiaxing”), owner of the Waizhuang property,

located approximately 25 kilometres southeast of Majestic’s operation at Songjiagou. The property is

comprised of a 10.15 square kilometre Exploration License. Jiaxing conducted detailed exploration of the

property in 2015 and discovered a total six gold-mineralized vein structures.

Stephen Kenwood, P. Geo., a Director of Majestic, is the Qualified Person within the context of National Instrument

43-101 and has read and approved this news release.

About Majestic Gold

Currently focused solely in China, Majestic Gold Corp. is a British Columbia based company engaged in commercial

gold production at the Songjiagou Gold Mine in eastern Shandong Province, China. Additional information on the

Company and its projects is available at www.sedar.com and on the Company’s website at www.majesticgold.com.

For further information, please contact:

Stephen Kenwood, P.Geo., President and CEO

Telephone: (604) 560-9060

Email: [email protected]

Website: www.majesticgold.com

Cautionary Notes

Certain statements contained herein may constitute forward‐looking statements and are made pursuant to the

"safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995 and Canadian

securities laws. Forward‐looking statements are statements which relate to future events. Such statements include

estimates, forecasts and statements as to management's expectations with respect to, among other things, business

and financial prospects, financial multiples and accretion estimates, future trends, plans, strategies, objectives and

expectations, including with respect to productio n, exploration drilling, reserves and resources, exploitation

activities and events or future operations. Information inferred from the interpretation of drilling results and

information concerning mineral resource estimates may also be deemed to be forwar d‐looking statements, as it

constitutes a prediction of what might be found to be present when, and if, a project is actually developed.

In some cases, you can identify forward‐looking statements by terminology such as "may", "should", "expects",

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While these forward‐looking statements, and any assumptions upon which they are based, are made in good faith

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sometimes materially, from any estima tes, predictions, projections, assumptions or other future performance

suggestions herein. Except as required by applicable law, Majestic Gold does not intend to update any forward‐

looking statements to conform these statements to actual results.