Mexican GOLD Announces Agreement to Acquire the Pepe, Pepe Tres and San Jose Concessions at Las Minas

Thunder Bay, Ontario TSX-V: MEX

For Immediate Release June 8, 2017

MEXICAN GOLD ANNOUNCES AGREEMENT TO ACQUIRE THE

PEPE, PEPE TRES AND SAN JOSE CONCESSIONS AT LAS MINAS

MEXICAN GOLD CORP. (the “Company” or “Mexican Gold”) (TSX-V: MEX) is pleased to

announce that its wholly-owned subsidiary, Roca Verde Exploracion de Mexico, S.A. de C.V.

("Roca Verde "), has entered into a definitive purchase and sale agreement (the " Purchase

Agreement") to acquire a 100% interest in the Pepe, Pepe Tres and San Jose concessions

(the "Concessions") at its Las Minas property from the current owners (the " Owners"). The

Concessions form the core of the Las Minas property and encompass six highly mineralized

zones, including the El Dorado/Juan Bran and Santa Cruz zones. An initial mineral resource

estimate is currently underway for these two zones and is scheduled for completion in July,

2017.

Pursuant to the terms of the Purchase Agreement, Roca Verde has agreed to acquire the

Concessions in consideration for the following payments to the Owners:

 an initial payment of US$433,333 plus Value Added Tax, payable upon execution of the

Purchase Agreement (the "Initial Payment");

 six equal payments of US$22,000 plus Va lue Added Tax, payable monthly commencing

on December 5, 2017 with the final payment due on May 7, 2018 (the " Monthly

Payments"); and

 a final payment of US$866,666 plus Value Added Tax, payable on or before December

5, 2018 (the " Final Payment" and, together with the Initial Payment and the Monthly

Payments, the "Consideration").

The Initial Payment has been paid in full. If the Final Payment is made prior to the date on

which any of the Monthly Payments are due, any Monthly Payment that would have been due

after the date upon which the Final Payment is made shall no longer be payable. Upon

payment of the Consideration, ownership and full title to the Concessions shall be automatically

transferred to Roca Verde.

Pursuant to the terms of the Purchase Agreement, upon the transfer of the Concessions, the

Owners shall retain a 1.5% NSR royalty (the " Royalty"), of which one third may be purchased

by Roca Verde for US$500,000 plus Value Added Tax. Roca Verde has a right of first refusal

on the Royalty in the event that the Owners intend to transfer all or part of the Royalty.

Brian Robertson, President and CEO stated, "This agreement, which secures Mexican Gold's

right to acquire ownership of these key core concessions, marks a major milestone for Mexican

Gold. I wish to thank the property owners for their kind co-operation and unwavering support

for Mexican Gold. We now look forward to the initial mineral resource estimate for the El

Dorado/Juan Bran and Santa Cruz zones and the continuing advancement and development of

this highly mineralized property.”

About Las Minas

The Las Minas Project hosts near-surface gold, silver and copper skarn mineralization and

high–grade gold-silver epithermal vein deposits. The project is comprised of six mineral

concessions covering approximately 1,616 hectares (3,995 acres), with numerous small scale,

past-producing mines and a number of untested targets.

The district is host to one of the largest under explored gold–silver copper skarn systems

known in Mexico, and has a production history that extends back to the Aztec era. The Las

Minas granodiorite intrusive measures approximately 10 kilometres in diameter and underlies

the Las Minas concessions. The mineralization controls and association with magnetite appear

to be similar to the Guerrero Gold belt, which is the site of the Los Filos and Morelos gold

deposits.

About Mexican Gold Corp.

Mexican Gold Corp. is a Canadian based mineral exploration company committed to building

long-term value through ongoing discoveries and strategic acquisitions of prospective precious

metals deposits in Mexico. Mexican Gold is exploring the Las Minas Project, which is located in

the core of the Las Minas district in the Veracruz State, Mexico. The district is host to one of

the largest under-explored skarn systems known in Mexico and has a strong production history

that dates back to the Aztec era.

For more information, please contact:

Brian Robertson, President & CEO

Phone: 807-474-4270 or 807-251-1816

Fax: 807-474-4272

E-mail: [email protected]

Website at www.mexicangold.ca

CAUTIONARY STATEMENT REGARDIN G FORWARD-LOOKING INFORMATION : This news release includes

certain information that may constitute "forward-looking information" under applicable Canadian securities

legislation. Forward-looking information includes, but is not limited to, statements about the structure, terms and

timing of the acquisition, whether the ac quisition will be completed, the timing for completion of a mineral resource

estimate, the magnitude or quality of mineral deposits, ant icipated advancement of mineral properties or programs,

future operations, results of explorat ion, prospects, commodity and precious metals prices, future work programs,

anticipated financial and operational results, capital exp enditures and objectives and the completion and timing of

mineral resource estimates. Forward-looking informatio n is necessarily based upon a number of estimates and

assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other

factors, which may cause the actual results and future events to differ materially from those expressed or implied by

such forward-looking information, incl uding the risks identified in the Company's disclosure documents available at

www.sedar.com. There can be no assurance that such information will prove to be accurate, as actual results and

future events could differ materially from those antici pated in such information. Accordingly, readers should not

place undue reliance on forward-looking information. All forward-looking information contained in this press release

is given as of the date hereof and is based on the opinions and estimates of management and information available

to management as at the date hereof. The Company disclaims any intention or obligation to update or revise any

forward-looking information, whether as a result of new information, future events or otherwise, except as required

by law.

Neither TSX Venture Exchange nor its Regulation Services Pr ovider (as that term is defined in the policies of the

TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.