Mexican GOLD Announces the Cancellation and Expiry of Options

Vancouver, BC TSX-V: MEX

For Immediate Release October 2, 2019

MEXICAN GOLD ANNOUNCES THE CANCELLATION AND EXPIRY OF OPTIONS

Mexican Gold Corp. (the “Company” or “Mexican Gold") (TSXV: MEX) announces that it has

cancelled an aggregate of 1,636,500 options to acquire common shares which were granted

under the Company’s share option plan to certain directors, officers, and employees (the

“Holders”) of the Company. The cancelled options were voluntarily surrendered by the Holders

thereof. The cancelled options were originally granted during the period of March 20, 2015 to

May 16, 2018 with exercise prices ranging from $0.30 to $0.80 per common share and had

expiry dates between March 20, 2020 and May 16, 2028.

Furthermore, on September 30, 2019, another 676,966 options expired.

About Mexican Gold Corp.

Mexican Gold Corp. is a Canadian based mineral exploration and development company

committed to building long-term value through ongoing discoveries and strategic acqui sitions of

prospective precious metals and copper projects i n the Americas. Mexican Gold is explor ing the

Las Minas Project, which is located in the core of the Las Minas mi ning dis trict in Veracruz

State, Mexico, and is host to one of the newest, under-explored skarn systems known in Mexico.

For more information, please contact:

Philip O’Neill – CEO, President, and Director

E-mail: [email protected]

Website at www.mexicangold.ca

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined

in the policies of the TSX Venture Exc hange) accepts responsibility for the adequacy or

accuracy of this release.

All statements in this press release, other than statements of historical fact, are "forward-looking

information" with respect to Mexican Gold within the meaning of applicable securities laws, and

with respect to the p roposed Offering and proposed use of proceeds. Mexi can Gold provides

forward-looking statements for the purpose of conveying information about current expectations

and plans relating to the future and readers are cauti oned that such statements may not be

appropriate for other purposes. By its nature, this information is subject to i nherent risks and

uncertainties that may be general or specific and which give r ise to the possibility that

expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that

assumptions may not be correct and that obje ctives, strategic goals and priorities will not be

achieved. These risks and uncert ainties include but are not limited to completion of Offerin g,

exploration findings, results and r ecommendations, as well as those risks and uncertai nties

identified and r eported in Mexican Gold’s public filings under Mexican Gold’s SEDAR profile at

www.sedar.com. Although Mexican Gold has attem pted to i dentify important factors that could

cause actual actions, events or results to differ materially f rom those described in forward-

looking information, there may be other factors that cause actions, events or results not to be as

anticipated, estimated or i ntended. There can be no assurance that such inf ormation will prove

to be accurate as actual result s and future events coul d differ materially from those anticipated

in such statements. Mexican Gold disclai ms any intention or obligation to update or revise any

forward-looking information, whether as a r esult of new information, future events or otherwis e

unless required by law.