Mexican GOLD Corp Closes Final Tranche of Non-Brokered $2.1 Million Financing

Thunder Bay, Ontario TSX-V: MEX

For Immediate Release March 13, 2019

MEXICAN GOLD CORP CLOSES FINAL TRANCHE OF NON-BROKERED $2.1

MILLION FINANCING

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR

DISSEMINATION IN THE UNITED STATES

MEXICAN GOLD CORP . (TSX-V: MEX ; OTCQB: MEXGF ; FRA: 4QW1) ("Mexican Gold" or the

"Company") is pleased to announce that it closed the final tranche of the previously announced non-brokered

private place ment of units in the Company (“Units”) at $ 0.20 per Unit (the “Private Placement ”) (see the

Company’s last update on the Private Placement in its February 8, 2019 news release).

Each Unit offered under the Private Placement consists of one common share of the Company (a “Common Share”)

and one Common Share purchase warrant (each whole warrant, a “ Warrant”). Each Warrant is exercisable into a

Common Share at the price of $0.30 per Common Share for a period of thirty-six months, subject to the Company’s

option to accelerate the expiry date of the Warrants on notice to the holders of the Warrants, if at any time after

four months and one day from the closi ng date of the Private Placement, the closing price of its Common Shares on

a stock exchange in Canad a is greater than $0.45 per Common Share for a period of 20 consecutive trading days

(the “Acceleration Option”).

The Company closed the first tranche of the Private Placement consisting of the sale of 10,315,000 Units on

November 22, 2018. The second tranche consisted of the sale of additional 400,000 Units, making the overall gross

process of the Private Placement $2,143,000. In connection with the closing of the second tranche of the Private

Placement, an eligible finder was paid the cash fee of $2,100 and w as issued 10,500 compensation warrants

exercisable into Common Shares at $0.30 per Common Share for thirty -six months following the issuance of the

compensation warrants, subject to the Company’s Acceleration Option.

The net proceeds from the Private Place ment will be used to continue exploration on the Company’s Las Minas

project located in the State of Veracruz, M exico, to make the final property payment (done), and for general

working capital purposes.

Securities issued pursuant to the Private Plac ement will be subject to a four month and one day statutory hold

period. As at the date hereof there is no material fact or mat erial change related to the Company that has not been

generally disclosed. The Private Placement is subject to the final approval of the TSX Venture Exchange.

About Mexican Gold Corp.

Mexican Gold Corp. is a C anadian based mineral exploration company committed to building long-term value

through ongoing discoveries and strategic acquisitions of prospective precious metals and copp er deposits in North

America. Mexican Gold is exploring the Las Minas Project, whi ch is l ocated in t he core of the Las Minas mining

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

Mexico.

For more information, please contact:

For more information, please contact:

Carl Hering, PhD Geology, CEO

Brian E. Robertson, P. Eng., President

Phone: 303-895-5241 or 807-251-1816

Fax: 807-474-4272

E-mail: [email protected]

Website at www.mexicangold.ca

CAUTIONARY STATEMENT REGARDING FORWAR D-LOOKING INFORMA TION: This new s release

includes certain informat ion that may constitute "forward -looking informatio n" under applica ble Canadian securities

legislation. “Forward-looking information” can often, but not always, b e identified by the use of w ords such as “bel ieves”,

“anticipates”, “expects ”, “estimates”, “m ay”, “could”, “would”, “will”, or “plan” . These sta tements are base d on

information currently a vailable to the Company, and the Company provides no assurance that actual r esults will meet

management’s expectations. Forward-looking information includes, but is not limited to, statements about the closing of the

Private Placement, the future explorat ion results relating to the Las Minas project, and exploration plans for the Las Minas

project a nd the exploration potential of the Las Minas pr oject. Forward -looking information is necessarily based upon a

number of estimates an d assumptions that, while c onsidered 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 forw ard-looking information, including the risk s identified in the Company's disclosure documents. There

can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially

from those anticipated in such information . Accordingly, readers shou ld not place undue reliance on forward- looking

information. All forwa rd-looking information contained in this pre ss release is given as of the d ate hereof and is based upon

the opinions and estimates of management and information available to management as at the date hereof. The Company

disclaims any intention or obligati on to update or revise any f orward-looking inf ormation, whe ther as a result o f new

information, future events or otherwise, except as required by law.

Neither 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.