PURO.V · 2017-12-12 12:00:00

Mexican GOLD Intersects 7.18 G/T GOLD Equivalent (2.00 G/T Au, 13.13 G/T AG, 3.05 % Cu) over 14.0 Meters at Las Minas Dike Contact Zones

Drill Results

Thunder Bay, Ont. TSX-V: MEX

For Immediate Release December 12, 2017

MEXICAN GOLD INTERSECTS 7.18 G/T GOLD EQUIVALENT (2.00 G/T

AU, 13.13 G/T AG, 3.05 % CU) OVER 14.0 METERS AT LAS MINAS

DIKE CONTACT ZONES

Drilling Extends Cinco Senores flat lying skarn zone to 220 metres

Mexican Gold Corp. (the “Company” or “Mexican Gold”) ( TSX-V: MEX / OTCMKTS:

SRXLF / FRA: 4QW1 ) has intersected significant mineralization in four recently completed

holes to test the dike contact mineralized zones at the Las Minas property. All holes returned

wide intervals of high- grade mineralization, including 7.18 grams/ tonne gold equivalent (g/t

Au Eq) (2.00 g/t Au, 13.13 g/t Ag, 3.05% Cu) over 14.0 metres in hole LM-17-ED-41.

Additionally, exploration drilling at the Cinco Senores zone successfully extended the known

flat- lying mineralized skarn zone outlined by previous drilling to 220 metres on trend.

Highlights from diamond drilling at El Dorado dike contact zones include:

Diamond drill hole LM -17 - ED - 41

 7.18 grams g/t Au Eq (2.00 g/t Au, 13.13 g/t Ag, 3.05 % Cu) over 14.0 metres

within 3.53 g/t Au Eq (1.03 g/t Au, 6.42 g/t Ag, 1.46 % Cu) over 38.0 metres

Diamond drill hole LM - 17 - ED - 42

 5.16 g/t Au Eq (2.85 g/t Au, 4.85 g/t Ag, 1.37 % Cu) over 22.0 metres

within 3.69 g/t Au Eq (1.71 g/t Au, 3.78 g/t Ag, 1.17 % Cu) over 44.0 m

Diamond drill hole LM - 17 - ED - 43

 3.63 g/t Au Eq (0.82 g/t Au, 7.14 g/t Ag, 1.65 % Cu) over 18.0 metres

within 2.76 g/t Au Eq (0.72 g/t Au, 6.16 g/t Ag, 1.19 % Cu) over 30.0 metres

Diamond drill hole LM - 17 - ED - 22A

 4.53 g/t Au Eq (1.56 g/t Au, 8.28 g/t Ag, 1.74 % Cu) over 14.0 metres

including 12.34 g/t (4.20 g/t Au, 23.55 g/t Ag, 4.77 % Cu) over 4.0 metres

within 3.21 g/t Au Eq (1.14 g/t Au, 6.07 g/t Ag, 1.21 % Cu) over 22.0 metres

Summary

The dike contact mineralization occurs as vertical zones on both sides of a 70 metre wide dike.

The grade of the two zones is significantly higher than the initial resource estimate grade. The

mineralized intercepts range from 44 metres in recent drilling to 54 meters in high- grade hole

L.M-17-ED -40 – see press release November 14, 2017. The west contact zone extends for

approximately 360 metres on strike, and both zones remaining open for further expansion –see

Figure 1 Dike Contact Zones Drill Hole Locations.

Selected drill results are included in Table 1 Dike Contact Zones Drill results.

For a map of drill collars and traces for the Dike Contact Zone drilling see Figure 1 Dike Contact

Zone Drill Hole Locations.

Table 1 Dike Contact Zones Drill Results

Dike Contact Zones Drill Results

Hole ID (Az./Dip)

(degrees)

From

(m)

Intercept

(m)

(g/t)

Comments

WEST DIKE CONTACT ZONE

LM-17-ED- 41 (2600/-750) 62.6 76.6 14.0 2.00 13.13 3.05 7.18

within 48.6 84.6 38.0 1.03 6.42 1.46 3.52

LM -17-ED-42 (2600/-45 0) 41.0 63.0 22.0 2.85 4.85 1.37 5.16

within 39.0 83.0 44.0 1.71 3.78 1.17 3.69

LM-17-JB 22A (2150 /-450) 56.3 60.3 4.0 4.20 23.55 4.77 12.34

within 56.3 70.3 14.0 1.56 8.28 1.74 4.53

within 38.3 60.3 22.0 1.14 6.07 1.21 3.21

Within 38.3 74.3 36.0 0.86 4.51 0.93 2.45

EAST DIKE CONTACT ZONE

LM- 17-ED-43 (950/-450) 56.9 74.9 18.0 0.82 7.14 1.65 3.63

within 52.9 82.9 30.0 0.72 6.16 1.19 2.76

Brian Robertson, President and CEO, commented, “We are very excited about the results for

dike contact drilling and the high-grade intercept at Cinco Senores. The long intervals of high-

grade mineralization continue to significantly increase both the tonnage and grade of the initial

resource estimate for the El Dorado/Juan Bran zone. And drilling at the Cinco Senores zone has

successfully extended the mineralization to 120 metres along trend, indicating the high potential

of significant tonnage at this parallel zone.

Figure 1 Dike Contact Zones Drill Hole Locations

Highlights from diamond drilling at Cinco Senores zone include:

Diamond drill hole LM-17-CS-08.

 4.47 g/t Au Eq (1.58 g/t Au, 13.85 g/t Ag, 1.65 % Cu) over 4.0 metres

within 2.23 g/t Au Eq (0.81 g/t Au, 6.73 g/t Ag, 0.81 % Cu) over 18.0 metres

Diamond drill hole LM-17-CS-05

 1.81 g/t Au Eq (0.84 g/t Au, 7.60 g/t Ag, 0.52 % Cu) over 3.60 metres

Summary

Diamond drill holes LM-17-CS-05, 08 and 09 all intersected the known mineralized zone at the

projected sill contact for the Eldorado/Juan Bran zone. Hole LM-CS-08, which was drilled on

trend, generated one of the strongest intersection so far at Cinco Senores. Hole CS-09, located

to the south, intersected a narrow, zinc-rich magnetite skarn on the contact. Hole CS-05, also

located to the south, intersected part of a known gold-bearing, pyrite stringer zone at the bottom

of the hole, 17 metres below the contact.

Diamond drill holes LM-17-CS-10 and LM-17-CS-11 intersected a generally barren dike

intrusive, although one of the isolated, random, two metre samples in hole LM-17-CS-11 graded

1.17 g/t Au Eq right at the projected zone position, suggesting proximity of the mineralized zone

outside of the dike. Newly processed plots from the recent magnetic survey, which incorporates

East-West lines, show the presence of north-trending dikes in the area of these holes.

Selected drill results are included in Table 1 below.

For a map of drill collars and traces for the Cinco Senores zone drilling see Figure 2 Cinco

Senores Drill Hole Locations.

Cinco Senores Exploration Drilling Results

Hole ID (Az./Dip)

(degrees)

From

(m)

Intercep

(m)

(g/t)

Au Eq

(g/t)

Comments

LM-17-CS -05(3050 /-450) 124.5 128.1 3.60 0.84 7.60 0.52 1.81

LM-17-CS - 08 (00 /-450) 87.7 91.7 4.00 1.58 13.85 1.65 4.47

within 87.7 105.7 18.0 0.81 6.73 0.81 2.23

Figure 2 Cinco Senores Drill Hole Locations

The true widths of mineralization for the dike contact zones and Cinco Senores are estimated to

be approximately 70 to 75 % of core widths Additional information is required to determine the

true width of the mineralization intersected in hole LM-17-ED-41.

Assays are uncut, length – weighted average values.

Gold equivalent (Au Eq) calculations use metal prices of US $1250/oz. for gold, US $18.00/oz. for

silver and US $3.00 /lb. for copper. No adjustments have been made for potential relative

differences in metal recoveries.

Au Eq g/t = Au g/t + [(Ag g/t x 0.014) + (Cu% x1.64)]

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 several small scale,

past-producing mines and a number of untested targets.

The district is host to a large gold, silver and copper skarn system that has a production history

that extends back to the Aztec era. The Las Minas diorite 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.

Information Regarding NI-43-101 Initial Mineral Resource Estimate

In 2017, the Company reported an initial mineral resource estimate of 304,000 gold equivalent

ounces (Au Eq ozs) contained within 4,970,000 tonnes grading 1.90 g/t Au Eq (0.92 g/t Au,

0.59% Cu. 4.37 g/t Ag) in a Measured and Indicated category for the Eldorado/ Juan Bran and

Santa Cruz zones , with an additional Inferred Resource of 719,000 Au Eq ozs contained within

10,304,000 tonnes grading 2.17 g/t Au Eq.( 1.08 g/t Au, 0.66 % Cu, 3.99 g/t Ag) (reported in the

Company’s news release dated August 1, 2017 and the 43-101 report titled “NI 43-101

Technical Report Mineral Resource Estimate Las Minas – Gold – Copper Project”, John T, Boyd

Company , Mining and Geological Consultants , Denver , Colorado, USA , Report No

“3830.001“ dated September, 2017 , prepared by John J. Read, P. Geo., Q.P. and Sam J.

Shoemaker Jr., Registered Member S.M.E, Q.P.) The report is available on SEDAR.

The El Dorado / Juan Bran and Santa Cruz zones remain open for expansion and comprise two

of eight known mineralized zones at the Las Minas property.

Quality Assurance/Quality Control

The technical information in this news release has been reviewed and approved by Sonny

Bernales, P. Geo., a registered Professional Geoscientist in the Province of British Columbia

and a qualified person as defined by NI 43-101. Mr. Bernales is responsible for logistics and

supervision of all exploration activity conducted by Mexican Gold on the property.

The Company has implemented and adheres to a strict Quality Assurance/Quality Control

program which includes inserting mineralized standards and blanks into the sample stream,

about 1 for every 10 samples. The standards and blanks were obtained from CDN Resource

Laboratories Ltd. of Langley, BC, Canada. Each sample bag is properly sealed and kept in a

secured, restricted storage place prior to shipping to the lab. Samples are shipped directly by

Mexican Gold or picked-up by the lab vehicle with chain of custody/sample submittal signed and

dated. The Company sends its samples to SGS Mineral Services (ISO/IEC 17025) at Durango,

Mexico, an accredited and independent laboratory..

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. s host to one of the largest

under-explored skarn systems known in Mexico.

For more information, please contact:

Brian E. Robertson, P. Eng., 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 REGARDING 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 magnitude or quality of mineral deposits, anticipated

advancement of mineral properties or programs, future operations, results of exploration, prospects, commodity and precious

metals prices, future work programs, anticipated financial and operational results, capital expenditures and objectives and the

completion and timing of mineral resource estimates. Forward-looking information 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, including 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 anticipated 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 upon 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.

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