Mexican GOLD Mining Announces the Commencement of Work Towards a Preliminary Economic Assessment at Las Minas

Vancouver, BC TSX-V: MEX

For Immediate Release May 25, 2020

MEXICAN GOLD MINING ANNOUNCES THE COMMENCEMENT OF WORK TOWARDS A

PRELIMINARY ECONOMIC ASSESSMENT AT LAS MINAS

Mexican Gold Mining Corp. (the “Company” or “Mexican Gold") (TSXV: MEX) is pleased to

announce that upon COVID-19 direction from the Mexican federal government and the state of

Veracruz, and through consultations with the Municipality of Las Minas, the Company will

commence operations at the Las Minas project in July of 2020 with the goal of having all the

inputs for a Preliminary Economic Assessment (“PEA”) study completed by the end of the year.

Highlights:

 Achieving all necessary inputs for a Pre liminary Economic Assessment study with a

planned release in Q1 2021

 Resource expansion drilling at El Dorado and Santa Cruz

 Further upgrading of Inferred resource tonnage to the Indicated tonnage category

 A comprehensive metallurgical study to build on the positive metallurgical results from

2015 and to refine process parameters

 An environmental baseline study to support ongoing advancement of the project toward a

potential development scenario

 A LiDAR survey to produce the most accura te possible Digital Terrain Model for the

planning of surface works, infrastructure, and near-surface ore profiles for the PEA

 Exploration drilling to follow-up the new gold discovery (November 2019) at the Cinco

Senores target

 Exploration drilling at the Changarro target to incorporate the first ever geological model

in the area, built on extensive recent surface work and new, high-grade assays.

“With the ability to re-commence work at Las Minas in this COVID-19 environment, we are very

excited to embark on achieving the Preliminary Economic Assessment milestone at the Las

Minas project.” stated Philip O’Neill, Chief Executive Officer. “We feel confident that a technical

study that takes into account the economics surrounding the mineral resource at El Dorado and

Santa Cruz will yield high-value economic metrics for the project. With our history in the Las

Minas area and our long-standing ties to the community, we are committed to working closely

with all stakeholders in Las Minas to minimize the risks associated with the COVID-19 virus.”

Drilling Program

The Company will embark on a +3000m drill program to expand and upgrade the current

resource at El Dorado which remains open in multiple directions.

A comprehensive drill program will also follow up the November 2019 discovery at Cinco

Senores hole LM-19-CS-13. At 114m vertical depth, a 5.2m flat-lying quartz vein was

intersected which assayed 8.94 g/t gold, including 21.37 g/t gold over 2m. The true widths of the

intersections are estimated to be 85% of the down-hole lengths. Previous drilling at Cinco

Senores had targeted the El Dorado mineralized horizon, at least 70m above this intersection.

Drilling in 2020 will attempt to define the veining and intersect further strong gold values.

High grade gold assays were received in early 2020 from a historic mine in the Changarro area

which had not been sampled for at least a century. Channel samples spaced 3m apart and

averaging 0.65m in width returned an average of 8.82 g/t gold along the entire 52m drift. These

strong results precipitated exploration work in February-March 2020 which uncovered multiple

lost mine workings, all carrying similar polymetallic veining and Fe-oxide skarn within a strong,

linear, mineralized structural zone. This presents the first clear drill target within the geologically

complex but compelling cluster of mining at Changarro and it will be tested in 2020.

PEA Input Studies

Preliminary metallurgical work in 2015 yielded excellent recoveries from flotation of 88.8% Au,

95.4% Cu and 84.2% Ag, with low energy inputs, no cyanidation, no refractory problems, and a

by-product Fe-oxide concentrate. To optimize the results of the upcoming PEA, the initial

process work will be refined and the entire resource will be addressed in a much more

comprehensive metallurgical process study, which will commence shortly at ALS Laboratories,

Kamloops, BC.

The upcoming PEA will require an accurate model of the terrain in the Las Minas area for the

planning of infrastructure and mining development. For that reason, an airborne LiDAR (Light

Detection and Ranging) survey is being flown by LiDAR America of Fullerton, Ca, over 50km2

surrounding the Las Minas mineral deposits. LiDAR is the only method which maps the ground

surface through vegetation at a precision better than +/-10cm. High resolution aerial

photographs will be collected as well.

Environmental sensitivity is a critical parameter in mineral resource development. An

Environmental Baseline Study is in progress by CTA of Mexico City and Willowdale, ON, which

will lay the foundation for the planning of sustainable development practices and operations at

Las Minas.

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 Mining Corp.

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

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

prospective precious metals and copper projects in the Americas. Mexican Gold is exploring and

advancing the Las Minas Project, which is located in the 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:

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 Exchange) 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.

Mexican Gold provides forward-looking statements for the purpose of conveying information

about current expectations and plans relating to the future and readers are cautioned that such

statements may not be appropriate for other purposes. By its nature, this information is subject

to inherent risks and uncertainties that may be general or specific and which give rise to the

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

be accurate, that assumptions may not be correct and that objectives, strategic goals and

priorities will not be achieved. These risks and uncertainties include but are not limited to market

conditions, exploration findings, results and recommendations, as well as those risks and

uncertainties identified and reported in Mexican Gold’s public filings under Mexican Gold’s

SEDAR profile at www.sedar.com. Although Mexican Gold has attempted to identify important

factors that could cause actual actions, events or results to differ materially from those described

in forward-looking information, there may be other factors that cause actions, events or results

not to be as anticipated, estimated or intended. 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 statements. Mexican Gold disclaims any intention or obligation to

update or revise any forward-looking information, whether as a result of new information, future

events or otherwise unless required by law.