Volcanic proposes $3 million Private Placement to Fund Exploration in Guatemala

200 Burrard Street, Suite 650 Tel: 604.801.5432

Vancouver, BC V6C 3L6 Fax: 604.662.8829

TSX-V: VG

NEWS RELEASE

NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION TO UNITED STATES

Volcanic proposes $3 million Private Placement to Fund Exploration

in Guatemala

June 4, 2020 – Vancouver, British Columbia – Volcanic Gold Mines Inc. (TSXV: VG) is pleased to announce

a proposed non-brokered private placement (the “Private Placement”) of a minimum of 12,000,000 units

(“Units”) of Volcanic at a price of $0.25 per unit for proceeds of a minimum of $3,000,000.

Each Unit will consist of one common share (“Common Share”) and one-half of one Common Share

purchase warrant (a “Warrant”). Each whole Warrant will entitle the holder to purchase one Common

Share at a price of $0.30 for a term of 24 months following the closing of the Private Placement.

Volcanic may pay a finder’s fee on all or a portion of the Private Placement. The proceeds of the Private

Placement are intended to be used for working capital purposes and to fund exploration efforts on

Volcanic’s optioned properties in Guatemala. The Private Placement is subject to approval by the TSX

Venture Exchange. All securities issued pursuant to the Private Placement will be subject to the applicable

statutory four-month hold period.

This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities

described herein in the United States or in any other jurisdiction. The securities referred to in this press

release have not been and will not be registered under the U.S. Securities Act and may not be offered

or sold without registration under the U.S. Securities Act and all applicable state securities laws or

compliance with the requirements of an exemption from such registration.

About Volcanic

Volcanic brings together an experienced and successful mining, exploration and capital markets team

focused on building multi-million ounce gold and silver resources in underexplored countries. Through the

strategic acquisition of mineral properties with demonstrated potential for hosting gold and silver

resources, and by undertaking effective exploration and drill programs, Volcanic intends to become a

leading gold-silver company.

For further information, visit our website at www.volgold.com.

Volcanic Gold Mines Inc.

Charles Straw, Director/CEO

-2-

Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts

responsibility for the adequacy or accuracy of this release.

Forward-looking statements

Certain statements contained in this news release constitute forward -looking statements within the meaning of

Canadian securities legislation. All statements included herein, other than statements of historical fact, are forward-

looking statements and inc lude, without li mitation, statements about the proposed Private Placement . Often, but

not always, these forward looking statements can be identified by the use of words such as “estimate”, “estimates”,

“estimated”, “potential”, “open”, “future”, “assumed” , “projected”, “used”, “detailed”, “has been”, “gain”,

“upgraded”, “offset”, “limited”, “contained”, “reflecting”, “containing”, “remaining”, “to be”, “periodically”, or

statements that events, “could” or “should” occur or be achieved and similar expressio ns, including negative

variations.

Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the

actual results, performance or achievements of the Company to be materially different from any results, performance

or achievements expressed or implied by forward-looking statements. Such uncertainties and factors include, among

others, whether the proposed Private Placement will be completed as planned , and the proceeds from the Private

Placement will be spent as intended; changes in general economic conditions and financial markets; the Company or

any joint venture partner not having the financial ability to meet its exploration and development goals; risks

associated with the results of exploration and d evelopment activities, estimation of mineral resources and the

geology, grade and continuity of mineral deposits; unanticipated costs and expenses; and such other risks detailed

from time to time in the Company’s quarterly and annual filings with securitie s regulators and available under the

Company’s profile on SEDAR at www.sedar.com. Although the Company has attempted to identify important factors

that could cause actual actions, events or results to differ materially from those described in forward -looking

statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated

or intended.

Forward-looking statements contained herein are based on the assumptions, beliefs, expectations and opinions of

management, including but not limited to: that the Private Placement will be completed as planned and that the

proceeds from the Private Placement will be spent as intended; that the Company’s stated goals and planned

exploration and development activities will be achieved; that there will be no material adverse change affecting the

Company or its properties; and such other assumptions as set out herein. Forward -looking statements are made as

of the date hereof and the Company disclaims any obligation to update any forward-looking statements, whether as

a result of new information, future events or results or otherwise, except as required by law. There can be no

assurance that forward-looking statements will prove to be accurate, as actual results and future ev ents could differ

materially from those anticipated in such statements. Accordingly, investors should not place undue reliance on

forward-looking statements.