Mexican Gold Announces the Discovery of a New Resistivity Anomaly at Cinco Senores That Warrants Future Drilling

VANCOUVER, Sept. 10, 2019 - Mexican Gold Corp. (the “Company” or “Mexican Gold") (TSXV: MEX) is pleased to announce the results of geophysical reinterpretation work done at Las Minas.

Highlights:

• A new geophysical resistivity anomaly has been identified at Cinco Senores, with similar size to the one underlying the resource zone at El Dorado
• Cinco Senores is just one of eight known zones of mineralization prospective for gold at Las Minas

“We are pleased to identify a new, large, and exciting resistivity anomaly at Cinco Senores,” stated Philip O’Neill, CEO and Director of Mexican Gold. “With our strong and improved financial position, we look forward to drilling the highly-prospective Cinco Senores target in the very near future.”

In 2017, a target scale, moving-loop time domain electromagnetic survey (“TEM”) was performed over the known resource at the El Dorado zone, the Cinco Senores target, and the Las Minillas magnetic anomaly. The Company engaged well respected and published consulting geophysicist Bob Lo, PhD and P. Geo. to reinterpret the TEM survey data. The results of the reinterpretation are shown in Fig. 1 below.

A notable resistivity anomaly similar in size to the El Dorado gold, copper, silver resource can be seen to underlie the northern area of the Cinco Senores target and potentially extend more than 700 metres north towards the Las Minillas target. The centre of the interpreted resistivity anomaly was not surveyed due to localized deep overburden.

Mexican Gold continues to work on the development of a new exploration plan for Las Minas which will include drilling at Cinco Senores. We expect to be able to discuss our new exploration plan by the end of September 2019.

To view Figure 1, please click on the following link: https://www.globenewswire.com/NewsRoom/AttachmentNg/61ec9716-9939-401d-bff8-9ea2ce1ee80a

Qualified Person

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.

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 acquisitions of prospective precious metals and copper projects in the Americas. Mexican Gold is exploring 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: info@mexicangold.ca
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, and with respect to the proposed Offering and proposed use of proceeds. 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 completion of Offering, 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.