AurCrest Gold Closes $700,000 Brokered Private Placement

TORONTO, December 7, 2020 - AurCrest Gold Inc. (the "Company" or "AurCrest") (TSXV:AGO) is pleased to announce the closing of the $700,000 brokered private placement (the "Offering") announced on November 19, 2020 with the issuance of 11,666,667 working capital units (the "WC Units") of the Company at a price of $0.06 per WC Unit for gross proceeds of $700,000. The Offering was led on a best-efforts basis by IBK Capital.

Each WC Unit consists of one (1) common share of the Company priced at $0.06 per common share and one-half (0.5) of a common share purchase warrant with each full warrant (each a "WC Warrant") entitling the holder to acquire one (1) common share until December 4, 2022.

The Company paid IBK Capital a commission of $49,000.00 cash and issued 1,166,666 broker warrants ("Broker Warrants"). Each Broker Warrant entitles the holder to acquire a WC Unit until December 4, 2022 at a price of $0.06 per Broker Warrant.

All securities issued are subject to a statutory hold period expiring on April 5, 2021.

AurCrest Gold is a leader in the First Nations advancement into shared participation and inclusion in the regional mining opportunities and counts as its board of directors and management, past and present, many indigenous business and cultural leaders. AurCrest is proud to play a leading role in the gold exploration of Northwestern Ontario, especially in the Birch-Uchi Greenstone Belt and the Red Lake mining district, as it forges new business relationships between Canada's founding cultures.

About IBK Capital Corp.
IBK Capital is an independent and privately owned investment banking firm which offers a full range of financial advisory services. Such services include private placements of equity and debt, going public by way of reverse take-over, merger, acquisition and divestiture advisory services, valuations, fairness opinions and take-over defence planning. The Firm's corporate objective is to provide the highest quality independent financial advisory services to its clients.

About AurCrest Gold Inc.
AurCrest is a mineral exploration company focused on the acquisition, exploration, and development of gold properties. AurCrest has a portfolio of properties in Ontario, which include the Richardson Lake and Bridget Lake gold properties.

FOR FURTHER INFORMATION PLEASE CONTACT:

AurCrest Gold Inc.
Christopher Angeconeb
President and CEO
(807) 737-5353
christopherangeconeb@gmail.com

Ian Brodie-Brown
Director of Business Development
(416) 844-9969
ianbrodiebrown@gmail.com

Forward-Looking Statement:
Some of the statements contained herein may be forward-looking statements which involve known and unknown risks and uncertainties. Without limitation, statements regarding potential mineralization and resources, exploration results, and future plans and objectives of the Company are forward looking statements that involve various risks. The following are important factors that could cause the Company's actual results to differ materially from those expressed or implied by such forward looking statements: changes in the world wide price of mineral commodities, general market conditions, risks inherent in mineral exploration, risks associated with development, construction and mining operations, the uncertainty of future profitability and the uncertainty of access to additional capital. There can be no assurance that forward-looking statements will prove to be accurate as actual results and future events may differ materially from those anticipated in such statements. AurCrest undertakes no obligation to update such forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on such forward-looking statements.

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.

SOURCE: AurCrest Gold Inc.