Cabral Gold Discovers Western Extension to Primary MG Gold Deposit at Cuiú Cuiú Gold District, Brazil

Vancouver, December 2, 2021 - Cabral Gold Inc. (TSXV: CBR) (OTC Pink: CBGZF) ("Cabral" or the "Company") is pleased to provide assay results from eight RC holes and three diamond-drill holes at the primary MG gold deposit, and within the recently identified gold-in-oxide blanket within the Cuiú Cuiú gold district in northern Brazil.

Highlights are as follows:

• RC237 drilled at MG returned 19.1m @ 2.2 g/t gold from 85.0m depth including 7.0m @ 4.5 g/t gold. The hole ended in mineralization and appears to represent the western extension of the main mineralized zone at the primary MG gold deposit

• Initial results from the first of five diamond-drill holes completed for metallurgical testing also returned higher than expected results from the central portion of the gold-in-oxide blanket. DDH MET01 returned 30m @ 2.2 g/t gold from surface including 8.2m @ 6.6 g/t gold

• RC260, also drilled at the MG gold-in-oxide blanket, returned 8m @ 3.1 g/t gold from 84.0m depth including 2m @ 11.7 g/t gold, and 4m @ 2.3 g/t gold from 111.0m depth including 1m @ 8g/t gold

• These results continue to indicate the presence of a strongly mineralized zone containing significantly higher grades within the core of the gold-in-oxide blanket. Results are pending on four additional diamond drill holes that were completed for metallurgical testing

Alan Carter, Cabral's President and CEO commented, "The results that we are reporting today from the recent diamond drilling at MG suggest that historic drilling in the western part of the primary MG gold deposit failed to intercept the main mineralized zone. The new mineralized intercept in RC237 is very significant and could add ounces in the western part of the primary MG gold deposit. Furthermore, the results from the initial metallurgical test hole within the overlying MG gold-in-oxide blanket, suggest that the higher grade portions of the blanket may be even higher grade than we previously envisaged."

MG Diamond Drilling

Assay results were returned on three diamond-drill holes recently completed at the MG gold deposit (MET01, DDH233A and DDH242). MET01 is one of five holes drilled to provide material from the gold-in-oxide blanket for metallurgical test work (see press release dated November 9, 2021) (Figure 1). Assay results from the remaining four MET holes are pending.

Figure 1: Map showing the outline of the primary MG gold deposit (in pale yellow) and the interpreted outline of the overlying mineralized oxide blanket (in beige). The results from recently completed diamond drill holes (MET01, DDH233A and DDH242) and RC drill holes (RC237, RC238, RC239, RC260, RC261, RC263, RC264 and RC266) are also shown.

To view an enhanced version of Figure 1, please visit:
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Diamond-drill hole MET01 was drilled on section 553300 located in the central western portion of the gold-in-oxide blanket at MG (Figure 1). It was sited approximately 20m south of RC66 which returned 15m @ 0.6 g/t gold, and 20m north of RC65 which returned 51m @ 0.8 g/t gold (Figure 2). MET01 was expected to return similar gold grades.

However, MET01 actually returned 30m @ 2.2 g/t gold from surface including 8.2m @ 6.6 g/t gold from 2.8m depth (Figure 2). These were significantly higher gold grades than anticipated based on previous results from RC65 and RC66.

Figure 2: Cross-section (553300) through the primary MG gold deposit showing new drill results from diamond drill hole MET01 and other holes on section

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MG RC Drilling

RC drill hole RC237 was drilled on section 552900 located in the western part of the MG gold deposit (Figure 1). Only one hole had previously been drilled on this section. Historic diamond-drill hole CC49 was drilled from north to south and cut a narrow zone of gold mineralization which returned 5m @ 1.9 g/t gold. More recent drilling at MG has confirmed that the primary basement MG gold deposit dips to the north, implying that CC49 may have been drilled sub-parallel to the dip of the deposit, and potentially too far to the north.

Two RC holes were drilled to test this possibility. RC191 returned 7m @ 0.5 g/t gold in the footwall, i.e. south of the historic intercept of 5m @ 1.9 g/t gold returned in CC49 (Figure 3). RC191 ended in mineralization and suggested the presence of a new mineralized zone. RC237 was drilled below RC191 to test this possibility and returned 19.1m @ 2.2 g/t gold from 85.0m depth, including 7.0m @ 4.5 g/t gold (Figure 3). The hole ended in mineralization and the zone remains open. This intercept is now interpreted to be the western extension of the main mineralized zone at the primary MG gold deposit, and has significant implications for the continuation of the main mineralized zone further west.

Figure 3: Cross-section (552900) through the primary MG gold deposit showing drill results from RC237. Note that hole ends in mineralization, and that historic hole CC49 was drilled down-dip in hanging wall

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Drill hole RC260 was drilled on section 554180 near the eastern limit of the primary MG deposit and well beyond the eastern limit, as it is currently known, to the overlying gold-in-oxide blanket (Figure 1). RC0260 was also located 60m west of historic diamond-drill hole CC100 which returned 5m @ 17.9 g/t gold. A single historic drill hole (CC111) on this section returned 3m @ 0.5 g/t gold and 7.2m @ 0.6 g/t gold. Hole RC260 returned 8m @ 3.1 g/t gold from 84.0m depth including 2m @ 11.7 g/t gold from 89.0m depth, and 4m @ 2.3 g/t gold from 111.0m depth including 1m @ 8g/t gold from 113.0m depth (Figure 4). These results indicate the extension of the high-grade gold mineralization intersected in CC100 further to the east and nearer surface.

Figure 4: Cross-section (line 554180) through the primary MG gold deposit showing drill results from RC260 which is located 60m west of CC100 which intersected 5m @ 17.9g/t gold

To view an enhanced version of Figure 4, please visit:
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Table 1: Table of drill results for diamond drill holes MET01, DDH233A and DDH242 and RC drill holes RC237 to RC 239, RC260, RC261, RC263, RC264 and RC266

Drilling Update

Diamond drilling at MG is continuing with results pending on an additional nine diamond drill holes.

Diamond drilling is continuing at the primary Central gold deposit. The seventh hole is currently in progress from a total program of 43 planned diamond-drill holes. These are designed to further define the high-grade zones at Central. Previous diamond drilling at Central included 220.7m @ 2.0 g/t gold including 9.8m @ 17.9 g/t gold.

RC drilling at Central is in progress with the objective of testing for the presence of gold-in-oxide blanket mineralization above the primary Central gold deposit. Results are currently pending on seven holes.

Diamond drilling continues at the PDM target, located 2.5km NW of the Central gold deposit, and is aimed at testing for the presence of a primary gold deposit in the basement intrusive rock underlying the gold-in-oxide blanket. Results are currently pending on six diamond-drill holes.

Results are currently pending on five diamond-drill holes at the Alonso target which is located 3km SE of the MG gold deposit. Twenty-three samples of boulder float material from Alonso previously returned gold values of 11.6 to 200.3 g/t gold (see press release dated February 11, 2020).

Geosedna has completed the 10,000m RC drilling contract and drilling with the large RC rig has been suspended as a result of the onset of the rainy season. Drilling will continue with the four other drill rigs currently on site.

About Cabral Gold Inc.

The Company is a junior resource company engaged in the identification, exploration and development of mineral properties, with a primary focus on gold properties located in Brazil. The Company has a 100% interest in the Cuiú Cuiú gold district located in the Tapajós Region, within the state of Pará in northern Brazil. Two gold deposits have so far been defined at Cuiú Cuiú and contain 43-101 compliant Indicated resources of 5.9Mt @ 0.90g/t (200,000 oz) and Inferred resources of 19.5Mt @ 1.24g/t (800,000 oz).

The Tapajós Gold Province is the site of the largest gold rush in Brazil's history producing an estimated 30 to 50 million ounces of placer gold between 1978 and 1995. Cuiú Cuiú was the largest area of placer workings in the Tapajós and produced an estimated 2Moz of placer gold historically.

FOR FURTHER INFORMATION PLEASE CONTACT:

"Alan Carter"

President and Chief Executive Officer
Cabral Gold Inc.

Tel: 604.676.5660

Guillermo Hughes, MAusIMM and FAIG., a consultant to the Company as well as a Qualified Person as defined by National Instrument 43-101, supervised the preparation of the technical information in this news release.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as such term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-looking Statements

This news release contains certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation (collectively "forward-looking statements"). The use of the words "will", "expected" and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Such forward-looking statements should not be unduly relied upon. This news release contains forward-looking statements and assumptions pertaining to the following: strategic plans and future operations, and results of exploration. Actual results achieved may vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors. The Company believes the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct.

Notes

Gold analysis has been conducted by SGS method FAA505 (fire assay of 50g charge), with higher grade samples checked by FAA525. Analytical quality is monitored by certified references and blanks. Until dispatch, samples are stored under the supervision the Company's exploration office. The samples are couriered to the assay laboratory using a commercial contractor. Pulps are returned to the Company and archived. Drill holes results are quoted as down-hole length weighted intersections.

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