CanXGold Mining Commences Drilling Hole #3 Testing Conductive Anomalies

VANCOUVER, October 11, 2022 - CanXGold Mining Corp., (TSXV:CXG)(FRANKFURT:3G8C)(OTC PINK:GDMRF), ("CanXGold" or the "Company"), announces that the third drill hole is now being started at its Phoenix Property, part of the Greenwood Precious Metals project in southeastern BC.

Photo of diamond drill being setup at third site for 2022 program

CanXGold's third diamond drill hole is now underway. This hole is targeting a large conductive anomaly detected by the 2022 airborne geophysical survey, located 2 kilometers west of the historic Phoenix open pit mine. Depth to the top of the anomalous conductivity is approximately 150 meters, based on resistivity-depth sections. The bedrock in this area consists of Paleozoic Knob Hill Complex metasedimentary and metavolcanic strata. The hole will be drilled to a minimum depth of 250 meters.

Map of VTEM Conductivity (TauSF) showing target areas of high conductivity in purple. Hole 3 is now underway at site C.

The anomaly being tested by hole 3 is a northeast-trending ovoid feature measuring 1.4 x 0.9 kilometers. Its western limit coincides with a conductive anomaly identified on the edge of a previous 2008 airborne survey (Aeroquest Snowshoe Project). Although the entire anomaly was not surveyed at that time due to claim ownership, it was classified as a high priority target for follow-up drilling.

Readers are cautioned that historical records referred to in this News Release have been examined but not verified by a Qualified Person. Further work is required to verify that historical records referred to in this News Release are accurate.

Technical disclosure in this news release has been approved by Dr. Mathew Ball, P.Geo., President of the Company and a Qualified Person as defined by National Instrument 43-101

On behalf of the Board of Directors:

CanXGold Mining Corp.

Per: "Christopher R. Anderson"
Christopher R. Anderson CEO

For further information, please contact:

CanXGold Mining Corp. - Corporate Communications:
Tel: 604-288-2610
Email: Office@CanXGold.com

Forward-Looking Statement Cautions: This news release contains certain "forward-looking statements" within the meaning of Canadian securities legislation, relating to, among other things, preliminary plans for a consolidation of the Company's Shares. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are statements that are not historical facts; they are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "aims," "potential," "goal," "objective," "prospective," and similar expressions, or that events or conditions "will," "would," "may," "can," "could" or "should" occur, or are those statements, which, by their nature, refer to future events. The Company cautions that forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made and they involve a number of risks and uncertainties. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Except to the extent required by applicable securities laws and the policies of the TSX Venture Exchange, the Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause future results to differ materially from those anticipated in these forward-looking statements include the possibility that the TSX Venture Exchange will not approve the proposed share consolidation, and that the Company may not be able to raise sufficient additional capital to continue its business. The reader is urged to refer to the Company's reports, publicly available through the Canadian Securities Administrators' System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com for a more complete discussion of such risk factors and their potential effects. This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of securities of the Company in any jurisdiction in which such offer, solicitation or sale would be unlawful, including any of the securities in the United States of America. The Company's securities have not been and will not be registered under the United States Securities Act of 1933 (the "1933 Act") or any state securities laws and may not be offered or sold within the United States or to, or for account or benefit of, U.S. Persons (as defined in Regulation S under the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration requirements is available.

THIS PRESS RELEASE DOES NOT CONSTITUTE AN OFFER TO SELL, OR THE SOLICITATION OF AN OFFER TO BUY, NOR SHALL THERE BE ANY SALE OF SECURITIES OF THE COMPANY IN ANY JURISDICTION IN WHICH SUCH OFFER, SOLICITATION OR SALE WOULD BE UNLAWFUL PRIOR TO REGISTRATION OR QUALIFICATION UNDER THE SECURITIES LAWS OF ANY SUCH JURISDICTION.

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

SOURCE: CanXGold Mining Corp.