Mr. Vishal Gupta reports

CALIFORNIA GOLD ANNOUNCES EXTENSION OF PRIVATE PLACEMENT

California Gold Mining Inc. will be proceeding with the non-brokered private placement of up to 3,230,769 units at a price of 65 cents per unit for total proceeds of up to $2.1-million that was previously announced on July 25, 2016. The closing of the offering is anticipated to occur on or about Oct. 31, 2016. For further details regarding the terms of the offering, please see the company's July 25, 2016, press release.

The company intends to use the net proceeds of the offering to complete its 2016 exploration program at its Fremont project and for other general corporate purposes.

About California Gold Mining

California Gold Mining is focused on developing its flagship Fremont gold project in Mariposa county, California. The project consists of a land package totalling 3,351 acres of historically producing gold mines.

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