Mr. Vishal Gupta reports

CALIFORNIA GOLD ANNOUNCES PROPOSED PRIVATE PLACEMENT OF UNITS

California Gold Mining Inc. intends to carry out a non-brokered private placement for an aggregate of up to 2.4 million units at a price of 50 cents per unit for total proceeds of up to $1.2-million. The company reserves the right to increase the private placement by up to an additional 600,000 units, for additional proceeds of up to $300,000. Each unit will comprise one common share and one full common share purchase warrant, with each whole warrant entitling the holder to acquire a further common share of the company at a price of 75 cents for 24 months following the date of issuance. The common shares and warrants will be subject to a four-month hold period.

The offering described herein is in addition to the previously disclosed offering of units (see the company's press release dated Aug. 25, 2017), which the company expects will close on or before Sept. 21, 2017.

The company intends to use the net proceeds of the offering for exploration on the company's mineral properties and for other general corporate purposes.

Insiders of California Gold may subscribe for over 25 per cent of the offering. Closing of the offering is conditional upon compliance with the policies of the TSX Venture Exchange and general corporate and securities laws applicable to the private placement. The offering is expected to close in one or more tranches on or before Oct. 15, 2017.

The company may pay finders' fees in accordance with the rules and policies of the TSX Venture Exchange. The offering remains subject to the approval of the TSX Venture Exchange.

About California Gold Mining Inc.

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. The Fremont property lies within California's prolific Mother Lode gold belt that has produced over 50 million ounces of gold historically. The company purchased the property in March, 2013.

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