Mr. Amir Adnani of Goldmining reports

Goldmining TO ACQUIRE THE CRUCERO GOLD PROJECT IN PERU FROM LUPAKA GOLD

Goldmining Inc. has entered into an agreement with Lupaka Gold Corp. to acquire a 100-per-cent interest in the Crucero gold project located in southeastern Peru.

Highlights:

• Acquisition of a 100-per-cent interest in the Crucero gold project in southeastern Peru;
• Lupaka previously reported a pit-constrained indicated resource of 1.00 million ounces grading 1.01 grams per tonne gold and an inferred resource of 1.03 million ounces grading 1.03 grams per tonne gold at a 0.4-gram-per-tonne-gold cut-off at the project; Goldmining will treat this as a historical estimate and plans to engage a qualified person to complete the necessary work to verify the estimate and complete an independent technical report;
• Approximately 23,000 metres of diamond drilling over 72 holes have been completed;
• 10 additional geophysical and geochemical targets identified on the project to date;
• Total consideration at closing will be 3.5 million common shares and $750,000 in cash representing approximately 3-per-cent dilution to Goldmining shareholders;
• Represents Goldmining's first acquisition in Peru, which is among the world's largest producers of gold, copper and silver, and ranks as one of the most attractive jurisdictions for mining investment in Latin America (Fraser Institute, 2016).

Amir Adnani, chairman of Goldmining, commented: "We are pleased to announce another milestone acquisition in furtherance of our long-term growth and value-building strategy. With this acquisition, we continue to realize our vision of consolidating multimillion-ounce gold assets and maximizing gold leverage for our shareholders. The transaction also represents our first acquisition in the country of Peru, which is among the most prolific mining nations in the world."

Garnet Dawson, chief executive officer of Goldmining, commented: "With this acquisition, we will be acquiring not only a project in a favourable mining jurisdiction with a historic pit-constrained resource, but also one that has had significant historical investment and exploration, including 23,000 metres of drilling over 72 holes, and numerous targets identified for future exploration. Upon completion, we plan to commission a current resource estimate for the project as well as identify opportunities for follow-up exploration and expansion."

The agreement

Pursuant to the agreement, Goldmining will acquire all of the shares of a wholly owned subsidiary of Lupaka, which will hold a 100-per-cent interest in the project. Total consideration payable by Goldmining to Lupaka under the transaction is 3.5 million common shares of Goldmining and $750,000 in cash.

The Goldmining shares to be issued under the transaction are subject to certain resale restrictions pursuant to the terms of the agreement.

The transaction is subject to customary closing conditions, including receipt of requisite third party and regulatory consents and approvals. The parties currently expect closing to occur by the end of September, 2017.

The project

The project is located 150 kilometres northeast of the city of Juliaca in the department of Puno in southeastern Peru. The project is road accessible by paved road from Juliaca to the town of Crucero, with the remaining 50 kilometres to site by gravel road. High-power electrical lines pass within eight kilometres of the property.

The project comprises three mining and five exploration concessions with an aggregate area of 4,600 hectares. The exploration concessions are renewable on an indefinite basis through payment of annual fees to the Peruvian government. The three mining concessions are held indirectly by Lupaka through a 30-year assignment from a third party running until 2038 and are subject to certain royalty obligations.

Historical exploration programs have focused on the A1 deposit; however, geophysical and geochemical surveys have identified 10 additional targets (A2 to A11) for follow-up exploration. The A1 deposit, as currently defined by trenching and drilling, strikes northwest and dips vertically to steeply to the northeast. The deposit is approximately 750 metres long by 100 metres in width and has been traced to a vertical depth of 400 metres, but most of the drilling is confined to within 250 metres of surface. The deposit is open at depth and along strike to the northwest and southeast. The orogenic gold mineralization is associated with sulphide veins hosted within strongly deformed metasedimentary rocks.

The A1 deposit was the subject of a resource estimate published by Lupaka in 2013 (see attached table), which will be treated as a historical estimate by Goldmining. The conceptual pit delineated resource was based on 72 diamond drill holes (approximately 23,000 metres) and is reported within a conceptual pit shell. High-grade gold values were capped at 17 grams per tonne gold with five assays falling above this value. An average bulk density of 2.85 grams per cubic centimetre was used to convert block model volumes to tonnages.

         A1 DEPOSIT HISTORICAL PIT-CONSTRAINED RESOURCE 
              ESTIMATE PUBLISHED BY LUPAKA IN 2013
  
               Cut-off        Tonnes and grade     Contained metal

Resource            Au     Tonnes           Au                  Au
category          (g/t)     (000s)        (g/t)               (Moz) 
    
Indicated          0.40      30.9         1.01                1.00           
Inferred           0.40      31.2         1.03                1.03           

The parameters in the attached table were utilized by Lupaka to establish the conceptual pit.

Parameter                          Value           Unit 
       
Gold price                        1,400          US$/oz      
Mine operating cost 
(mineralization and waste)         1.50    US$/t milled
Process operating cost            13.00    US$/t milled
General and administrative         2.00      US$/milled  
Overall pit slope                    47         Degrees     
Gold process recovery                90               %           
Mining dilution                       5               %           
Mining recovery                     100               % 

The resource estimate is historical in nature and will not be treated as a current resource estimate by the company as a qualified person has not done sufficient work on behalf of the company to classify the historical estimate as a current mineral resource. However, the company believes the historical estimate is relevant to any future exploration and as an indication of the potential of the property. The historical resource estimate for the project is based on a technical report completed for Lupaka by Gregory Z. Mosher, MSc, PGeo, of Tetra Tech WEI Inc. and Anoush Ebrahimi, PEng, of SRK Consulting (Canada) Inc., titled "Technical Report for the Crucero Property, Carabaya Province, Peru," with an effective date of Jan. 17, 2013 (amended and restated Oct. 22, 2013). No new drilling or sampling has been completed on the A1 deposit since the above resource estimate was completed. However, Goldmining intends to engage an independent qualified person to, among other things, examine the cut-off grade with reference to today's metal prices, verify historical sampling and results, and complete a technical report, including a current resource estimate on behalf of the company.

Advisers

Haywood Securities Inc. has advised Goldmining in connection with the transaction, and Sangra Moller LLP is acting as legal counsel to Goldmining.

Qualified person

Paulo Pereira, president of Goldmining, has reviewed and approved the technical information contained in this news release. Mr. Pereira holds a bachelor's degree in geology from Universidade do Amazonas in Brazil, is a qualified person as defined in National Instrument 43-101 and is a member of the Association of Professional Geoscientists of Ontario.

About Goldmining Inc.

Goldmining is a public mineral exploration company focused on the acquisition and development of gold projects in the Americas. Goldmining is advancing its Titiribi and La Mina gold-copper projects located in the department of Antioquia, Colombia; its Sao Jorge and Cachoeira gold projects located in the state of Para, northeastern Brazil; its Whistler gold-copper project located in the state of Alaska, United States; and its Rea uranium project in the Western Athabasca basin in northeast Alberta, Canada.

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