Mr. Ed Huebert reports

CANADIAN GOLD CORP. ANNOUNCES EXPLORATION AND FINANCING UPDATE

Canadian Gold Corp. has completed its regional field exploration program, and planning for a November, 2023, phase 2 drill program at the 100-per-cent-owned Tartan mine, situated in the prolific Flin Flon-Snow Lake greenstone belt, Manitoba, is currently under way.

The phase 2 exploration drilling program intends to expand upon the company's recent exploration drilling successes, which includes drill results situated below the mineral resource estimate, returning 23.8 grams per tonne gold over 12.6 metres and 4.2 gpt gold over 53.7 metres, including 12 gpt gold over eight metres (see news release Sept. 27, 2023).

The regional exploration program at the Tartan mine was successful in identifying the potential for additional zones, particularly along the east-west shear of the Tailings Pond zone located approximately 1.4 kilometres east of the Tartan mine. The program was designed to identify additional resources and areas with potential for both gold and volcanogenic-massive-sulphide-type discoveries across the underexplored 2,670-hectare property.

The company further announces the completion of its exploration programs at both the HEES project, located near Barrick Gold's Hemlo mine, and at the Hammond Reef South project, located near Agnico Eagle's Hammond Reef gold deposit, both in Ontario. Results from these regional field exploration programs are expected in the coming months and an update will be provided.

Canadian Gold also announces that the price of the flow-through shares set out in a news release dated Oct. 18, 2023, has been amended to 20.5 cents per share. All other terms as announced remain unamended.

Qualified person

The scientific and technical information disclosed in this news release was reviewed and approved by Wesley Whymark, PGeo, consulting geologist for the company and a qualified person as defined under National Instrument 43-101.

About Canadian Gold Corp.

Canadian Gold is a Toronto-based mineral exploration and development company whose objective is to expand the high-grade gold resource at the past-producing Tartan mine, located in Flin Flon, Man. The company holds a 100-per-cent interest in greenfields exploration properties in Ontario and Quebec adjacent to some of Canada's largest gold mines and development projects, specifically, the Canadian Malartic mine (Quebec), the Hemlo mine (Ontario) and the Hammond Reef project (ON). The company is 37.6 per cent owned by Robert McEwen, who was the founder and chief executive officer of Goldcorp and is chairman and CEO of McEwen Mining.

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