Mr. Michael Swistun reports

CANADIAN GOLD CORP. PHASE 3 DRILLING AT TARTAN MINE RETURNS MULTIPLE HIGH-GRADE INTERCEPTS OVER GOOD WIDTHS EXTENDING MAIN ZONE TO THE WEST WELL BELOW RESOURCE; POTENTIAL TO EXPAND RESOURCE REMAINS EXCELLENT

Canadian Gold Corp. has released the results from its phase 3 drill program at the Tartan mine, located near Flin Flon in Manitoba. Results in this news release have extended the high-grade mineralization along the western limits of the main zone (MZ) and continue to highlight a separate, longer-term opportunity of lower-grade bulk tonnage. The company is continuing to prepare the full data set of the over 21,000 metres of drilling that it will have completed since the company's last National Instrument 43-101 resource estimate in 2017. This initial work will prepare the company to advance quickly if it decides to update the NI 43-101 resource estimate upon the completion of the drill program for this season.

Recent phase 3 drill highlights:

• 7.2 grams per tonne (gpt) gold over 5.7 metres and a second interval that returned 5.1 gpt gold over 6.2 metres. These two intercepts are both contained in a wider, potential bulk-tonnage intercept that returned 4.4 gpt gold over 17.8 metres in drill hole TLSZ24-31;
• 5.7 gpt gold over 7.1 metres within another wider interval that returned 3.2 gpt gold over 22.1 metres in drill hole TLSZ24-31W1;
• 7.8 gpt gold over 4.0 metres within a third potential bulk-tonnage intercept of 2.2 gpt gold over 33.5 metres in drill hole TLSZ24-31W2.

The results from these three holes have successfully extended the limits of the MZ by 50 metres to the west between 770 and 860 vertical metres below surface. The company's phase 1 to phase 3 drilling has significantly expanded the MZ vertically and now extended its limits to the west. Thus far, the drill results have demonstrated excellent continuity of both grade and width, which is one of the most important factors for any mining operation.

Since the company began drilling below the limits of the 2017 resource (575 metres below surface), exploration has been encountering a halo of wider, lower-grade gold that could be potentially mined using bulk-tonnage methods. Although the high-grade portion of the zones is the company's focus, Canadian Gold is reviewing the potential for a bulk-tonnage resource, and a preliminary review of the capital and operating costs associated with this type of opportunity.

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.

Technical information

The samples collected by Canadian Gold described in this news release were transported in secure sealed bags for preparation and assay by ALS Labs in Thunder Bay, Ont. The samples reported were crushed in their entirety to 80 per cent passing two millimetres (mm), with one 500-gram subsample analyzed for gold by photon assay.

About Canadian Gold Corp.

Canadian Gold is a Toronto-based mineral exploration and development company, the objective of which is to expand the high-grade gold resource at the past-producing Tartan mine, located in Flin Flon, Man. The historic Tartan mine currently has a 2017 indicated mineral resource estimate of 240,000 ounces (oz) gold (1.18 million tonnes at 6.32 gpt gold) and an inferred estimate of 37,000 oz gold (240,000 tonnes at 4.89 gpt gold). The company also 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 (Ontario). The company is 35 per cent owned by Robert McEwen, who was the founder and chief executive officer of Goldcorp, and is the chairman and CEO of McEwen Mining.

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