Mr. James Hesketh reports

VIVA GOLD CLOSES FIRST TRANCHE OF PRIVATE PLACEMENT

Viva Gold Corp. has closed the first tranche of the non-brokered private placement described in its news release of Dec. 4, 2019. In connection with the closing of the offering, the company issued an aggregate of 2,007,480 units at a price of 24 cents per unit for gross proceeds of $481,795. Each unit consists of one common share in the capital of the company and one whole transferable common share purchase warrant. Each whole warrant is exercisable to acquire one share at an exercise price of 34 cents per share until Dec. 23, 2021, which is 24 months from the date of issuance.

Net proceeds of the offering will be utilized to complete a preliminary economic assessment and other technical work on its Tonopah gold project in Western Nevada and for general working capital purposes.

This transaction constituted a related-party transaction as defined under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions. Such participation is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of the units acquired by the insiders, nor the consideration for the units paid by such insiders, exceed 25 per cent of the company's market capitalization. As required by MI 61-101, the company advises that it expects to file a material change report relating to the offering less than 21 days before completion of the offering, which is necessary to complete the offering in an expeditious manner and is reasonable in the circumstances.

The company will pay aggregate finders' fees of $18,880.01, payable in cash, in connection with subscriptions from subscribers introduced to the offering by Canaccord Genuity Corp. and Mann Mann Jensen Partners Ltd.

The securities issued under the offering, and any shares that may be issuable on exercise of any such securities, will be subject to a statutory hold period expiring four months and one day from the date of issuance of such securities.

Tonopah project -- revised National Instrument 43-101 filing

Viva has filed a revised NI 43-101 report on mineral resources, Tonopah project, Nye county, Nevada (revised), dated Dec. 17, 2019, which includes following language clarifying sections 1.12 and 16.1 of the report: "The 2019 block model for the Tonopah project was extended for the first time to incorporate the Midway Hills area. This work developed an exploration target of 1.6 [million] to two million tonnes with a potential grade of 0.45 to 0.55 g/t or approximately 25[,000] to 30,000 gold ounces. Tonnes and grade for this exploration target are based on interpolation from a number of drill hole intersections in the area, but mineralization is not fully delineated by drilling or constrained geologically. The potential quantity and grade is conceptual in nature. There has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the target being delineated as a mineral resource." Thomas C. Matthews, MMSA-QP, an independent qualified person as defined by the Canadian Securities Administrators' National Instrument 43-101, Standards of Disclosure for Mineral Projects, was responsible for the preparation of the report.

About Viva Gold Corp.

Viva Gold is a gold exploration and development company with a focus on Nevada.

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