Mr. James Hesketh reports

VIVA GOLD CORP. CLOSES PRIVATE PLACEMENT

Viva Gold Corp. has closed the second and final tranche of the non-brokered private placement announced on Dec. 5, 2019. In connection with the closing of the second tranche, the company issued 931,000 units at a price of 24 cents per unit for gross proceeds of $223,440. In total, the offering was oversubscribed and the company issued 2,938,480 units in both tranches of the offering for gross proceeds of $705,235.

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. Warrants issued in the first tranche are exercisable until Dec. 23, 2021, and those warrants issued in the second tranche are exercisable until Feb. 19, 2022, both of which are 24 months from the date of issuance. Sixteen placees subscribed to the offering in the second tranche, with a total of 30 placees subscribing in both tranches of the offering.

The proceeds of the offering will be utilized to complete a preliminary economic assessment and technical work at the issuer's Tonopah property and for general working capital purposes.

The company will pay aggregate finders' fees on the second tranche of $13,440 in connection with subscriptions introduced to the offering by Canaccord Genuity Corp. and Leede Jones Gable.

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.

Option issuance and filing of year-end results

Viva Gold is pleased to advise that it has filed year-end results for the fiscal year ended Oct. 31, 2019, under its profile on SEDAR. The company has also issued a total of 548,500 stock options at an exercise price of 24 cents for a period of three years.

About Viva Gold Corp.

Viva Gold is a gold exploration and development company with a focus on Nevada. Viva holds 100 per cent of the Tonopah gold project, a large land position with significant exploration potential and demonstrated measured, indicated and inferred gold resources.

We seek Safe Harbor.