Mr. Darin Labrenz reports

PURE GOLD REPORTS FIRST QUARTER FINANCIAL RESULTS

Pure Gold Mining Inc.'s unaudited condensed interim consolidated financial statements for the first quarter ended March 31, 2020, and the accompanying management's discussion and analysis are available for download on the company's website and under the company's SEDAR profile.

Financial and operating highlights for the quarter and to date

During the three months ended March 31, 2020, the company advanced construction and underground development activities at its 100-per-cent-owned Pure Gold Red Lake mine project. A summary of the highlights for the three months ended March 31, 2020, and to date is as follows.

Significantly advanced the RL mine project

In addition to support from a number of experienced local contractors, including first nations partners, the company is advancing the recruitment process with approximately 60 hires completed for the site operations team, including management, technical staff, supervisors and operators, as well as placements in safety, environmental and administration services.

Significant earthworks, road and utilities infrastructure upgrades, and equipment installation are currently under way on surface at the site. Detailed engineering in the process plant is 95 per cent complete, and the company has placed purchase orders for long-lead items for 80 per cent of packages, based on value. Underground development is proceeding ahead of schedule. As part of the test mining program, preproduction underground ramp development was initiated on Dec. 12, 2019, and is progressing at an accelerated pace.

Engineering and procurement activities continue at the project, with only minor delays encountered to date, while engineers and vendors transitioned to working remotely because of COVID-19. Operation at the site has been adapted to minimize the risk of virus transmission through new screening, sanitary, hygiene and physical distancing procedures. Currently, the project remains on track to deliver ore to the mill by the end of 2020.

Maryse Belanger joins the board of directors

In February, 2020, Ms. Belanger joined the board of directors. Ms. Belanger brings over 30 years of experience with senior gold companies and strengths in operational excellence and efficiency, technical studies, and services to the board. She has provided oversight and project management support through some of the mining industry's key strategic acquisitions.

Additional draw under credit facility

Subsequent to quarter-end, the company received a further $19.6-million (U.S.), net of a 2-per-cent original issue discount, under its credit facility with Sprott Lending. The company currently has $78.7-million in cash on hand.

Selected financial data

The selected financial data are derived from the company's financial statements and related notes thereto for the periods indicated, as prepared in accordance with international financial reporting standards. Details of these results are described in the unaudited condensed interim consolidated financial statements and management's discussion and analysis for the three months ended March 31, 2020.

                                             FINANCIAL HIGHLIGHTS

                                                              For the three months ended    For the three months ended
                                                                          March 31, 2020                March 31, 2019

Net income (loss) for the period attributable to shareholders                 $8,656,762                   ($2,834,833)
Total comprehensive income (loss) for the period                              $8,656,762                   ($2,834,833)
Basic and diluted income (loss) per share                                          $0.02                        ($0.01)

                           ADDITIONAL HIGHLIGHTS

                              As at March 31, 2020       As at Dec. 31, 2019

Total assets                        $140.1-million            $130.6-million
Current liabilities                  $12.4-million              $8.2-million
Non-current liabilities              $69.0-million             $72.8-million
Cash dividends declared                         $-                        $-

This press release should be read in conjunction with Pure Gold's condensed interim consolidated financial statements and management's discussion and analysis for the three months ended March 31, 2020. In addition, for further information, please see Pure Gold's annual information form for the fiscal period ended Dec. 31, 2019. These documents can be found on the company's website or under the company's profile on SEDAR. Shareholders may receive a printed copy of the audited consolidated financial statements, free of charge, upon request.

Qualified persons and National Instrument 43-101 disclosure

Darin Labrenz, PGeo, president and chief executive officer for the company, is the designated qualified person for this news release within the meaning of National Instrument 43-101, has reviewed and verified that the technical information contained herein is accurate, and approves of the written disclosure of same.

About Pure Gold Mining Inc.

The Pure Gold Red Lake mine is Canada's highest-grade gold mine development project. Fully financed, the project is on track to deliver near-term gold production into a rising Canadian gold price environment, with first production scheduled for late 2020. The orebody is situated within a seven- kilometre-long gold system that is wide open for expansion at depth and along strike, and multiple discoveries by the company suggest potential opportunities for near-term growth.

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