Mr. Darin Labrenz reports

PURE GOLD REPORTS THIRD QUARTER FINANCIAL RESULTS

Pure Gold Mining Inc.'s unaudited condensed interim consolidated financial statements for its third quarter ended Sept. 30, 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 Sept. 30, 2020, and up to the date of this MD&A, the company advanced construction and underground development activities at its 100-per-cent-owned PureGold mine project. A summary of the highlights for the three months ended Sept. 30, 2020, and subsequent period to date are as follows:

• Development of the mine project continues -- The development of the mine project is continuing at a rapid pace. Engineering is complete, and all major components are on site and installed. Final piping and electrical cabling has begun. The company remains on track to bring first ore to the mill before year-end.
• Raised approximately $7.1-million from the exercise of share purchase warrants and stock options -- During the quarter and subsequent to quarter-end, Pure Gold raised approximately $7.1-million from the exercise of 7,561,500 share purchase warrants with a strike price of 85 cents, including 5,925,000 warrants exercised by Anglogold Ashanti, increasing its ownership percentage in the company to approximately 16 per cent and 3,346,665 share purchase options with a weighted average exercise price of 27 cents per share. The company remains fully financed through construction of the PureGold mine.
• Announced significant results from underground and surface drilling -- The company's underground drilling continues to be extremely successful in delivering on its objective of discovering new gold mineralization, extending mineralization out from planned stopes and confirming stopes planned for near-term production. New grade control drilling has highlighted the potential for bonanza grades in stopes planned for near-term production (1).

Highlights of drilling from underground include:

• 296.1 grams per tonne gold over 4.9 metres from test hole PGL-0003, including 1,147.1 g/t gold over 1.2 metres;
• 40.0 g/t gold over 2.2 metres from drill hole PGB-0170, including 94.1 g/t over 0.9 metre;
• 18.7 g/t gold over 2.8 metres from drill hole PGB-0165, including 65.4 g/t over 0.7 metre;
• 11.1 g/t gold over 6.7 metres from drill hole PGB-0178.

Additionally, new surface drilling results at the Wedge target highlight the strong continuity of the high-grade gold mineralization, both down plunge and along strike, reinforcing Wedge as a high-priority for resource growth.

Highlights of surface drilling from Wedge:

• 66.3 g/t gold over 1.0 metre from drill hole PG20-769;
• 24.3 g/t gold over 1.0 metre from drill hole PG20-775;
• 20.5 g/t gold over 1.0 metre from drill hole PG20-766;
• 16.6 g/t gold over 1.5 metres from drill hole PG20-767;
• 11.4 g/t gold over 2.0 metres from drill hole PG20-773.

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 nine months ended Sept. 30, 2020.

                                                       For the three months ended       For the nine months ended 
                                                                         Sept. 30,                       Sept. 30, 
                                                            2020             2019            2020            2019

Total revenue                                                  -                -               -               -
Exploration expenditures                            $2.8-million     $3.6-million    $3.0-million    $7.2-million
Loss on change in fair value of derivatives         $6.4-million     $3.3-million    $6.8-million    $3.3-million
Net loss and comprehensive loss for the period      $9.7-million     $8.8-million   $10.8-million   $15.7-million
Basic and diluted (loss) per share                         (0.02)           (0.03)          (0.03)          (0.05)

                         As at Sept. 30, 2020   As at Dec. 31, 2019

Total assets                   $212.0-million        $130.6-million
Current liabilities             $32.7-million          $8.2-million
Non-current liabilities        $109.3-million         $72.8-million
Cash dividends declared                     -                     -

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, and 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 PureGold mine, located in the heart of Red Lake, Ont., is Canada's next gold mine. Fully financed, the project is on track to deliver near-term gold production into a rising Canadian gold price environment, with first gold pour 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.

Additional information about the company and its activities may be found on the company's website and under the company's profile on SEDAR.

(1) See press release dated Oct. 27, 2020, available on the company's website or on the company's SEDAR profile.

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