Mr. James Anderson reports

VANGOLD MINING TERMINATES RTO FOR TASSAWINI GOLD PROJECT

Vangold Mining Corp. has elected not to pursue the reverse takeover of Aventura Gold Ltd. and the Tassawini gold project in Guyana, South America, first announced on Dec. 12, 2018, and has formally terminated its letter of intent with Aventura. Vangold wishes Aventura success in developing the Tassawini gold deposit in the future.

The company will now focus on advancing its El Pinguico gold and silver project, located seven kilometres (km) south of the city of Guanajuato, Mexico.

Board of directors

The company further announces the appointment of Daniel Oliver to its board of directors. Mr. Oliver manages Myrmikan Capital LLC, of New York, which actively invests in the precious metals mining sector. Mr. Oliver also serves as president of the Committee for Monetary Research & Education, an organization founded by prominent economists and businessmen in 1970 in opposition to the Bretton Woods monetary system. His articles have been published in Forbes, The Wall Street Journal, The Washington Times, Real Clear Markets and National Review Online, among others, and he speaks frequently at precious metals conferences. Mr. Oliver has a juris doctor from Columbia Law School and a master of business administration from INSEAD.

The company has accepted the resignations of Jonathan Challis and Praveen Varshney from the board, as well as Mr. Varshney as chief financial officer. The company wishes to thank them both for their efforts in forwarding the affairs of Vangold during their tenure as directors. Xavier Wenzel will rejoin the company as chief financial officer, a position he previously held from May, 2018, to March, 2019.

Financing

Vangold is undertaking a $500,000 expansion of its working capital unit private placement, first announced on March 13, 2019, for $500,000 and subsequently increased to $700,000 on March 28, 2019.

The units comprise one common share and one common share purchase warrant exercisable at 10 cents for a two-year period. Officers, directors and insiders may participate in the expanded placement and the company may pay a finder's fee on a portion of the placement within the guidelines of the TSX Venture Exchange.

Vangold intends to use the net proceeds from the expanded private placement for general working capital and corporate purposes and to advance the El Pinguico gold and silver property.

The El Pinguico mine

El Pinguico was a high-grade gold and silver mine from the early 1880s until 1913. The mining was done exclusively from the El Pinguico and El Carmen veins, which are thought to be splays off the Mother vein, or Veta Madre.

The Veta Madre is associated with a mega fault that outcrops for 25 kilometres and is the most important source of precious metal mineralization in the region. The Veta Madre may cross Vangold's property at depth, underneath the high-grade El Pinguico and El Carmen veins, but very limited drilling has been done on the property and no drilling has attempted to encounter the Veta Madre at depth.

Historic stockpiles of mineralized material exist on surface and underground at El Pinguico which may potentially provide feed to one of several operational mills in the Guanajuato area.

Hernan Dorado, a director of Vangold and a qualified person as defined by National Instrument 43-101 (Standards of Disclosure for Mineral Projects), has approved the scientific and technical information contained in this news release.

Annual general meeting (AGM)

The company will hold its AGM of shareholders on Wednesday, Dec. 11, 2019, at 10 a.m. PST at 451 -- 409 Granville St., Vancouver, B.C.

About Vangold Mining Corp.

Vangold Mining is an exploration company engaged in the exploration of mineral projects in the Guanajuato region of central Mexico. The company's flagship El Pinguico project is a significant past producer of high-grade gold and silver and is located just seven kilometres south of the city of Guanajuato, Mexico. The company remains focused on the near-term potential for development and monetization of both its surface and underground stockpiles of mineralized material from El Pinguico.

We seek Safe Harbor.