Mr. James Anderson reports

VANGOLD MINING PROVIDES UP-DATES ON ITS PRIVATE PLACEMENT, DEBT SETTLEMENT AND PROPOSED LISTING ON THE CANADIAN SECURITIES EXCHANGE

Vangold Mining Corp. has provided an update on multiple corporate matters.

Private placement

By news release dated March 13, 2019, the company announced a private placement of $500,000, or 10 million units, at a price of five cents per unit, which private placement was increased to $700,000, or 14 million units, on March 28, 2019, and further increased to $1.2-million, or 24 million units, on Oct. 10, 2019. Each unit consists of one common share of the company and one share purchase warrant; each warrant entitling the holder to purchase an additional common share at a price of 10 cents within two years of closing.

On March 28, 2019, the company closed the first tranche of the private placement for gross proceeds of $335,000, consisting of 6.7 million units at a price of five cents per unit. A finder's fee of $9,450 was paid with respect to the first tranche and all securities issued thereunder were subject to a four-month hold period that expired on July 29, 2019.

On May 13, 2019, the company closed the second tranche of the private placement for gross proceeds of $247,975.00, consisting of 4,959,500 units at a price of five cents per unit. A finder's fee of $14,248 cash and 284,950 warrants was paid in connection with the second tranche and all securities issued thereunder were subject to a four-month hold period that expired on Sept. 14, 2019.

Subject to acceptance of the TSX Venture Exchange, the company anticipates closing a third and final tranche of the private placement this month for gross proceeds of $707,500, consisting of 14.15 million units at a price of five cents per unit. There are no finders' fees payable in connection with the third tranche and all securities issued thereunder will be subject to a four-month hold period.

Upon final closing of the private placement, Vangold will have issued an aggregate of 25,809,500 units for aggregate gross proceeds of $1,290,475. The net proceeds from the private placement are being used to, among other things, reduce payables, restructure the company's affairs, and for general working capital and corporate purposes.

Debt settlement

The company also announces that in an effort to preserve cash for current operations it has entered into debt settlement agreements with two creditors, including the settlement of $10,000 in management fees with an executive officer of the company. In total, the company has agreed to issue an aggregate of 403,640 common shares at a deemed price of five cents per share to settle indebtedness of $20,182.

The debt settlement is subject to acceptance of the TSX Venture Exchange and all shares issued thereunder will be subject to a four-month hold period from the date of issue.

Listing on the Canadian Securities Exchange

On Dec. 17, 2018, the company's common shares were halted from trading on the TSX-V in connection with the announcement of a proposed reverse takeover transaction involving Aventura Gold Ltd. and the Tassawini gold project located in Guyana, South America. The company has subsequently determined not to proceed with such transaction and is currently undergoing a restructuring of its affairs, including certain changes to its board of directors as announced on Oct. 10, 2019, and Oct. 24, 2019, a working capital private placement as detailed in this news release, and refocusing on the company's existing El Pinguico gold and silver project located approximately seven kilometres south of Guanajuato, Mexico, as more particularly described in the company's news release of Oct. 10, 2019. As part of such restructuring, the company proposes to apply for a listing of its common shares on the Canadian Securities Exchange and delist from the TSX-V. The board believes that moving the company's listing from the TSX-V to the CSE will assist the company to reduce its listing and transaction fees, as well as facilitate and streamline the company's ability to perform its corporate activities and carry out future business transactions. The company has called its 2019 annual general meeting for Dec. 11, 2019, to seek shareholder approval for, among other things, the listing of the company's shares on the CSE.

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 km south of the city of Guanajuato, Mexico.

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