Mr. James Anderson reports

VANGOLD MINING ANNOUNCES WARRANT ACCELERATION BONUS PROGRAM

Vangold Mining Corp. has adopted a warrant acceleration bonus program for its outstanding share purchase warrants granted in connection with the company's 2019 non-brokered private placement financing, subject to acceptance of the TSX Venture Exchange.

Under the 2019 financing, the company successfully raised a total of $1,290,475 through the issuance of 25,809,500 units at a price of five cents per unit, of which an aggregate of 7.8 million units or 30.22 per cent of the 2019 financing were purchased by directors and officers of the company. Each unit consisted of one common share and one share purchase warrant, with each warrant entitling the holder to purchase one additional common share for a period of 24 months at an exercise price of 10 cents.

Vangold has determined it is in the best interests of the company to raise additional capital to finance the exploration and development of the company's El Pinguico silver and gold project near Guanajuato, Mexico, and for general corporate and working capital purposes through accelerating the exercise of the warrants issued under the 2019 financing by offering the holders thereof a bonus of one-tenth of one common share for each one warrant exercised early, being the equivalent of one whole bonus share for every 10 warrants exercised. In order to participate in the bonus program, eligible holders of warrants must exercise their warrants by no later than June 26, 2020.

As of the date hereof, there are a total of 25,809,500 warrants outstanding, of which 7.8 million warrants or 30.22 per cent are held by insiders of the company. However, TSX-V policies limit the number of warrants held by insiders eligible to participate in the bonus program to a maximum of 10 per cent of eligible warrants thereby resulting in a total of 20,010,555 warrants eligible to participate in the bonus program.

If all of the eligible warrants are exercised on or before the bonus deadline, a maximum of 2,001,055 bonus shares will be issued under the bonus program. Any warrants not exercised by the bonus deadline will remain in full force and effect according to their terms for the remainder of their original 24-month term.

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.

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