Mr. James Anderson reports

VANGOLD MINING PROVIDES UPDATE ON WARRANT ACCELERATION PROGRAM

Vangold Mining Corp. has provided an update on its warrant acceleration bonus program announced May 27, 2020, for share purchase warrants granted in connection with the company's 2019 non-brokered private placement financing.

To date, 11,649,500 warrants have been exercised under the bonus program for 11,649,500 common shares at a price of 10 cents per share for gross proceeds of $1,164,950, of which directors and officers of the company have exercised a total of 6.5 million warrants for net proceeds of $650,000, and amounting to approximately 55.8 per cent of the warrants exercised thus far. The company is advised that financing for a portion of the exercise of warrants by directors and officers was facilitated through the sale of a portion their existing shareholdings.

Based on the foregoing, a total of 1,164,950 bonus shares are issuable to eligible holders who have exercised their warrants to date under the bonus program. Under the bonus program the company is offering eligible holders a bonus of one-tenth of one share for each warrant exercised early, being the equivalent of one whole bonus share for every 10 warrants exercised.

Chief executive officer James Anderson stated: "We would like to thank our warrantholders and our shareholders, both old and new, who have participated in the bonus program thus far. We would also like to remind all remaining warrantholders that they have until June 26, 2020, to exercise their warrants and receive their 10-per-cent share bonus."

Under the 2019 financing, the company 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 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 share and one warrant, with each warrant entitling the holder to purchase one additional share for a period of 24 months at an exercise price of 10 cents.

The net proceeds from the bonus program will be used to accelerate exploration and development of the company's El Pinguico silver and gold project near Guanajuato, Mexico, and for general corporate and working capital purposes.

In order to participate in the bonus program, eligible holders of warrants must exercise their warrants by no later than June 26, 2020. If all 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.

You may contact Richard Silas, director of Vangold Mining, at 604-448-2297 with any questions regarding how to exercise your warrants under the bonus program.

The El Pinguico project

El Pinguico is a high-grade gold and silver deposit that was mined from the early 1890s 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 megafault 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.

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.