Mr. James Anderson reports

VANGOLD MINING CLOSES FINAL TRANCHE OF PRIVATE PLACEMENT

Vangold Mining Corp. has closed the second and final tranche of its non-brokered private placement of units at a price of 15.5 cents per unit announced on July 21 and July 22, 2020. The company has issued 1,797,740 units for gross proceeds of $278,650 with each unit consisting of one common share of the company and one-half of a common share purchase warrant. Each warrant entitles the holder to purchase an additional share at a price of 25 cents for a period of two years, subject to acceleration in certain events.

In aggregate, the company issued a total of 25,641,902 units for gross proceeds of $3,974,495.

All securities issued in connection with the second tranche of the financing are subject to a four-month hold period expiring Dec. 12, 2020, and the company has paid certain finders' fees in cash, shares and/or warrants in accordance with the policies of the TSX Venture Exchange.

Said Vangold chief financial officer Xavier Wenzel, "The company now has sufficient funds to comfortably pursue its exploration and development plans at the El Pinguico asset."

Work to clear the El Pinguico shaft and enter into and explore the underground workings of the mine as disclosed in the company's news release of July 21, 2020, are continuing. Crews have now installed a large winch and hoist to the company's El Pinguico shaft headframe. Crew members have reached the mine's sixth level and are continuing to clear a pathway to the seventh (or Sangria) level. Further details on the progress of this work will be forthcoming in future news releases.

The El Pinguico project

El Pinguico is a high-grade gold and silver deposit that was mined from the early 1890s until 1913. Toward the end of that period it was mined exclusively by the Pinguico Mines Company of New York, whose shares traded on the Boston and New York stock exchanges. The mining was done principally 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. Very limited drilling has been done on the property and no drilling has attempted to encounter the Veta Madre at depth.

Hernan Dorado Smith, 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 and development company engaged in reactivating high-grade past-producing silver and gold mines near the city of Guanajuato, Mexico. The company's El Pinguico project is a significant past producer of both silver and gold located just seven kilometres south of the city. The company remains focused on the near-term potential for development and monetization of its surface and underground stockpiles of mineralized material at El Pinguico, and in delineating silver and gold resources through underground and surface drilling on projects located in this historic mining camp.

We seek Safe Harbor.