Mr. Brian Robertson reports

MEXICAN GOLD INTERSECTS 10.19 G/T GOLD EQUIVALENT (4.51 G/T AU, 16.17 G/T AG, 3.33 % CU) OVER 38.0 METRES AT LAS MINAS

Mexican Gold Corp.'s recent drilling at the El Dorado dike contact zone confirms the continuity of the high-grade mineralization outlined in the 2017 phase 2 resource expansion drilling program.

Hole LM-18-ED-49 was designed to test the continuity of high-grade mineralization intersected in hole LM-17-ED-40, which graded 9.24 grams per tonne gold equivalent (5.39 g/t gold, 17.10 g/t silver, 2.20 per cent copper) over 38.0 metres -- see press release dated Nov. 14, 2017. Hole LM-18-ED-49 exceeded expectations, returning high-grade gold and copper values over wide intervals. The hole intersected 10.19 g/t AuEq (4.51 g/t Au, 16.17 g/t Ag, 3.33 per cent Cu) over 38.0 metres, including 15.13 g/t AuEq (4.10 g/t Au, 22.23 g/t Ag, 6.54 per cent Cu) over 12.0 metres.

Highlights:

• Infill hole LM-18-ED-49 confirmed the continuity of the high-grade mineralization intersected in hole LM-17-ED-40, located 152.0 metres to the northeast.
• The mineralization includes high copper grades up to 9.28 per cent Cu as well as high gold values up to 7.27 g/t.
• The El Dorado dike contact zone contains significant tonnage with grades much higher than the maiden mineral resource estimate.
• Resource expansion and exploration drilling are currently under way at Las Minas targeting the El Dorado/Juan Bran, El Dorado dike contact, Cinco Senores and Santa Cruz zones.

Brian Robertson, president and chief executive officer, commented: "These high-grade drill results over long intervals demonstrate the continuity of the high-grade mineralization outlined by previous drilling. The results also highlight the potential for significantly increasing both the tonnage and grade of the maiden mineral resource estimate for the El Dorado/Juan Bran zone. The Eldorado dike contact zone has been outlined over 330 metres along strike with core widths up to 46.0 metres and remains open for expansion."

                                               SUMMARY DRILL RESULTS 
 
Hole ID                       From            To    Intercept (1)             Au       Ag    Cu      AuEq
                               (m)           (m)              (m)          (g/t)    (g/t)   (%)     (g/t)
West dike contact zone
LM-18-ED-22                  132.1         178.1             46.0           3.87    13.81  2.90      8.81
including                    140.1         178.1             38.0           4.51    16.17  3.33     10.19
including                    142.1         154.1             12.0           4.10    22.23  6.54     15.13
    
(1) All intervals are core widths measured along the axis of the core, and true widths 
are calculated to be 90 per cent of intersection widths. 
Assays are uncut, length-weighted average values.
Gold equivalent (AuEq) calculations use metal prices of $1,250 (U.S.)/ounce for gold, 
$18 (U.S.)/ounce for silver and $3 (U.S.)/pound for copper. No adjustments have been made 
for potential relative differences in metal recoveries. 
AuEq g/t equals Au g/t plus ((Ag g/t times 0.014) plus (Cu per cent times 1.64)).

Quality assurance/quality control

The technical information in this news release has been reviewed and approved by Sonny Bernales, PGeo, a registered professional geoscientist in the province of British Columbia, and a qualified person as defined by National Instrument 43-101. Mr. Bernales is responsible for logistics and supervision of all exploration activity conducted by Mexican Gold on the property.

The company has implemented and adheres to a strict quality assurance/quality control program which includes inserting mineralized standards and blanks into the sample stream, about one for every 10 samples. The standards and blanks were obtained from CDN Resource Laboratories Ltd. of Langley, B.C., Canada. Each sample bag is properly sealed and kept in a secured, restricted storage place prior to shipping to the lab. Samples are shipped directly by Mexican Gold or picked up by the lab vehicle with chain of custody/sample submittal signed and dated. The company sends its samples to SGS Mineral Services (ISO/IEC 17025) at Durango, Mexico, an accredited and independent laboratory.

About Las Minas

The Las Minas project hosts near-surface gold-silver and copper skarn mineralization and high-grade gold-silver epithermal vein deposits. The project comprises six mineral concessions covering approximately 1,616 hectares (3,995 acres), with several small-scale, past-producing mines and a number of untested targets.

The district is host to a large gold, silver and copper skarn system that has a production history that extends back to the Aztec era. The Las Minas diorite intrusive measures approximately 10 kilometres in diameter and underlies the Las Minas concessions. The mineralization controls and association with magnetite appear to be similar to the Guerrero gold belt, which is the site of the Los Filos and Morelos gold deposits.

Information regarding National Instrument 43-101 initial mineral resource estimate

In 2017, the company reported an initial mineral resource estimate of 304,000 gold equivalent ounces contained within 4.97 million tonnes grading 1.90 g/t AuEq (0.92 g/t Au, 0.59 per cent Cu, 4.37 g/t Ag) in a measured and indicated category for the Eldorado/Juan Bran and Santa Cruz zones, with an additional inferred resource of 719,000 AuEq ounces contained within 10,304,000 tonnes grading 2.17 g/t AuEq (1.08 g/t Au, 0.66 per cent Cu, 3.99 g/t Ag) (reported in the company's news release dated Aug. 1, 2017, and the NI 43-101 report titled "NI 43-101 technical report mineral resource estimate Las Minas -- gold-copper project," John T. Boyd Co. Mining and Geological Consultants, Denver, Colo., report No. 3830.001, dated September, 2017, prepared by John Read, PGeo, qualified person, and Sam Shoemaker Jr., registered member SME, qualified person). The report is available on SEDAR.

About Mexican Gold Corp.

Mexican Gold is a Canada-based mineral exploration company committed to building long-term value through continuing discoveries and strategic acquisitions of prospective precious metals deposits in Mexico. Mexican Gold is exploring the Las Minas project, which is located in the core of the Las Minas district in Veracruz state, Mexico. The district is host to one of the largest underexplored skarn systems known in Mexico.

We seek Safe Harbor.