MEX Mexican Gold Mining Corp

Mexican Gold Mining Corp. (the “Company” or “Mexican Gold") (TSXV: MEX) is pleased to announce that it has formally engaged JDS Energy & Mining Inc. ("JDS") of Vancouver, British Columbia, to conduct a Preliminary Economic Assessment ("PEA") of its 100% owned Las Minas gold-copper project located in Veracruz, Mexico.

Highlights:

• JDS is widely regarded as a leader in mine project engineering and economic assessments in Canada and abroad with in-depth experience in economic assessments and mine-builds in Mexico.
• The JDS team, as well as certain members of Mexican Gold’s management, conducted a site visit from January 17-19, 2021 as part of their process to completing a PEA.
• The PEA is scheduled to be completed in the 2nd Quarter of 2021.

“After completing a high-level review of the Las Minas project followed by a comprehensive site visit, we look forward to conducting a PEA on the project for Mexican Gold. Although the project is located in an area of steep terrain, it has good access, power, and water infrastructure elements in place. A new resource estimate is being developed based on recent drilling and once that is complete, we will proceed with the PEA,” stated Gord Doerksen, President – Engineering Division, JDS Energy & Mining.

“Mexican Gold looks forward to advancing the Las Minas project through a Preliminary Economic Assessment study with a partner like JDS Mining & Energy. Their extensive background in project assessments as well as their in-depth experience in building mines in Mexico will greatly help Mexican Gold move forward at Las Minas,” stated Philip O’Neill, Chief Executive Officer.

Overview of PEA

The PEA study will focus on practical, fit-for-purpose solutions that will maximize the value of the Las Minas project. JDS anticipates completing the PEA in the 2nd quarter of 2021 and will subsequently file a technical report based on National Instrument (NI) 43-101 guidelines and Canadian Institute of Mining (CIM) best practices. The PEA will provide a solid project evaluation to be used by management to establish the approximate value and outline the key decision points for the future development of the project.

The PEA report will be authored by JDS in collaboration with a number of other specialized and experienced consulting and advisory firms in the area of tailings disposal, metallurgy, environmental science, construction/mechanical engineering, and geology. JDS completed a site visit at the Las Minas project from January 17-19, 2021.

About Mexican Gold Mining Corp.

Mexican Gold is a Canadian-based mineral exploration and development company committed to building long-term value through ongoing discoveries and strategic acquisitions of prospective precious metals and copper projects in the Americas. Mexican Gold is exploring and advancing the Las Minas Project, which is located in the core of the Las Minas mining district in Veracruz State, Mexico, and host to one of the newest, under-explored skarn systems known in Mexico.

For more information, please contact:

Philip O’Neill – CEO, President, and DirectorE-mail: info@mexicangold.caWebsite: www.mexicangold.ca

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

All statements in this press release, other than statements of historical fact, are "forward-looking information" with respect to Mexican Gold within the meaning of applicable securities laws. Mexican Gold provides forward-looking statements for the purpose of conveying information about current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. By its nature, this information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. These risks and uncertainties include but are not limited to market conditions, exploration findings, results and recommendations, as well as those risks and uncertainties identified and reported in Mexican Gold’s public filings under Mexican Gold’s SEDAR profile at www.sedar.com. Although Mexican Gold has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Mexican Gold disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise unless required by law.