TORONTO, February 11, 2019 — Magna Gold Corp. (TSXV: MGR.P) (“Magna” or the “Corporation”), wishes to provide an update on its previous announcement regarding the arm’s length option agreement (the “Agreement”) dated September 25, 2018 (the “Effective Date”) with Beatriz Delia Yepiz Fong (the “Seller”), an individual resident in the Sonora State of Mexico. The Corporation is also pleased to announce a proposed non-brokered concurrent private placement financing (the “Concurrent Financing”) for gross proceeds of up to CAD$3,200,000, comprised of common shares (“Common Shares”) in the capital of the Corporation, sold a price of CAD $0.32 per Common Share.