Mexican Gold Corp. (the “Company” or “Mexican Gold”) (TSXV: MEX) is pleased to announce that on January 26, 2020, it entered into a binding letter agreement with Toronto based New Found Gold Corp. (“NFGC” or “New Found Gold”) to acquire all of the issued and outstanding shares of NFGC (the “Transaction”). It is anticipated that the transaction will constitute either a Fundamental Acquisition or a Reverse Takeover pursuant to TSXV policies, and as such the shares of the Company will remain halted pending TSXV approval. Closing is expected to occur on or before April 30, 2020. At closing, the Company’s name will be changed to Bonanza King Mining Corp., or such other name that is acceptable to regulatory authorities.