TORONTO and NEW YORK, March 6, 2020 – Magna Gold Corp. (TSXV: MGR, OTCQB: MGLQF) (“Magna” or the “Company”) is pleased to announce that it has entered into a definitive purchase agreement (the “Definitive Agreement”) with Timmins GoldCorp Mexico S.A. de C.V. (“Timmins”), a wholly-owned subsidiary of Alio Gold Inc. (“Alio”), to acquire the San Francisco Mine (defined below) located in Sonora, Mexico (the “Acquisition”).