Mexican Gold Signs Definitive Agreement to Acquire Tatatila Project in Mexico

Mexican Gold Mining Corp.  (TSXV: MEX) (OTCQB: MEXGF) (the "Company" or "Mexican Gold") is pleased to announce that the Company and its subsidiary, Roca Verde Exploración de México, S.A. de C.V. ("Roca Verde"), have entered into a mining concessions assignment agreement (the "Assignment Agreement") with Chesapeake Gold Corp. ("Chesapeake") and its subsidiaries Minerales El Prado, S.A. de C.V. ("MEP") and Chesapeake México, S.A. de C.V. ("Chesapeake Mexico"). Pursuant to the Assignment Agreement, the Company shall acquire 100% of the title and interest (the "Interest") in and to certain mineral titles, and the rights derived therefrom, covering an aggregate of 3,824.3585 hectares known as the Tatatila Project in Veracruz State, Mexico (see Figure 1).

Figure 1: Tatatila Mining Concessions (shaded in blue)

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The Tatatila concessions surround Mexican Gold's Las Minas Project. Several skarn prospects, including possible extensions of the Las Minas existing resource, have been discovered on the Tatatila Project by Chesapeake.

In exchange for the Interest, the Company shall issue Chesapeake an aggregate of 4,451,361 common shares of the Company (the "Consideration Shares"), each issued at a deemed value of $0.05 for an aggregate deemed value of $222,568. Once issued, the Consideration Shares will represent 14.99% of the total issued and outstanding common shares of the Company. As further consideration for the Interest, the Company shall grant to Chesapeake Mexico a net smelter returns royalty ("Royalty") in an amount equivalent to 1.5%. The Company shall have a buy-back option on the Royalty that provides Roca Verde with the right to purchase 0.5% of the Royalty from Chesapeake Mexico for US$500,000 during the 10 years following the date of execution of the Assignment Agreement, which would reduce the Royalty to 1%.

All Consideration Shares will be subject to a statutory hold period of four months from the date of issuance in accordance with applicable Canadian securities legislation. In addition, the Consideration Shares will be subject to further lock up restrictions (the "Lock Up") such that on the one (1) year anniversary of the date of issuance and every six (6) months thereafter, 25% of the Consideration Shares shall be released from the Lock Up such that all Consideration Shares shall be released from Lock Up two and a half (2.5) years from the date of issuance.

Completion of the transaction is subject to acceptance by the TSX Venture Exchange, as well as customary closing conditions for a transaction of this kind.

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.

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.

Cautionary Statements Regarding Forward-Looking Information

This news release contains certain "forward-looking information" and "forward-looking statements" (collectively "forward-looking statements") within the meaning of applicable securities legislation. All statements, other than statements of historical fact, included herein, without limitation, statements relating to future operating or financial performance of the Company, are forward-looking statements. Forward-looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "intends", "estimates", "potential", "possible", and similar expressions, or statements that events, conditions, or results "will", "may", "could", or "should" occur or be achieved. Forward-looking statements in this news release relate to, among other things, the acquisition of the mineral concessions comprising the Tatatila Project in Mexico, issuance of Consideration Shares, Chesapeake becoming an Insider of the Company, and the receipt of all necessary approvals in connection therewith. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements and the parties have made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation, the inability of the Company to obtain the requisite approvals from the TSX Venture Exchange. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these items. The Company does not assume any obligation to update the forward-looking statements should beliefs, opinions, projections, or other factors change, except as required by applicable securities laws.

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