Mexican Gold Announces Board Changes

THUNDER BAY, ONTARIO--(Marketwired - May 26, 2017) - MEXICAN GOLD CORP. (the "Company" or "Mexican Gold") (TSX VENTURE:MEX) is pleased to announce the appointments of Mr. Ali Zamani as Chairman of the Board of Directors and Mr. John Anderson as Director, effective immediately. Mr. Zamani replaces Mr. Brian Robertson who continues in his role as President and CEO.

Mr. Zamani currently serves as a director of Mexican Gold and brings extensive experience in business, finance, and governance of private and publicly-traded companies. He has served as the Managing Partner of Overlook Investments LLC since January 2016. Prior to Overlook Investments, Mr. Zamani served as a Portfolio Manager at Gefinor Capital Management and as Chief Investment Officer of the GEF Opportunities Fund from 2014-2015. From 2012-2013, Mr. Zamani was a Principal at SLZ Capital Management. Prior thereto, he was a Portfolio Manager at Goldman Sachs & Co from 2004 to 2012 responsible for managing the firm's proprietary investments in publicly traded mining and materials companies. Prior to Goldman Sachs & Co, Mr. Zamani was an Investment Banker focused on mergers and acquisitions at Dresdner Kleinwort Wasserstein. Mr. Zamani holds a B.S. in Economics from the Wharton School at the University of Pennsylvania, where he graduated magna cum laude. He currently serves on the Board of Directors of Applied Minerals Inc.

Mr. Anderson brings over 20 years of capital markets experience on national and international exchanges such as the TSX, NYSE, NASDAQ, London AIM and Swiss Stock Exchange. He also has significant and relevant corporate experience in developing and financing start-up companies in the resource sector. He was a founder of Deep 6 PLC, American Eagle Oil and Gas as well as a founding general partner in Aquastone Capital LLC, a New York based gold fund. Mr. Anderson is currently CEO of Triumph Gold (formerly Northern Freegold) where he has re-organized the company and raised more than $35 million. Prior thereto, he worked in Investor Relations at Bema Gold and Corporate Development at Manulife Financial in commercial real estate.

In concert with the new appointments, Mr. David Baker has resigned as a director of the Company to pursue other interests.

Brian Robertson, President & CEO stated, "We welcome Mr. Zamani as Chairman and Mr. Anderson's appointment to the board as a director. They both bring extensive experience to the Board of Directors in a number of key areas, which will strengthen our team as we advance the Las Minas property. I would also like to thank Mr. Baker for his strong and unwavering support for the company during a very difficult market period. We wish him every success in his future endeavours."

About Mexican Gold Corp.

Mexican Gold Corp. is a Canadian based mineral exploration company committed to building long-term value through ongoing discoveries and strategic acquisitions of prospective precious metals deposits in Mexico. Mexican Gold is exploring the Las Minas Project, which is located in the core of the Las Minas district in the Veracruz State, Mexico. The district is host to one of the largest under-explored skarn systems known in Mexico and has a strong production history that dates back to the Aztec era.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain information that may constitute "forward-looking information" under applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements about the magnitude or quality of mineral deposits, anticipated advancement of mineral properties or programs, future operations, results of exploration, prospects, commodity and precious metals prices, future work programs, anticipated financial and operational results, capital expenditures and objectives and the completion and timing of mineral resource estimates. Forward-looking information is necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors, which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information, including the risks identified in the Company's disclosure documents available at www.sedar.com. 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 information. Accordingly, readers should not place undue reliance on forward-looking information. All forward-looking information contained in this press release is given as of the date hereof and is based on the opinions and estimates of management and information available to management as at the date hereof. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.

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.