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HighGold Closes C$7.65 Million Private Placement and Confirms Stock Exchange Listing Date

Vancouver, British Columbia--(Newsfile Corp. - September 19, 2019) - HighGold Mining Inc. ("HighGold" or the "Company") is pleased to announce that it has closed its previously announced non-brokered private placement (the "Private Placement") of 17,000,000 units ("Units") at a price of C$0.45 per Unit for gross proceeds of C$7,650,000.

Each Unit consists of one common share (a "Share") and one half of one non-transferable common share purchase warrant (a "Warrant"), with each Warrant exercisable to purchase one Share at a price of C$0.70 for a period of two years from the issue date.

Trading in the Shares on the facilities of the TSX Venture Exchange (the "Exchange") is expected to commence effective market open on Monday, September 23, 2019. The Company will be listed as a Tier 2 issuer on the Exchange under the symbol "TSXV: HIGH".

Cash finders' fees totaling C$329,540.10 were paid in connection with the Private Placement.

All securities issued in connection with the Private Placement are subject to a four-month hold period, expiring January 20, 2020. In addition, HighGold securities held by insiders are subject to a 36-month staged release escrow agreement pursuant to the listing rules of the Exchange and applicable securities laws. Securities issued on the Company's previously announced C$0.20 seed round financing that are held by non-insiders of HighGold are also subject to a one-year staged release pooling agreement pursuant to the listing rules of the Exchange and applicable securities laws.

Proceeds from the Private Placement will be used to fund exploration and development of HighGold's mineral properties, as well as for general working capital and other corporate purposes of HighGold, as detailed in HighGold's Exchange listing application (the "Listing Application") available on HighGold's SEDAR profile at www.sedar.com.

About HighGold

HighGold is a mineral exploration company focused on premier high-grade gold projects located in North America. HighGold's flagship asset is the high-grade Johnson Tract Gold (Zn-Cu) Project located in south-central Alaska, USA, acquired as part of a lease agreement with CIRI, an Alaska Native regional corporation. The Company also controls an extensive portfolio of quality gold projects in the greater Timmins gold camp, Ontario, Canada that includes the Munro-Croesus Gold property, which is renowned for its exceptionally high-grade mineralization, and the large Golden Mile and Golden Perimeter properties. HighGold's experienced Board and senior management team, consisting of President, CEO and director Darwin Green, CFO and director Aris Morfopoulos, VP Exploration Ian Cunningham-Dunlop, and VP Investor Relations Naomi Nemeth, along with independent Board members Michael Gray, Michael Cinnamond and Dr. Lance Miller, are committed to providing shareholder value through discovery, careful stewardship of capital, and environmentally and socially responsible mineral exploration activities.

More information about HighGold can be found in the Listing Application available on HighGold's SEDAR profile at www.sedar.com.

On Behalf of HighGold Mining Inc.

"Darwin Green"

President & CEO

For further information please contact:

Darwin Green, President & CEO or Naomi Nemeth, VP Investor Relations

Phone: 1-604-629-1165 or toll-free 1-855-629-1165 Email: information@highgoldmining.com.

www.highgoldmining.com

Neither 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.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933 (the "1933 Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons (as defined in the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration is available.

Forward looking statements: This news release includes certain "forward-looking information" within the meaning of Canadian securities legislation and "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 (collectively "forward looking statements"). Forward-looking statements include predictions, projections and forecasts and are often, but not always, identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "forecast", "expect", "potential", "project", "target", "schedule", "budget" and "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions and includes the negatives thereof. All statements other than statements of historical fact included in this release, including, without limitation, statements regarding the Company's expected commencement of trading on the Exchange, the intended use of proceeds from the Private Placement, the Johnson Tract and Canadian gold projects and other future plans, objectives or expectations of the Company are forward-looking statements that involve various risks and uncertainties. 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 are based on a number of material factors and assumptions. Important factors that could cause actual results to differ materially from Company's expectations include actual exploration results, changes in project parameters as plans continue to be refined, results of future resource estimates, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, uninsured risks, regulatory changes, defects in title, availability of personnel, materials and equipment on a timely basis, accidents or equipment breakdowns, delays in receiving government approvals, unanticipated environmental impacts on operations and costs to remedy same, and other exploration or other risks detailed herein and from time to time in the filings made by the Company with securities regulators. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ from those described in forward-looking statements, there may be other factors that cause such actions, events or results to differ materially from those anticipated. There can be no assurance that forward-looking statements will prove to be accurate and accordingly readers are cautioned not to place undue reliance on forward-looking statements.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/47949

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES
OR FOR DISSEMINATION IN THE UNITED STATES.

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