Mexican Gold Welcomes Craig Roberts and Michael Murphy as Technical Advisors

VANCOUVER, Jan. 28, 2021 - Mexican Gold Mining Corp. (the "Company" or "Mexican Gold") (TSXV: MEX) is pleased to announce that Craig Roberts and Michael Murphy have joined the Company as Technical Advisors.

Highlights:

• Michael Murphy is a Founder and Director of Torex Gold, responsible for identifying Torex's Morelos Gold asset from Teck and arranging a +$240-million financing to acquire the asset. Morelos is now in production and produced over 400,000 oz last year.
• Craig Roberts is the CEO of New Found Gold and CTO of Palisades Goldcorp, and he has played lead roles in a large number of mining equity financings.
• Their collective background in mining, Mexico, and financing of development projects will assist the Company as it moves Las Minas towards a Preliminary Economic Assessment.
  

Craig Roberts stated: "I am very much looking forward to working with the Mexican Gold team and as they move ahead with an initial economic evaluation at Las Minas. Many years of exploration work has led to the definition of a resource sufficient to support a maiden PEA economic evaluation. If the results of this study work are positive, the possibility of establishing an initial mining operation based on the currently defined resource with the potential to expand the scale of operations through further exploration success provides an interesting and exciting path forward for Mexican Gold. I have been involved in financing and advising management at several other successful start-ups of smaller underground mining operations in Mexico that have subsequently undergone significant expansions, and am optimistic that a similar path forward can be pursued at Las Minas."

Michael Murphy stated: "I also look forward to working with the Mexican Gold team as a technical advisor. The Las Minas gold and copper project is on track to become one of the next exciting exploration and development projects in Mexico, with the right asset and the right team in place."

Craig Roberts, P.Eng, M.Phil

Craig is currently the CEO of New Found Gold, CTO of Palisades Goldcorp, and the CEO of Ethos Gold. He is a mining engineer with over 35 years of operations, consulting, and investment banking experience. His initial experience included management roles in both construction and development, plus five years in operations at a new underground coal mine in British Columbia. With Wright Engineers and Fluor Corporation he participated in economic studies of underground and open pit base and precious metals mining projects worldwide. As an investment banker with First Marathon Securities, National Bank Financial, PI Financial, and Axemen Resource Capital, he has played lead roles in numerous mining equity financings and in advising management and boards on a significant number of merger and acquisition transactions.

Michael Murphy BA, MBA, MSc, ICD

Michael is a founder and Director of Torex Gold and the CEO of Global Battery Metals. He was responsible for identifying Torex's Morelos Gold asset from Teck in a very competitive environment, arranging the +$240 million financing, and played a significant role in recruiting the Torex board and management team. Michael remains on the Torex board and is a member of Health and Corporate Social Responsibility committee. He is also the President and CEO of Woodman Capital, a private consulting company. Michael previously spent 15 years in institutional equities in London with Merrill Lynch, Donaldson, Lufkin & Jenrette, and Credit Suisse.

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.

For more information, please contact:

Philip O'Neill - CEO, President, and Director
E-mail: info@mexicangold.ca
Website: www.mexicangold.ca

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.

All statements in this press release, other than statements of historical fact, are "forward-looking information" with respect to Mexican Gold within the meaning of applicable securities laws. Mexican Gold provides forward-looking statements for the purpose of conveying information about current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. By its nature, this information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. These risks and uncertainties include but are not limited to market conditions, exploration findings, results and recommendations, as well as those risks and uncertainties identified and reported in Mexican Gold's public filings under Mexican Gold's SEDAR profile at www.sedar.com. Although Mexican Gold has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. 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 statements. Mexican Gold disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise unless required by law.