CanXGold Mining Corp. Reports on Discussions with Senior Lender and Management Changes

VANCOUVER, November 2,2022 - CanXGold Mining Corp., (TSXV:CXG)(FRANKFURT:3G8C)(OTC PINK:GDMRD), ("CanXGold" or the "Company) announces that, despite its ongoing good faith efforts, it has reached an impasse in its discussions with its senior secured creditor, RIVI Opportunity Fund LP ("RIVI"), to settle definitive documents regarding a debt restructuring agreement first announced on December 27, 2021. As a result, the Company has been forced to cease all expenditures on the maintenance of its properties, permits and related assets. Company management has no guidance at this time from RIVI as to how it will respond to this development.

Dr. Mathew Ball, P. Geo., has stepped down as President of the Company effective immediately. The Company thanks Mr. Ball for his valued guidance and commitment to the Company and wish him success in his future endeavours. The Company also announces the resignation of Nicolette Keith as CFO and Corporate Secretary of the Company effective immediately. The Company thanks Ms. Keith for her valuable insights and assistance and wishes her well in her future endeavours.

On behalf of the Board of Directors:
CanXGold Mining Corp.

Per: "Christopher R. Anderson"

Christopher R. Anderson CEO

For further information, please contact:

CanXGold Mining Corp. - Corporate Communications:
Tel: 604-288-2610
Email: Office@CanXGold.com

THIS PRESS RELEASE DOES NOT CONSTITUTE AN OFFER TO SELL, OR THE SOLICITATION OF AN OFFER TO BUY, NOR SHALL THERE BE ANY SALE OF SECURITIES OF THE COMPANY IN ANY JURISDICTION IN WHICH SUCH OFFER, SOLICITATION OR SALE WOULD BE UNLAWFUL PRIOR TO REGISTRATION OR QUALIFICATION UNDER THE SECURITIES LAWS OF ANY SUCH JURISDICTION.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.

SOURCE: CanXGold Mining Corp.