GoldSpot Discoveries Corp. Announces Delay in Filing Interim Financial Statements

Toronto, Ontario--(Newsfile Corp. - May 10, 2019) - GoldSpot Discoveries Corp. (TSXV: SPOT) (the "Company" or "Goldspot") announces that the Nova Scotia Securities Commission has issued a failure-to-file cease trade order (the "Order") as a result of the Company's delay in the filing of its interim financial statements, management's discussion and analysis and related certifications (the "Interim Financial Materials") for the three and nine-month period ended February 28, 2019. The delay is attributable to its recently completed reverse takeover of GoldSpot Discoveries Inc. and the Company's recent decision to change its year end from May 31 to December 31. Subsequently, there was a delay in filing the necessary notice of change within the requisite period to allow the GoldSpot to forego the filing of the Interim Financial Materials for the period ended February 28, 2019. The Order will remain in effect until the Company files the Interim Financial Materials. Based on work completed to-date, GoldSpot anticipates that the Interim Financial Materials for the nine-month period ended February 28, 2019 will be filed shortly.

Binh Quach, Chief Financial Officer of the Company, commented: "We apologize and understand that this oversight will cause an inconvenience to our existing and prospective shareholders and we appreciate everyone's patience and understanding while we take all necessary and immediate action to see that it is resolved expeditiously."

The Company confirms that there is no other material information relating to its affairs that has not been generally disclosed.

About GoldSpot Discoveries Corp.

GoldSpot is a technology company that leverages machine learning to reduce capital risk, while working to increase efficiencies and success rates in resource exploration and investment. GoldSpot combines proprietary technology with traditional domain expertise, offering a front-to-back service solution to its partners. GoldSpot's solutions target big data problems, making full use of historically unutilized data to better comprehend resource property potential. GoldSpot has developed a monetization strategy into multiple verticals of the mining and investment industry, including service offerings, staking and royalty acquisition, and the development of its own artificial-intelligence driven trading platform.

For further information please contact:

Denis Laviolette, President, CEO and Director
GoldSpot Discoveries Corp.

647-992-9837

Cautionary Statement on Forward -Looking Information

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

No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, uncertainty over the outcome of any litigious matters, the Company's objectives, goals or future plans, statements regarding exploration results and exploration plans. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, capital and operating costs varying significantly from estimates, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, fluctuations in commodity prices, delays in the development of projects and the other risks involved in the mineral exploration and development industry, and those risks set out in the Company's public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. 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, other than as required by law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/44731

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