First Mexican Gold Provides Update on Phase One Exploration Program at Golden Giant, James Bay, Quebec

Toronto, Ontario--(Newsfile Corp. - June 29, 2020) - First Mexican Gold Corp. (TSXV: FMG) (OTC: FMGXF) (FSE: 21MA) ("FMG" or the "Company") is pleased to provide an update on its first phase of exploration on the Golden Giant project ("Golden Giant" or the "Project"), located in the James Bay Lowlands area in the northwestern region of Quebec. Golden Giant is comprised of two highly prospective land packages covering approximately 8,865 hectares, one of which is immediately contiguous with Azimut Exploration Inc.'s Elmer project and approximately 2.8 km south of the Patwon gold discovery as shown in Figure 1. For a period of three weeks, a team of four geologists and prospectors completed a helicopter-assisted program of first-pass prospecting and geological mapping on both properties, with a focus on the eastern block of the Golden Giant ("GGEast") and several days spent prospecting on the western block of the Golden Giant ("GGWest"). A number of outcrops were visited and mapped across the Project, and several significant areas of hydrothermal alteration, veining, and sulfide mineralization were discovered as shown in Figure 2. Assay results from grab samples and initial channel sampling are pending.

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Figure 1: Golden Giant project with respect to regional exploration activities

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"Our Phase One surface program at the Golden Giant has already shown signs of success and has yielded numerous areas of interest that are visually and geologically comparable to other gold discoveries in the region, namely Azimut's Patwon discovery," stated Albert Contardi, President & CEO of FMG. "We have seen several areas across the Project that are very exciting for us and are significant in terms of size, alteration, and mineralization. We look forward to the upcoming assay results across the Golden Giant from Phase One and will continue to update the market as we continue to explore the Project and are eager to initiate Phase Two in the near future."

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Figure 2
: Field photos from Phase One.

A- Orange Crush area, in the northern portion of the GGEast region of the Property, displaying significant oxidation from sulfides.

B- Fresh rock from Orange Crush area displaying strong silicification of the felsic lapilli tuff host and fine disseminated pyrite.

C- Intensely silicified felsic lapilli tuff at the margins of a quartz-tourmaline vein with abundant fine disseminated pyrite.

D- Fresh surface of Orange Crush area grab sample containing ~5% pyrite and ~3% arsenopyrite.

E- Massive tourmaline veining at the southern portion of the GGEast region of the Property, hosted in mafic volcanics.

F- Decimetre-sized banded quartz veining within mafic volcanics at the southern portion of the GGEast region of the Property.

G- En Echelon quartz veining at the Orange Crush area.

H- Metre-wide quartz vein displaying large alteration halo on the GGWest region of the Property.

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Qualified Person

Maxime Bouchard P.Geo. M.Sc.A., (OGQ 1752), an Independent Qualified Person ("QP") as such term is defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects, has reviewed and approved the geological information reported in this news release.

The QP has not completed sufficient work to verify the historic information on the Properties, particularly in regard to historical exploration, neighbouring companies, and government geological work. The information provides an indication of the exploration potential of the Golden Giant project but may not be representative of expected results.

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Albert Contardi
President & CEO

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.

Forward-looking statements:

This news release contains forward-looking statements. All statements, other than of historical facts, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future including, without limitation, the planned exploration program, the expected positive exploration results, the timing of the exploration results, the ability of the Company to continue with the exploration program, the availability of the required funds to continue with the exploration and the potential mineralization or potential mineral resources are forward-looking statements. Forward-looking statements are generally identifiable by use of the words "will", "should", "continue", "expect", "anticipate", "estimate", "believe", "intend", "to earn", "to have', "plan" or "project" or the negative of these words or other variations on these words or comparable terminology. Forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the Company's ability to control or predict, that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements. Factors that could cause actual results or events to differ materially from current expectations include, among other things, failure to meet expected, estimated or planned exploration expenditures, failure to establish estimated mineral resources, the possibility that future exploration results will not be consistent with the Company's expectations, general business and economic conditions, changes in world gold markets, sufficient labour and equipment being available, changes in laws and permitting requirements, unanticipated weather changes, title disputes and claims, environmental risks as well as those risks identified in the Company's annual Management's Discussion and Analysis. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described and accordingly, readers should not place undue reliance on forward-looking statements. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update these forward-looking statements except as otherwise required by applicable law.

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