Inca One to Launch XplorTracker as Part of New Initiative to Expand Gold Production Capacity at Its Processing Facilities in Peru

Vancouver, British Columbia--(Newsfile Corp. - July 7, 2020) -  INCA ONE GOLD CORP. (TSXV: IO) (OTC Pink: INCAF) (FSE: SU9.F) ("Inca One" or the "Company"), a gold producer operating two fully permitted, mineral processing facilities in Peru, is pleased to announce it has launched a new project named XplorTracker ("Xplor") aimed at advancing its mineral buying and securing future supplies of gold bearing mineral for processing.

Drawing on the prior 6 years of actively testing and buying mineral consisting of more than 20,000 samples from across the country, Inca One has accumulated an extensive database of samples from gold bearing mineral, including grade, type, quality and concession coordinates. Furthermore, through positive and transparent business ethics and by employing best practices, Inca One has built extensive relationships with the Artisanal and Small-Scale Miners ("ASM") enabling the 'mapping' of these mines throughout Peru. Through systematic analysis and plotting of data within Xplor, the Company will look to engage further with titleholders to create additional and mutually beneficial business arrangements.

In the first phase of this project, Inca One will look to secure mineral rights for district-scale land positions within the Peruvian Gold Belts (PGB) by analyzing the results from the ASM that are actively mining gold and currently bringing their mineral to either the Kori One or Chala One plants. Peru is famous for these Gold Belts and the three dominant Gold Belts that contribute to Peru's gold production stretch from over a few hundred kilometres in length up to 1,700 km. Peru has been actively mining for several centuries, is the largest Latin American gold producer and was ranked the 6th largest gold producer in the world for 2018. Once these land positions are secured by Inca One, the Company will carry out limited exploration programs to determine suitable projects that can be optioned out for future work programs and ultimately define economic gold resources on these gold properties.

The Company's objective with this program is to deploy strategies that will allow for the direct purchase, investment, or other partnership arrangements to help advance these mining projects or concessions. Additional opportunities for Inca One may be to act as a facilitator assisting in the formalization of miners or titleholders and their environmental improvements and geological information. The end goal with Xplor will be to guarantee additional future supplies of mineral to Inca One processing facilities fueling the Company's growth.

"It has been just over 6 years since we officially transitioned from an exploration stage company and entered the gold mineral processing business, building our brand as the ASM gold mineral processor of choice in Peru," commented Edward Kelly, President and CEO of Inca One. We believe the time is right to launch the XplorTracker gold project and realize a Company initiative by filling our remaining excess capacity through the acquisition of these concessions and securing long-term gold mineral feed for both Inca One plants."

About Inca One

Inca One Gold Corp is a TSXV listed, gold producer operating two, fully permitted, gold mineral processing facilities in Peru. The Company produced nearly 25,000 ounces of gold from its operations in 2019 and has generated over US$100 million in revenue over the last five years. Inca One, now in its sixth year of commercial production, is led by an experienced and capable management team that has established the Company as a trusted leader in servicing government permitted, small scale miners in Peru. Peru is the world's sixth-largest producer of gold and its small-scale mining sector is estimated by government officials to be valued in the billions of dollars annually. Inca One possesses a combined 450 tonnes per day permitted operating capacity at its two fully integrated plants, Chala One and Kori One, and is targeting a fourth consecutive year of increased production and sales growth. To learn more visit www.incaone.com.

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Figure 1: Inca One's gold processing facilities in Peru (left: Chala One facility; right: Kori One facility)

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On behalf of the Board,

Edward Kelly
President and CEO
INCA ONE GOLD CORP.

For More Information Contact:

Konstantine Tsakumis
Inca One Gold Corp.

ktsakumis@incaone.com

604-568-4877

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 NEWS RELEASE.

Statements regarding the Company which are not historical facts are "forward-looking statements" that involve risks and uncertainties. Such information can generally be identified by the use of forwarding-looking wording such as "may", "expect", "estimate", "anticipate", "intend", "believe" and "continue" or the negative thereof or similar variations. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in such statements due to factors such as: (i) fluctuation of mineral prices; (ii) a change in market conditions; and (iii) the fact that future operational results may not be accurately predicted based on this limited information to date. Except as required by law, the Company does not intend to update any changes to such statements. Inca One believes the expectations reflected in those forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included herein should not be unduly relied upon.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state.

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