~ Transaction Anticipated to Close by End of March ~

VanGold Mining Corp  (TSX-V:VGLD) is pleased to announce it has signed a definitive asset purchase agreement with Endeavour Silver Corp. (NYSE:EXK) (TSX:EDR) to acquire the El Cubo mine and mill complex located 8km by road northeast of the Company’s El Pinguico silver-gold project near the city of Guanajuato, Mexico.

Closing the El Cubo Acquisition:

On March 16, 2021 the Company signed a definitive asset purchase agreement with Endeavour  to acquire the El Cubo Complex, finalizing the binding letter agreement entered into by VanGold and Endeavour on December 17, 2020. VanGold anticipates completing the purchase of the El Cubo Complex from Endeavour by the end of March, 2021, with the signing of customary closing documents in Mexico and Canada.

Chairman and CEO James Anderson said: “Everyone at VanGold is excited to be completing the Endeavour Agreement and looks forward to welcoming Endeavour as our largest shareholder. Immediately after closing, we will focus all our attention on refurbishing the El Cubo mill in order to begin processing mineralized material later this year.”

VanGold’s newest advisory board member Ramon Davila said: “With this acquisition VanGold can readily combine the El Cubo and El Pinguico assets to create Mexico’s newest silver and gold producing company. The availability of mineralized material from El Pinguico’s historic stockpiles and El Cubo’s current resources, as well as a new approach from management, gives us great flexibility in deciding where to source material for the mill, and how to sequence that throughput. As a graduate of the University of Guanajuato School of Mines, it is very satisfying to see both of these past producing mines returning to operating status, and taking their rightful place within the Guanajuato mining district that has been the source of so many successful mining operations.”

El Cubo Complex:

As part of the El Cubo Complex, VanGold will acquire the El Cubo mine including silver and gold resources outlined below, the El Cubo floatation mill, and approximately 7,000 hectares of prospective mining concessions located adjacent to El Cubo and within the greater Guanajuato mine region.

In the coming months, the Company intends to refurbish the El Cubo mill and begin processing resources from both its El Pinguico and El Cubo properties beginning in Q4, 2021, ramping up to a throughput of ~750 tonnes per day. As a result of the Company’s recently completed non-brokered private placement announced March 10, 2021, the Company will have cash on hand of approximately C$6.55 million. This is after giving effect to the US$7.0 million cash payment – plus 16% Mexican VAT where applicable – to Endeavour on closing of the Endeavour Agreement – see “The Endeavour Agreement” below. Current funds will be used to refurbish the El Cubo mill, begin processing resources and carry out additional exploration and definition drilling at the Combined Project.

According to the Company’s recently announced PEA from Behre Dolbear and Company (USA) Inc., the Combined Project contains total indicated resources of 718,655 tonnes grading 160 gpt Ag and 1.90 gpt Au, or 306 gpt AgEq, which equates to 7.2 M oz AgEq; and total inferred resources of 1,453,000 tonnes grading 214 gpt Ag and 2.78 gpt Au, or 435 gpt AgEq, which equates to 20.4 M oz AgEq. These estimates use a 1:80 ratio for Au and Ag prices.

Behre prepared a discounted cash flow model for the Combined Project to determine the Net Present Value, Internal Rate of Return, Initial Capital and Sustaining Capital, and payback period. Cash flow estimates were prepared on an after-tax basis and in accordance with NI 43-101 Standards of Disclosure for PEA studies, using Base Case metal prices of $19.49/oz for silver and $1527/oz for gold. The PEA considers a plan to ramp up to a 750 tonne-per-day operation, with an initial mine life of 7.0 years. On an after-tax basis, the Combined Project generates a Base Case NPV (5%) of $32.9 M and an IRR of 105%, excluding El Cubo acquisition costs. Using commodity prices of $22.41/oz Ag and $1756/oz Au, which are +15% above the Base Case the after-tax NPV (5%) is $79.0 M and the IRR is 344%. Behre calculates a Base Case payback period of 1.87 years.

Behre’s PEA provides us with a high-level view of VanGold’s plan to process resources from both El Pinguico and El Cubo at a centrally located mill. This study is an important step in unlocking value for all stakeholders at the Combined Project in Guanajuato.

The PEA summarized above is preliminary in nature, is based on numerous assumptions and includes the use mineral resources including inferred mineral resources considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. There is no certainty the PEA will be realized. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability and may be materially affected by environmental, permitting, legal, title, socio-political, marketing, and other relevant issues. See the Company’s news release dated February 16, 2021 for a more complete description of the key parameters, assumptions and risks associated with the PEA.

Current Mineral Resources at the Combined Project:

The Mineral Resource estimates for the Combined Project detailed in the Behre’s NI 43-101 PEA (effective date Jan. 31, 2021) are shown below in tables for El Cubo and for El Pinguico respectively.

The remaining Mineral Resources in 2021 at El Cubo, are shown in Table 1.1 and total approximately 1.96 million tonnes. Mineral Reserves have not been identified for El Cubo.

The Mineral Resources in 2021 at El Pinguico are shown in Table 1.2 and total approximately 210,000 tonnes. Mineral Reserves have not been identified for El Pinguico.

Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. There has been insufficient exploration to allow for the classification of the inferred resources at El Cubo as an indicated or measured mineral resource, however, it is reasonably expected that the majority of the inferred mineral resources could be upgraded to indicated or measured mineral resources with continued exploration. There is no guarantee that any part of the mineral resources discussed herein will be converted into a mineral reserve in the future.

The Endeavour Agreement:

&nbsp%3