Xali Gold Corp. (TSX-V:XGC) is pleased to announce that the previously announced non-brokered private placement for gross proceeds of C$1,000,000 is fully subscribed by two placees. The Private Placement will support the Company’s advancement of the Pico Machay Gold Project, an advanced exploration stage project in Peru with a near-term production goal.

The Private Placement will result in the issuance of 4,000,000 common shares at a price of C$0.25 per Share. There are no warrants issued with this Private Placement. The Shares will be subject to a mandatory four month and one day hold period commencing the day of closing of the Private Placement. The Private Placement has received conditional acceptance from the TSX Venture Exchange and remains subject to final acceptance of the TSXV.

Approximately 75% of the gross proceeds of the Private Placement will be allocated to the continued exploration and development of Pico Machay, including permitting activities and ongoing technical studies as well as community initiatives. The balance of the proceeds will be directed towards working capital and general corporate purposes.

Finder’s fees of 6% are to be paid to one finder on the Private Placement in accordance with the policies of the TSXV.

This news release does not constitute an offer of securities for sale in the United States. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and such securities may not be offered or sold within United States absent U.S. registration or an applicable exemption from U.S. registration requirements.

About Pico Machay

Located within the Southern Peru Epithermal Gold-Silver Belt, Pico Machay sits in a historically productive mining district in the Western Cordillera Andes (click here for location map). The Project benefits from existing infrastructure and a mining-friendly community eager to partner on sustainable development.

Xali Gold remains confident that updating the historical resource and completing a Preliminary Economic Assessment will significantly de-risk the Project and help unlock significant value at Pico Machay. The Company also sees considerable upside potential from drilling several untested targets across the Project. Various historical engineering studies at Pico Machay targeted an open pit heap-leach operation, which was expected to be low-cost and with a low strip ratio. Given that those studies were based on a long-term gold price of $700/oz and several exploration targets remain untested, Xali Gold considers there to be excellent upside potential at Pico Machay.

About Xali Gold

Xali Gold is a gold and silver exploration company focused on advancing opportunities in the Americas. The Company is focused on the exploration and development of Pico Machay, an advanced exploration-stage gold project in Peru with a near-term production goal. Xali Gold maintains exploration potential as well as two royalty agreements with third parties who have the rights to produce gold and silver from specific areas of the El Oro gold-silver Project in Mexico, a historic district-scale precious metal system with a long history of significant gold and silver production.

Xali Gold is committed to working as a responsible partner and seeks to create shared value opportunities with local communities.

Joanne C. Freeze, P.Geo. is a Qualified Person as defined by National Instrument 43-101 and has reviewed and approved the contents of this release.