U.S. Markets closed

EnGold Closes Third Tranche of Flow-Through Financing

Newsfile Corp.

Vancouver, British Columbia--(Newsfile Corp. - December 31, 2019) - David H. Brett, President & CEO, EnGold Mines Ltd., (TSXV: EGM) ("EnGold" or the "Company") reports that the Company has closed a third tranche of the non-brokered private placement announced December 10th, 2019, and issued a further 1,050,000 FT Units for gross proceeds of $89,250. The FT Units consist of one flow-through share and one-half of one warrant, whereby each whole warrant entitles the holder to purchase one non-flow-through common share at a price of $0.10 per share for a period of one year. The proceeds from the sale of the FT Units will be used to incur qualifying exploration expenditures on EnGold's 100% owned copper, gold, silver, and magnetite Lac La Hache property in the Cariboo region of BC.

The Company paid an 8% finders' fee in connection with a portion of the securities issued pursuant to this closing, consisting of 8% cash and 8% finders' share purchase warrants entitling the holders to purchase one non flow-through share at a price of $0.10 per share for one year. All of the securities are subject to a hold period which will expire on April 27, 2020. The Company will continue with the offering of non-flow-through units as previously disclosed.

About EnGold

EnGold is a Vancouver-based copper, gold, silver, magnetite exploration company focused solely on its 100% owned Lac La Hache property in the Cariboo region of BC which hosts the Spout Copper Deposit, the Aurizon Gold Deposit and the G1 Copper Discovery and other targets within a large porphyry mineralizing system. With world class infrastructure at its doorstep, Lac La Hache is a great location to be exploring.

EnGold Mines Ltd.

David Brett
President & CEO
For further info contact David Brett, 604-682-2421 or david@engold.ca

This news release may contain "forward‐looking statements". Readers are cautioned that any such statements are not guarantees of future performance and that actual development or results may vary materially from those in these "forward looking statements." 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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/51128