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Pasofino Gold Limited Announces Closing of Follow-On C$300,000 Non-Brokered Private Placement

Newsfile Corp.

Toronto, Ontario--(Newsfile Corp. - June 8, 2020) - Pasofino Gold Limited (TSXV: VEIN) (FSE: N07) ("Pasofino" or the "Company") is pleased to announce that it has completed its previously announced follow-on non-brokered private placement (the "Offering") for aggregate gross proceeds of C$300,000 comprised of the sale of 2,727,272 common shares ("Common Shares") at a price of C$0.11 per Common Shares.

All Common Shares issued pursuant to the Offering are subject to a four month and one day hold period after the closing day. The Company intends to use the proceeds of the Offering to earn its interest in, and advance, the Roger Gold Project, located in the world-class Abitibi Greenstone Belt. In addition, the Company intends to use the proceeds to undertake opportunistic investments in one or more advanced stage precious metals projects. The Company is evaluating several advanced stage projects. Each project has significant capital invested, each has defined resources and all are at the PEA stage or higher.

About Pasofino Gold Ltd.

Pasofino Gold Ltd. is a Canadian-based mineral exploration company. For further information, please visit www.pasofinogold.com or contact:

Steve Dunn, President & CEO

T: (416) 361-2827

E: dunnsteve@protonmail.com

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.

This news release contains "forward-looking statements" that are based on expectations, estimates, projections and interpretations as at the date of this news release. Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "seek", "intend", "believe", "anticipate", "estimate", "suggest", "indicate" and other similar words or statements that certain events or conditions "may" or "will" occur, and include, without limitation, statements regarding the Company's plans with respect to identify projects to pursue and acquire, completion of the transactions described herein, the ability to raise the funds to finance its ongoing business activities including the acquisition of mineral projects and the exploration and development of its projects. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such risks and other factors may include, but are not limited to, the results of exploration activities; the ability of the Company to complete further exploration activities; the ability of the Company to complete transactions on terms announced; timing and availability of external financing on acceptable terms and those risk factors outlined in the Company's Management Discussion and Analysis as filed on SEDAR. The Company does not undertake to update any forward-looking information except in accordance with applicable securities laws.

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