Core Gold Announces Completion of Share Consolidation and Delisting From TSX Venture Exchange

Core Gold Inc. ("

Core Gold

" or the "

Company

") TSX-V: CGLD, OTCQX: CGLDF) announces that following close of business on May 19, 2020, the Company effected the consolidation of its issued and outstanding common shares ("

Common Shares

") on a 75,000,000 to 1 basis (the "

Consolidation

"), with the result that Titan Minerals Limited ("

Titan

") became the sole shareholder of the Company, and the Common Shares were thereafter voluntarily delisted from trading on the TSX Venture Exchange (the "

Delisting

"). Together, the Consolidation and the Delisting represent the completion of the previously announced second-step (going-private) transaction with Titan.

As previously disclosed, the Company intends to apply to cease to be a reporting issuer in all jurisdictions in which it is currently a reporting issuer.

Registered pre-Consolidation shareholders, other than Titan, should refer to the letter of transmittal which accompanied the management information circular dated April 9, 2020 in respect of the special meeting of Shareholders held on May 13, 2020 (the "Circular") for instructions on how to exchange existing share certificate(s) for the consideration to which they are entitled under the Consolidation. A letter of transmittal is also available under the Company's SEDAR profile at www.sedar.com.

Further details concerning the Consolidation may be found in the Company's news releases dated April 14, 2020 and May 13, 2020 and the Circular, all of which are available under the Company's SEDAR profile at www.sedar.com.

About Core Gold Inc.

The Company is a Canadian based mining company involved in the mining, exploration and development of mineral properties in Ecuador. The Company is currently focused on gold production at its wholly-owned Dynasty Goldfield Project. Mineral is treated at the Company's wholly-owned Portovelo treatment plant. The Company also owns other significant gold exploration projects including the Linderos and Copper Duke area in southern Ecuador all of which are on the main Peruvian Andean gold-copper belt extending into Ecuador.

For further information please contact:

Mr. Mark Bailey, CEO, Director Suite 1201 – 1166 Alberni Street Vancouver, B.C. V6E 3Z3 Phone: [phone]Email: [e-mail]

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.