GoGold Announces Initial Mineral Resource Estimate at Los Ricos North

HALIFAX, NS, Dec. 7, 2021

HALIFAX, NS, Dec. 7, 2021 /PRNewswire/ - GoGold Resources Inc. (TSX: GGD) (OTCQX: GLGDF) ("GoGold", "the Company") is pleased to announce their Initial Mineral Resource Estimate for their Los Ricos North Project located in Jalisco State, Mexico. In addition, the Company has updated the Mineral Reserve at the Parral Tailings operation.

Highlights of the Mineral Resource Estimate:

• Indicated Mineral Resource at Los Ricos North of 87.8 million ounces silver equivalent ("AgEq") grading 122 g/t AgEq contained in 22.3 million tonnes ("Mt") (Table 1)
• Inferred Mineral Resource at Los Ricos North of 73.2 million ounces AgEq grading 111 g/t AgEq contained in 20.5 Mt (Table 1)
• Sensitivity analysis of pit constrained Mineral Resources at higher cut-off of 50 g/t AgEq show an Indicated Mineral Resource of 80.3 million ounces AgEq grading 147 g/t AgEq and an Inferred Mineral Resource of 60.7 million ounces AgEq grading 129 g/t AgEq (Figure 1) (Table 2)
• Los Ricos North Mineral Resource is calculated as a pit constrained Mineral Resource forming 96% of the Mineral Resource Estimate, with 4% being out-of-pit Mineral Resource (Indicated 0.9 million ounces AgEq grading 163 g/t AgEq and Inferred 6.4 million ounces grading 178 g/t AgEq)
• Total Los Ricos Measured & Indicated Mineral Resources of 151.5 million ounces AgEq (Table 3)
• Total Los Ricos Inferred Mineral Resource of 93.1 million ounces AgEq (Table 3)
• Total Company Measured & Indicated Mineral Resources of 187.5 million ounces AgEq (Table 4)
• Total Company Inferred Mineral Resources of 93.1 million ounces AgEq (Table 4)
• In Los Ricos North, an additional 100,000 metres of exploration drilling targeting additional Mineral Resource ounces is planned for 2022

"The initial Mineral Resource Estimate at Los Ricos North exceeds expectations for the first 100,000 metres of drilling on these targets. As we embark on the next 100,000 metres of drilling at Los Ricos North, we feel confident in our understanding of the deposits and the exploration potential in 2022 to greatly increase this already substantial Mineral Resource," said Brad Langille, President and CEO. "In particular, we see El Favor East and a new area called Gran Cabrera as being major contributors to the growth of ounces over the coming year. With this Mineral Resource, we now show an Indicated Mineral Resource of 151 million ounce AgEq and an Inferred Mineral Resource of 93 million ounces AgEq in the Los Ricos District - North and South."

The effective date of these Mineral Resource Estimates is December 1, 2021 and a Technical Report on Los Ricos North will be filed on the Company's website and SEDAR within 45 days of this news release. The Los Ricos North Mineral Resource Estimate by deposit is provided below in Table 1.

Table 1: Los Ricos North Mineral Resource Estimate ^(1-11)