Core Gold Recommends Shareholders Take No Immediate Action in Response to Unsolicited Takeover Bid by Titan Minerals

VANCOUVER, British Columbia, Oct. 01, 2019 (GLOBE NEWSWIRE) -- Core Gold Inc. ("Core Gold" or the "Company") (TSX-V: CGLD, OTCQX: CGLDF) is today acknowledging that it has received from Titan Minerals Limited ("Titan") an unsolicited offer to acquire all of the issued and outstanding Core Gold common shares that it does not own for consideration of 2.5 Titan ordinary shares for each 1 (one) Core Gold common share (the "Titan Offer").

Take No Action

Core Gold shareholders are advised to take no action until the Core Gold board of directors (the "Board") has made a formal recommendation to shareholders. The Titan Offer will remain open for a minimum of 105 days, allowing Core Gold shareholders until January 14, 2020 to deposit Core Gold common shares to the Titan Offer.

Having received the formal Titan Offer, the Board will carefully evaluate the terms and conditions of the unsolicited Titan Offer with the assistance of its advisors. Shareholders will be notified of any recommendation through a news release and Directors' Circular in accordance with applicable securities laws.

Strategic Review

On September 17, 2019, Core Gold provided an update on its strategic review process of alternatives available to the Company, including equity or debt financings, core and non-core asset sales, strategic investments and joint ventures, as well as a potential merger of Core Gold with another company. The Company has requested that parties involved in the process formally express their interest in a transaction by not later than mid-October 2019. The Company remains committed to continuing its strategic review process.

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: +1 (604) 345-4822

Email:

Shareholders with questions can contact Core Gold’s information agent:

Laurel Hill Advisory Group

North American Toll Free: 1-877-452-7184

Collect Outside North America: 416-304-0211

Email:

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.