Phoenix Gold Announces Updated Technical Report, New Director, and Annual Shareholders’ Meeting

Vancouver, British Columbia–(September 18, 2020) – Phoenix Gold Resources Corp. (the
“Company”) (TSXV: PXA) is pleased to announce that it has updated its technical reporting on
its Nevada mineral properties with a new technical report dated September 15, 2020
(the “Technical Report”) prepared for the Company by C2 Mining International Corp. The new
Technical Report is now filed under the Company’s profile on SEDAR at

In addition, the Company is also pleased to announce the addition of Mr. Roger Baer as a new
director of the Company. Mr. Baer is a CPA and has over 30 years of accounting and financial
management experience within the mining industry, having held financial management roles with
Alacer Gold, Thompson Creek Metals, Newmont Mining Corporation, Kennecott (Rio Tinto) and
Cyprus Amax. Most recently, Mr. Baer was the interim Chief Financial Officer of Excelsior
Mining Corp. Mr. Baer is replacing Mr. Paul Jones, who is retiring from the board and has served
diligently as a director of the Company since April 23, 2014. The Company wishes to express its
gratitude to Mr. Jones for his years of service and wishes him well in the future.

The Company also wishes to announce that it will hold its annual general and special meeting of
shareholders on November 18, 2020 (the “Meeting”) for its customary annual business. The
record date for the shareholders entitled to vote at the Meeting has been set as at the close of
business on October 13, 2020. Further details and items of business for the Meeting will be
described in the Company’s notice of meeting and management information circular in respect of
the Meeting to be delivered to shareholders and posted under the Company’s profile on

Mr. Tony Guo, P. Geo. (British Columbia) is a principal of C2 Mining International Corp. and
has reviewed and approved the scientific and technical information in this news release and is a
qualified person for the purposes of National Instrument 43-101—Standards of Disclosure for
Mineral Properties (“NI 43-101”).

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 press release.

About Phoenix Gold

Phoenix Gold Resources Corp. is a mineral exploration and development company, focused on
exploration, development and acquisition of mineral properties, especially gold and precious
metals. The Company’s Phoenix Gold Project is located in Lander County, Nevada within the
Battle Mountain Mining District, which hosts a series of gold mines. The Phoenix Gold Project
covers approximately 24.48 hectares, and consists of the Plumas Property and Eldorado Property.
The Plumas Property consists of two patented mineral claims for a total of over 16.39 hectares
with extralateral rights and one mill site claim covering approximately 8.5 acres. The Eldorado
Property consists of one patented mineral claim, covering 8.09 hectares, adjacent to Newmont
Goldcorp’s Phoenix-Fortitude Mine. The Company intends to complete an exploration program to
further outline and define gold mineralization at its properties, as suggested in its most recent NI
43-101 Technical Report.

Cautionary Statement Regarding Forward-Looking Information

This news release may contain “forward-looking information” and “forward-looking
statements” within the meaning of applicable Canadian securities legislation. All information
contained herein that is not historical in nature may constitute forward-looking information.
Forward-looking statements herein include but are not limited to statements relating to the
Company, and are necessarily based upon a number of assumptions that, while considered
reasonable by management, are inherently subject to business, market and economic risks,
uncertainties and contingencies that may cause actual results, performance or achievements to be
materially different from those expressed or implied by forward-looking statements. Except as
required by law, the Company disclaims any obligation to update or revise any forward-looking
statements. Readers are cautioned not to put undue reliance on these forward-looking statements.

For further information:
Sean Choi, Chief Financial Officer
Telephone: 778-302-2257 | Email:

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