Phoenix Gold Not to Proceed with Reverse Takeover of Fox Automotive

Vancouver, British Columbia, April 29, 2020 – Phoenix Gold Resources Corp.
(the “Company”), announces that further to their initial news release dated April 17, 2019
originally announcing a binding letter of intent with Fox Automotive Switzerland AG (“Fox”)
dated April 13, 2019 (the “LOI”) and their subsequent news release dated July 3, 2019
announcing the amendment of the LOI, the Company will not be able to proceed with the
proposed transaction to acquire all of the issued and outstanding shares of Fox. Considering the
current global situation, it is uncertain that the parties will be able to complete the proposed
transaction. Since the proposed transaction was not completed in the time allowed under the LOI,
the LOI is effectively terminated.

Phoenix will continue to pursue all opportunities in the mining industry and seek the resumption
of trading of its common shares on the TSX Venture Exchange (the “Exchange”). As required
under the policies of the Exchange, the removal of the halt will be subject to approval of the

For further information concerning this press release, please contact:

Paul Jones
Telephone: (303) 324-0791

Andrew Lee
Telephone: (778) 302-2257

Cautionary Note:

Except for statements of historical fact, this news release contains certain “forward looking information” within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may” or “will” occur. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forwardlooking statements. The Company undertakes no obligation to update forward-looking information if circumstances or management’s estimates or opinions should change except as required by law. The reader is cautioned not to place undue reliance on forward looking statements. More detailed information about potential factors that could affect financial results is included in the documents filed from time to time with the Canadian securities regulatory authorities by the Company.

The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.

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

(Not for dissemination in the United States of America.)