Gold X Mining – Fast Track to Production Decision

• Extensive work of over 20 years and US$150 million invested allows for focus turning to “race to production” strategy under new management lead by Paul Matysek CEO and Chairman 
  
  
• Fully funded to fast track Feasibility and Permitting work which has commenced
   
• Life of Mine Free Cash Flow of US$1.77B, 27.68% after-tax IRR, and 2 year payback of US$378 M pre-production capital expense (US$272 M net Capex assuming Wheaton participation and construction deposits) are estimated in the TEM at a US$1,500 / per ounce gold price defined In the 2019 Preliminary Economic Assessment (the “PEA”)¹

VANCOUVER, British Columbia, May 05, 2020 (GLOBE NEWSWIRE) -- Gold X Mining Corp. (TSX-V: GLDX, OTCQX: SSPXF) (“Gold X” or the “Company”) is pleased to provide an update of its activities on the Toroparu Project in Guyana.

Following recent changes to the Management of the Company and acquisition of 100% of its flagship Toroparu asset, Gold X Mining is now focused on the completion of steps necessary to bring the project to a production decision. The Toroparu Project is an advanced stage, 7.35 million ounces measured and indicated resource based on 675 diamond drill holes totaling 202,250 meters with several feasibility level engineering studies completed. These non-optimized studies and significant gold resources provide Management a variety of options to unlock and maximize shareholder value.

To date, the Company has invested more than US$150 million to discover, develop and classify its gold resources and complete engineering studies required to develop an open pit mining operation producing gold doré and gold bearing copper concentrates as defined in the Company’s latest 43-101 technical report (the “2019 Technical Report)¹.

The 2019 Technical Report is a Preliminary Economic Assessment (a “PEA”). A PEA is preliminary in nature, it includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the preliminary economic assessment will be realized.

The extensive drilling and initial engineering work led to the completion of a Pre-Feasibility Study in 2013 (the “2013 PFS”)² which formed the basis for a US$150 million gold purchase agreement by Wheaton Precious Metals (TSX: WPM). Under this arrangement, the Company conducted several feasibility-level studies in 2014 but did not complete a feasibility report due to the gold market environment that existed.