EnGold to raise $765,000 in Flow-Through Offering and $240,000 in Non-Flow-Through Offering

Vancouver, British Columbia--(Newsfile Corp. - December 10, 2019) - David H. Brett, President & CEO, EnGold Mines Ltd., (TSXV: EGM) "EnGold" or the "Company") reports that the Company has arranged a non-brokered private placement of up to 9,000,000 flow-through units at a price of $0.085 per unit (the "FT Units") for gross proceeds of up to $765,000; and up to 4,000,000 non-flow-through units at $0.06 per unit for gross proceeds of up to $240,000 (the "Units"), subject to the acceptance of the TSX Venture Exchange. The FT Units will consist of one flow-through share and one-half of one warrant, whereby each whole warrant will entitle the holder to purchase one non-flow-through common share at a price of $0.10 per share for a period of one year. The Units will consist of one common share and one warrant to purchase one common share at a price of $0.10 for a period of one year. The proceeds from the sale of the FT Units will be used to incur qualifying exploration expenditures on EnGold's 100% owned copper, gold, silver, and magnetite Lac La Hache property in the Cariboo region of BC. Proceeds of the sale of the Units will be used for general working capital purposes. An 8% finders' fee consisting of cash and share purchase warrants will be payable in connection with the financing. The final tranche of the previously announced $0.11 FT financing will not be proceeding.

About EnGold

EnGold is a Vancouver-based copper, gold, silver, magnetite exploration company focused solely on its 100% owned Lac La Hache property in the Cariboo region of BC which hosts the Spout Copper Deposit, the Aurizon Gold Deposit and the G1 Copper Discovery and other targets within a large porphyry mineralizing system. With world class infrastructure at its doorstep, Lac La Hache is a great location to be exploring.

EnGold Mines Ltd.

David Brett
President & CEO
For further info contact David Brett, 604-682-2421 or david@engold.ca

This news release may contain "forward‐looking statements". Readers are cautioned that any such statements are not guarantees of future performance and that actual development or results may vary materially from those in these "forward looking statements." 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 release.

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