Algold Resources Ltd. Provides Update on Debt Conversion

Montreal, August 2, 2019 - Algold Resources Ltd. (TSXV:ALG) - "Algold" or the "Corporation") is pleased to provide an update with respect to its previously-announced conversion of debt into shares of the Corporation ("Shares"). As announced on July 12, 2019, Algold has agreed with certain creditors to convert a total of $6,025,000 in debt at a price of C$0.20 per Share (the "Conversion"), conditional upon Algold completing an equity financing in the amount of $15 million (the "Offering")

Based on yesterday's Bank of Canada CAD to USD exchange rate of 1.3217, a total of 39,816,212 Shares would be issued under the Conversion. The exact number of Shares to be issued upon closing will be determined using the exchange rate at that time.

In order to avoid creating new insiders, a portion of the Shares will instead be issued as subscription receipts convertible into Shares, for no further consideration, to the extent that following conversion the holders would not have control or direction over 10% or more of the total outstanding Shares.

For more information, please see Algold's press release of July 12, 2019.


ABOUT ALGOLD

Algold Resources Ltd. is focused on the exploration and development of gold deposits in West Africa. The board of directors and management team are seasoned resource industry professionals with extensive experience in the exploration and development of world-class gold projects in Africa.


FORWARD-LOOKING STATEMENTS

ertain statements in this press release may be forward-looking. Such statements include those with respect to the completion of the Offering. Although the Corporation believes the expectations reflected therein are based on reasonable assumptions, it can give no assurances that its expectations will be achieved. Such assumptions, which may prove incorrect, include that Algold will successfully identify and secure subscribers who will complete the subscriptions they have agreed to make under their subscription agreements. Factors that could cause actual results to differ materially from expectations include the subscribers' inability or unwillingness to complete their subscriptions, in whole or in part. A description of other risks affecting Algold's business and activities appears under the heading "Risks Factors" on pages 22 to 24 of Algold's 2018 annual management's discussion and analysis, which is available on SEDAR at www.sedar.com. No assurance can be given that any events anticipated by the forward-looking information in this press release will transpire or occur, or if any of them do so, what benefits that Algold will derive therefrom. In particular, no assurance can be given as to the future financial performance of Algold. Algold disclaims any intention or obligation to update or revise any forward-looking statements in order to account for any new information or any other event, except as required under applicable law. The reader is warned against undue reliance on these forward-looking statements.

Neither 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.

All amounts are in US$ unless otherwise indicated.



For further information, please contact:

Algold Resources Ltd.
1320, boul. Graham, bureau 132, Mont-Royal, Quebec, H3P 3C8
www.algold.com

Benoit La Salle, FCPA, FCA
Alex Ball, Chairman and Chief Executive Officer Executive VP, Finance and Corporate Development
b.lasalle@algold.com a.ball@algold.com
+1 (514) 889 5089 +1 (647) 919 2227


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