AEX Gold Inc. Granted New Exploration License in South Greenland

TORONTO, September 9, 2019 - AEX Gold Inc. (''AEX'' or the Corporation'' - TSXV:AEX) is pleased to announce that it has been granted the exclusive exploration rights under a new license in South Greenland: license 2019/11. The license is comprised of five sub-areas and covers a total of 266 km2 within the Nanortalik Gold Belt (Figure 1).

Figure 1 : AEX's new licenses under No. 2019/11

Historic work by GEUS, NunaMinerals and Goldcorp identified gold mineralisation in several locations within this new license. Remote sensing and machine learning prospectivity analysis conducted by the Corporation has reinforced the potential for additional gold mineralisation in these locations.

AEX is looking into reconnaissance prospecting and geological mapping in the license this year and desktop work will be undertaken to plan larger exploration programs in the 2020 field season.

Eldur Olafsson, CEO of AEX, stated: ''We are very excited about AEX's new license in South Greenland and about the potential it offers the Corporation for the future. This acquisition fully supports AEX's regional strategic positioning to further develop the gold potential in South Greenland”.

The technical information presented in this press release has been approved by James Gilbertson CGeol, who is a full-time employee and Managing Director of SRK Exploration Services Limited and a Chartered Geologist with the Geological Society of London, and as such a Qualified Person as defined by NI 43-101.

Contact Information

George Fowlie
Director of Corporate Development
1-416-587-9801
gfowlie@grfcapital.com
Eldur Olafsson
Director and CEO
eo@aexgold.com

About AEX

AEX's principal business objectives are the identification, acquisition, exploration and development of gold properties in Greenland. The Corporation's principal asset is a 100% interest in the Nalunaq Project, an advanced exploration stage property with an exploitation license including the previously operating Nalunaq gold mine. AEX is incorporated under the Canada Business Corporations Act and wholly owns Nalunaq A/S, incorporated under the Greenland Public Companies Act.

Forward-Looking Information

This press release includes certain "forward-looking statements". All statements other than statements of historical fact included in this press release, including without limitation statements regarding the future plans and objectives of the Corporation, are forward-looking statements that involve various risks and uncertainties. These forward-looking statements include, but are not limited to, statements with respect to pursuing successful production and exploration programs, and other information that is based on forecasts of future operational or financial results, estimates of amounts not yet determinable and assumptions of management. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects" or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "estimates" or "intends" or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved) are not statements of historical fact and may be "forward-looking statements". Forward-looking statements are subject to a variety of risks and uncertainties that could cause actual events or results to differ from those reflected in the forward-looking statements. There can be no assurance that forward-looking statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Corporation's expectations include, among others, risks related to the ability to raise additional capital proposed expenditure for exploration work and general and administrative expenses, international operations, the actual results of current exploration activities, conclusions of economic evaluations and changes in project parameters as plans continue to be refined as well as future prices of gold and other precious and nonprecious metals. Although the Corporation has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Any forward-looking information included in this press release is based only on information currently available to the Corporation and speaks only as of the date on which it is made. Except as required by applicable securities laws, the Corporation assumes no obligation to update or revise any forward-looking information to reflect new circumstances or events.

No securities regulatory authority has either approved or disapproved of the contents of this press release. Neither TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

SOURCE: AEX Gold Inc.