Mr. Colin Sutherland Appointed Chief Financial Officer

TORONTO, Jan. 27, 2021 - Magna Gold Corp. (TSXV: MGR) (OTCQB: MGLQF) ("Magna" or the "Company") is pleased to announce the appointment of Mr. Colin Sutherland as Chief Financial Officer.

Mr. Sutherland is a Chartered Professional Accountant having previously held senior executive and financial roles with NQ Minerals PLC, McEwen Mining Inc., Archipelago Resources plc, Timmins Gold Corp., Capital Gold Corp. and AuRico Gold Inc. Mr. Sutherland has served as a Director of Magna since inception.

"We are delighted Colin has joined our executive group. His prior experience in Mexico and his relentless pursuit of shareholder value is in complete alignment with Magna's goals. His familiarity with the San Francisco project and the team in Mexico is a significant advantage," stated Arturo Bonillas, CEO and Founder of Magna.

About Magna Gold Corp.

Magna Gold Corp. is a Canadian gold company engaged in operations, development, exploration and acquisitions in Mexico. Its primary asset is the producing San Francisco gold mine in Sonora, Mexico and exploration stage projects include San Judas, La Pima and Mercedes.

The Company's shares trade on the TSXV under the trading symbol "MGR" and OTCQB under the trading symbol "MGLQF". Magna is well integrated into its nearby communities, employs local residents, and uses local services when possible.

Please visit www.magnagoldcorp.com or contact Arturo Bonillas, Chief Executive Officer, and a Director of the Company.

Neither 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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SOURCE Magna Gold Corp.