Canadian Gold Corp: Robert McEwen Appoints Jim Downey to Board of Directors Long Serving Member of Provincial Legislature

Former Deputy Premier & Minister of Energy and Mines for Manitoba

Toronto, August 1, 2023 - Canadian Gold Corp. (TSXV: CGC) ("Canadian Gold" or the "Company") announces that Robert McEwen, the Company's largest shareholder (owning 37.6% of the outstanding common shares), has exercised his option and appointed Jim Downey as his second board nominee. Mr. Downey's appointment will help strengthen the Company's connection with Manitoba as it advances the Tartan Mine, near Flin Flon.

Mr. Downey served in the provincial legislature from 1977-1999. During his time in office, he served as Minister of Energy and Mines, Agriculture, Northern and Native Affairs, Rural Development, and Industry, Trade and Tourism. Mr. Downey was a member of the Treasury Board for majority of this time and was appointed Deputy Premier of Manitoba from 1990 to 1999.

Jim retired from elected office in 1999 to pursue work in the private sector. In 2009, he became part owner of Shape Foods Inc., a state-of-the-art flaxseed crushing business in Brandon. He is also a board member of Manitoba Hydro-Electric and former member of St. Boniface Hospital Foundation and the Nature Conservancy of Canada (MB).

Mr. Downey has been honoured for his accomplishments by many organizations. He was named Honourary Air Marshall by Manitoba Air Cadets. He received the Silver Eagle Citizen Award from the Indigenous Women's Collective of Manitoba Inc. (1996), Citizen of the Year Award from the Winnipeg Chinese Cultural and Community Group (1997), Honourary Life Membership in the Progressive Conservative Party of Manitoba (2000). He has received the Confederation, Golden Jubilee and Diamond Jubilee Medals for contributions to community. In 2005, Jim was appointed Honourary Consul of Mexico at Winnipeg and in 2015, the President of Mexico awarded Mr. Downey the Aztec Eagle Award for his work on behalf of Mexico and Mexicans in Manitoba.


About Canadian Gold Corp.

Canadian Gold Corp. is a Toronto-based mineral exploration and development company whose objective is to expand the high-grade gold resource at the past producing Tartan Mine, located in Flin Flon, Manitoba. The Company holds a 100% interest in greenfields exploration properties in Ontario and Quebec adjacent to some of Canada's largest gold mines and development projects, specifically, the Canadian Malartic Mine (QC), the Hemlo Mine (ON) and Hammond Reef Project (ON). The Company is 37.6% owned by Robert McEwen, who was the founder and CEO of Goldcorp and is Chairman and CEO of McEwen Mining.



For Further Information, Please Contact:

Ian Ball, Interim President & CEO
Canadian Gold Corp.
(416) 904-2714
info@canadiangoldcorp.com



CAUTION REGARDING FORWARD-LOOKING INFORMATION

This news release of Company contains statements that constitute "forward-looking statements." Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Canadian Gold's actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements.