MAS Gold Corp. Appoints New CEO and Issues Stock Options

Vancouver, January 6, 2021 – ​MAS Gold Corp. ​(“MAS Gold” or the “Company”) – TSX-V:MAS​) is pleased to announce that it has appointed Mr. James B. Engdahl as the new CEO to the company, replacing Mr. Ronald Netolitzky. Mr. Netolitzky will continue playing an active role in the company as a consultant and its Chairman and Director.

Mr. Engdahl brings more than 20 years of experience in corporate finance at the executive level that include mergers, acquisitions, and reorganizations.

“We are very pleased to welcome Mr. Engdahl as a CEO of MAS Gold. The appointment reflects our steadfast commitment to grow our exploration and development efforts in La Ronge Gold Belt, Saskatchewan. We are confident his experience, network and the new energy will contribute positively to building our gold exploration and development business. Our immediate focus will be the execution of well financed drill campaigns on North Lake and Greywacke properties to upgrade the resources classification and test the resource extension.” Ron Netolitzky, outgoing CEO of MAS Gold.

A former Vice President of Barclays Bank of Canada, Mr. Enghdahl has been involved in leadership of different public companies, including Pacific & Western Trust, Shore Gold Inc., Claude Resources Inc. He was also the Regional Advisory Partner of the corporate finance arm of one of Western Canada’s largest accounting firms. This position came as a result of the accounting firm’s purchase of Cascadia Ventures Inc., a corporate financing and consulting group responsible for raising project financing in excess of $100 million of which he was Managing Partner.

He is also a former President, CEO & Director of Great Western Mineral Group Ltd. (“GWMG”) as well as a former Director for Great Western Diamonds (“GWD”), both are publicly traded companies listed on the TSX. During his tenure, the companies were involved in advanced development of a Rare Earth deposit as well as exploration of a diamond bearing kimberlitic deposit in Saskatchewan. Subsequently GWD was sold in 2009 so the company could maintain focus on building one of the world’s premiere Rare Earth companies.

During his 7 years at GWMG Jim was responsible for raising over $150,000,000 for the company as well as acquiring one of the highest-grade Rare Earth mines in the world via a creeping takeover. During this time, he was also responsible for the acquisition of one of the only Rare Earth alloy plants outside of China providing key magnet alloys to most of the Rare Earth magnet users of the world.

MAS Issues Stock Options

MAS is also pleased to announce that the board has approved the issuance of 3,150,000 stock options (“Stock Options”) to directors, officers and employees. Each Stock Option is exercisable into Common Shares at a price of $0.13 per Common Share for a period of five years from the date of issuance, subject to continued affiliation with the Company with accordance with the Company’s stock option plan.

About MAS Gold Corp.

MAS Gold Corp. is a Canadian mineral exploration company focused on exploration projects in the prospective La Ronge Greenstone Belt of Saskatchewan. In the belt, MAS Gold Corp. operates the Greywacke, North Lake and Point advanced gold projects, each hosting drill-intercepted zones of gold mineralization. MAS Gold’s NI 43-101 Technical Report of June 1, 2016 concerning the Greywacke deposit is available on SEDAR and on MAS Gold’s website: . Recent drill results including metallurgical studies are reported in the news releases dated: April 27th, 2020, March 25th, 2020, January 15th, 2020.

Drill Program Planned

MAS Gold is in the final planning of drill programs on its North Lake-Preview Lake and Greywacke properties to upgrade the resources classification and test the resource extension. MAS Gold also intends to complete further definition drilling, surface geological mapping and other explorations work on its properties. The company is well financed to execute on the plans, having recently completed an oversubscribed financing of over three million dollars.

On behalf of the Board of Directors of MAS Gold Corp.,
Ronald K. Netolitzky, CEO and Director

MAS Gold Corp.

Suite 420 – 789 West Pender Street
Vancouver, British Columbia
Canada, V6C 1H2

For more information, please contact:

Lubica Keighery, VP Corporate Development

Cautionary Notice on Forward-Looking Information 

This news release includes certain forward-looking statements or information that could cause actual results to differ materially from MAS Gold’s plans or expectations. All statements other than statements of historical fact included in this release, including, without limitation, planned exploration and development programs, statements regarding metallurgical results and outcomes, any updated technical report, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements are subject to a variety of risks and uncertainties, which could cause actual events, level of activity, performance or results to differ materially from those reflected in the forward-looking statements, including, without limitation: risks relating to the actual results of current and future exploration activities, fluctuating gold prices, possibility of equipment breakdowns and delays, cost overruns, that MAS Gold may lose or abandon its property interests or may fail to receive necessary licences and permits, availability of capital and financing and general economic, market or business conditions. The forward-looking statements included in this news release are made as of the date hereof and MAS Gold disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.