West Vancouver, British Columbia--(Newsfile Corp. - May 1, 2023) - Magnum Goldcorp Inc. (TSXV: MGI) (the "Company" or "Magnum") announces that, subject to regulatory approval, the Company intends to proceed with a flow through and a non-flow through non-brokered private placement. Under the flow through private placement (the "FT Private Placement"), the Company intends to raise up to $400,000 by the issuance of 8,000,000 flow through shares (the "FT Shares") at $0.05 per FT Share. Under the non-flow through private placement (the "NFT Private Placement"), the Company intends to raise up to $300,000 by the issuance of 10,000,000 non-flow through units (the "NFT Units") at $0.03 per NFT Unit. Each NFT Unit will consist of one common share and one share purchase warrant, with each warrant entitling the holder to purchase an additional common share for a period of 2 years at an exercise price of $0.05 in the first 12 months, and at an exercise price of $0.10 in the second 12 months. With respect to these private placements, the Company may pay finders' fees in the amount of 10%, payable in cash or NFT Units, based on the sale of the FT Shares and NFT Units purchased by subscribers introduced to the Company by such finders.

The Company intends to use the proceeds from these private placements for further exploration on its "LH Property" and for general working capital purposes.

Magnum has an approved 2-year Multi-Year Area Based (MYAB) work permit for its LH Property issued by the Ministry of Energy and Mines and Petroleum Resources. Under this approval, Magnum proposes to drill an additional 6 diamond drill holes from two existing pads. Dependent upon results, an additional pad may be constructed from which additional holes may be drilled. The program is expected to commence in late June - early July dependent upon snow melt conditions.

The proposed 2023 program emphasizes work in anticipation of determination of an initial Resource Estimate. Approximately 1,125 m of drilling is proposed, anticipated to return additional moderate to high-grade, gold-bearing mineralized intercepts. The resulting cumulative gold-bearing mineralized volume is expected to extend over approximately 75 m east-west and to a vertical depth of approximately 50 m below surface along the LH vein system.

The LH Underground workings exposed a pyrrhotite-enriched, gold-bearing vein system, subsequently confirmed by 24 diamond drill holes completed in 2015 (10), 2017 (5), 2019 (4) and 2022 (5) (see the Company's News Releases dated August 18, 2015, February 8, 2018, November 25, 2019 and July 4, 2022, respectively). The Company believes a strong positive correlation exists between pyrrhotite abundance and strongly elevated to highly anomalous gold values. As a result, prominent magnetic anomalies are interpreted to be spatially associated with, and correlated to, strongly elevated to high-grade gold content. Therefore, sub-surface 3D magnetic anomalies represent high priority drill targets.

In addition, arsenopyrite is often a pathfinder for gold mineralization. Therefore, intercepts of semi-massive to massive pyrrhotite and/or arsenopyrite mineralization visually identified in drill core are expected to return strongly elevated to highly anomalous gold values on subsequent analysis.

This news release has been reviewed and approved by Rick Walker, P. Geo., who is acting as the Company's Qualified Person for the LH Property project, in accordance with regulations under NI 43-101.

The LH Property is a gold exploration property consisting of 19 contiguous crown granted claims and 7 mineral claims, located approximately 7 km south of Silverton, British Columbia, on the east side of Slocan Lake. Access to the LH Property is via Highway 6 for 1.1 km south of Silverton and then via Red Mountain Road for 1.6 km to the Hewitt Mine Road., then along the Hewitt Mine Road for approximately 3 km to the Branch 200 Road. The Branch 200 road and, subsequently, the old mine road can be utilized by ATVs for approximately 4 km into the upper Fingland Creek drainage.

For further information visit the Company's website at .

Magnum Goldcorp Inc.

"Douglas L. Mason"

_______________________________________

Douglas L. Mason, Chief Executive Officer

Contact:
dmason@waterfrontgroup.com
Tel 604.922.2030

Neither the 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.

This news release includes certain statements that may be deemed "forward-looking statements" within the meaning of applicable securities legislation. All statements, other than statements of historical facts, that address such matters, including the finder's fees that may be paid by the Company and the intended use of the proceeds of the private placement, are forward-looking statements and, as such, are subject to risks, uncertainties and other factors which are beyond the reasonable control of the Company. Such statements are not guarantees of future performance and actual results or developments may differ materially from those expressed in, or implied by, this forward-looking information. Any forward-looking statements are expressly qualified in their entirety by this cautionary statement. The information contained herein is stated as of the current date and subject to change after that date and the Company does not undertake any obligation to update publicly or to revise any of the forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.

This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein in the United States. The securities described herein have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to the account or benefit of a U.S. person absent an exemption from the registration requirements of such Act.

NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN

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