Bullion Gold Resources Corp. Acquires Turgeon Lake Project Claims

1300-1030 West Georgia Street, Vancouver BC V6E 2Y3

BULLION GOLD RESOURCES CORP. ACQUIRES TURGEON LAKE PROJECT CLAIMS

VANCOUVER, BRITISH COLUMBIA – August 31, 2020 – Bullion Gold Resources Corp. (“Bullion Gold” or the “Corporation”) (TSXV: BGD) is pleased to announce that the Corporation has entered into a purchase and sale agreement (the “Agreement”) with two Quebec independent prospectors (the “Prospectors”), pursuant to which the Corporation will acquire 39 mining claims comprising the Turgeon Lake Project (the “Project”), located in the Abitibi area in the province of Quebec (the “Transaction”).

Turgeon Lake Project.

Located north of the Chicobi formation and about 30 km east of the municipality of Normétal, in Abitibi, this project comprising of 39 cells with an area of about 2,200 hectares is located in a volcanogenic environment including andesites and rhyolites locally interbedded with tuffaceous units as well as by volcano-sedimentary units. Historically, very little work has been done on this project, however, a few drill holes showed a strong presence of pyrite and pyrrhotite mineralization. Very few analysis have been taken in these historic holes.

Several gold showings are located in the immediate environment of this project. The drilling program as well as the results obtained by Amex Exploration (Perron project) brought the arrival of several mining companies in this sector, thus creating a very active mining camp in this region of Quebec.

In a short term, the company plans to carry out a compilation of historical work as well as to carry out a first work program including a geological and prospecting survey and an aerial magnetic survey. The data collected will be used to establish a first drilling program in a second phase.

In consideration for the Transaction, and pursuant to the Transaction, the Corporation will make a cash payment of CDN$10,000 and shall issue an aggregate of 2,000,000 common shares in the capital of Bullion Gold pro rata to the Prospectors.

The Agreement provides for Bullion Gold’s engagement over two years for exploration work on the Project, and if the Project is brought to commercial production, the Prospectors will each receive a 1% NSR royalty.

Subject to the approval of the TSX Venture Exchange (“TSXV”), in connection with the Transaction, Bullion Gold intends to complete an offering (the “Offering”) by way of a nonbrokered private placement of up to 3,333,333 units (“Units”) at a price of CDN$0.15 per Unit for gross proceeds of up to CDN$500,000. Each Unit will consist of one common share and one warrant (“Warrant”). Each Warrant will entitle the holder to purchase one additional common share of the Corporation at a price of $0.20 for one year following the closing of the Offering.

The Corporation will pay a finder’s fee of 200,000 common shares in connection with this transaction.

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All securities issued in connection with the Offering will be subject to a four-month hold period in accordance with applicable securities legislation. The Corporation intends to use the net proceeds of the Offering to fund the costs of the Transaction and to fund the general working capital expenses of the issuer.

The completion of the Transaction is subject to a number of conditions, including but not limited to, completion of satisfactory due diligence by Bullion Gold, approval of the Transaction by the board of directors. Approval of the TSX Venture Exchange and any other applicable regulatory approvals. There can be no assurance that the Transaction will be completed as proposed or at all.

Qualified Person

The scientific and technical data contained in this news release was reviewed and/or prepared under the supervision of Mr. Gilles Laverdière, P.Geo.

About the Corporation

The Corporation exists under the laws of British Columbia, is a reporting issuer in British Columbia and Alberta on the TSX Venture Exchange. Bullion Gold was previously involved in the identification, exploration and development of viable mineral properties in British Columbia.

For more information on the Corporation, refer to Bullion Gold’s documents that are filed electronically from time to time on SEDAR (www.sedar.com). For further information, please contact:

Chris Cooper President and CEO Telephone: (604) 307-8290

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

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

Disclaimer for Forward-Looking Information

This press release contains forward-looking statements and information that are based on the beliefs of management and reflect the Corporation's current expectations. When used in this press release, the words "estimate", "project", "belief", "anticipate", "intend", "expect", "plan", "predict", "may" or "should" and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information.

Such statements and information reflect the current view of the Corporation. Risks and uncertainties may cause actual results to differ materially from those contemplated in those forward-looking statements and information. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.