Vancouver, December 8, 2020 - ​MAS Gold Corp. ​("MAS Gold” – TSX-V:MAS​) announces a non-brokered private placement (the "Private Placement") composed of Flow-Through units and Common Share units for aggregate gross proceeds of up to $2,000,000.

Financing Terms - Common Share Units:

The Common share portion is offered at the price of $0.06 per Common Share unit.

Each Common Share Unit consists of one common share and one common share purchase warrant. Each full warrant will entitle the holder to purchase one additional MAS Gold common share at a warrant exercise price of $0.10 per common share for a period of 24 months from the date of issue.

Financing Terms - Flow Through Units:

The Flow-Through portion is offered at the price of $0.07 per Flow-Through unit.

Each Flow-Through Unit consists of one common share and half of one common share purchase warrant. Each full warrant will entitle the holder to purchase one additional MAS Gold common share at a warrant exercise price of $0.10 per common share for a period of 24 months from the date of issue.

Intended Use of Proceeds:

The initial target of the company is to establish over a million ounces, economically viable resource by combining ounces from the portfolio properties located in the highly prospective area of La Ronge Gold Belt.

MAS Gold is currently entering a more intensive phase of work directed towards establishing the resource base for its “hub and spoke” mining model for its Preview-North and Greywacke projects that will include:

1. Drilling on the North Lake property

Upgrading the resource classification and testing resource extension to depth and to north

The current inferred resource:

• Inferred: 417,000 oz/Au

2. Drilling on the Greywacke property

Upgrading the resource classifications and extending the resource to depth at Greywacke North, and exploration on the Lyons and Greywacke south zones

The current resource model:

• Indicated: 81,500 oz/Au

• Inferred: 14.100 oz/Au

3. Point Deposit and Joe Prospect drilling and exploration work

Further definition drilling and surface geological mapping on the Point deposit and Joe prospect on the Preview North Property

4. Comprehensive investor awareness building programs

The purpose of the programs is to establish fair market valuation and increase stock liquidity

5. Corporate development purposes, including new property expansion opportunities

6. General Administrative purposes

MAS Gold may pay finder's fees on a portion of the Private Placement in accordance with applicable securities laws and the policies of the TSX Venture Exchange (the "Exchange").

The Private Placement may be completed in multiple closings, subject to the receipt of all regulatory approvals including the approval of the Exchange.

The Private Placement securities have not been, and will not be registered under the U.S. Securities Act of 1933, as amended (the "1933 Act"), or under any state securities laws, and may not be offered or sold, directly or indirectly, or delivered within the United States or to, or for the account or benefit of, U.S. persons (as defined in Regulation S under the 1933 Act) absent registration or an applicable exemption from registration requirements. This news release does not constitute an offer to sell or a solicitation to buy such securities in the United States.

MAS advises that the insiders of the Company may participate in the Private Placement, which will be completed pursuant to available related-party exemptions under Multilateral Instrument 61-101

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 advanced-stage Greywacke Property hosts high-grade, gold-bearing zones having a National Instrument 43-101 compliant (at a cut-off grade of 5 grams gold/tonne) Indicated Mineral Resource of 255,500 tonnes grading 9.92 g Au/t plus an Inferred Mineral Resource of 59,130 tonnes grading 7.42 g Au/t. 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: www.masgoldcorp.com .

On Behalf of the Board of Directors of MAS Gold Corp.

Ronald K. Netolitzky

President & CEO

MAS Gold Corp. For more information, please contact: Lubica Keighery, VP Corporate Development, t: 604-685-8592, c: 778-889-5476, e. lubica@masgoldcorp.com

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 news release.

Caution Regarding Forward Looking Information and Statements

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, 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 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.