TORONTO - AEX Gold Inc. (AIM: AEXG) (TSXV: AEX) provides an update on its 2020 Summer Field Activities on its various licences in South Greenland.

Key Highlights

AEX has safely mobilized its entire expatriate and local Greenlandic workforce in Greenland, with the site fully staffed since August 15, 2020.

Nalunaq's core exploration activities in 2020 ahead of targeted underground development scheduled for 2021 will include: 3,000m of surface drilling, including infill drilling to continue testing the down-dip extensions close to South Block, and testing for near surface extensions at Target Block; Surface geological mapping to follow up on historic sampling of hanging wall veins; Underground mapping and channel sampling to better understand geological controls on high-grade mineralized zones, and to identify geochemical signatures indicating potential high-grade zones.

In addition, AEX will commence pre-development activities at Nalunaq ahead of camp construction and underground development activities, which will commence in 2021.

Additional reconnaissance work on regional assets, focussed on targets in the Greater Amphibolite Ridge area, Lake 410, Jokum's Shear and Kangerluluk, in preparation for drill testing in 2021. Work will include verifying historic high-grade gold occurrences, mapping the extent of gold occurrences at surface, and collecting samples for gold deportment studies and metallurgical testwork.

Eldur Olafsson, CEO of AEX, commented: 'We are delighted to be moving forward with our work program following the successful fundraise and admission to AIM in July. Working closely with the Greenlandic authorities, we have safely deployed our team in Greenland and are excited to begin work to resume operations at Nalunaq, and progress our significant exploration portfolio, which all have potential for high-grade discoveries, towards drilling and development.

'With our near-term focus on Nalunaq, we are looking forward to deepening our understanding of the Main Vein extensions as well as other potential mineralized zones within Nalunaq Mountain that could offer further gold resources and upside over and above the demonstrated extensions to the Main Vein.

'Through this highly exciting exploration program, we are confident that we can deliver significant upside to investors in what is one of the most underexplored and highly prospective regions in the world. This is the first step in our ambition of becoming a full-cycle gold mining business, with Nalunaq the first project in what we believe could be many from our existing portfolio of gold assets.'

Contact:

George Fowlie

Tel: 1-416-587-9801

Email: gf@aexgold.com

About AEX

AEX's principal business objectives are the identification, acquisition, exploration and development of gold properties in Greenland. The Corporation's principal asset is a 100% interest in the Nalunaq Project, an advanced exploration stage property with an exploitation licence including the previously operating Nalunaq gold mine. AEX is incorporated under the Canada Business Corporations Act and wholly owns Nalunaq A/S, incorporated under the Greenland Public Companies Act.

Forward-Looking Information

This press release includes certain 'forward-looking statements'. All statements other than statements of historical fact included in this press release, including without limitation statements regarding the future plans and objectives of the Corporation, are forward-looking statements that involve various risks and uncertainties. These forward-looking statements include, but are not limited to, statements with respect to pursuing successful production and exploration programs, and other information that is based on forecasts of future operational or financial results, estimates of amounts not yet determinable and assumptions of management. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as 'expects' or 'does not expect', 'is expected', 'anticipates' or 'does not anticipate', 'plans', 'estimates' or 'intends' or stating that certain actions, events or results 'may', 'could', 'would', 'might' or 'will' be taken, occur or be achieved) are not statements of historical fact and may be 'forward-looking statements'. Forward-looking statements are subject to a variety of risks and uncertainties that could cause actual events or results to differ from those reflected in the forward-looking statements. There can be no assurance that forward-looking statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Corporation's expectations include, among others, risks related to the ability to raise additional capital proposed expenditure for exploration work and general and administrative expenses, international operations, the actual results of current exploration activities, conclusions of economic evaluations and changes in project parameters as plans continue to be refined as well as future prices of gold and other precious and nonprecious metals. Although the Corporation has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Any forward-looking information included in this press release is based only on information currently available to the Corporation and speaks only as of the date on which it is made. Except as required by applicable securities laws, the Corporation assumes no obligation to update or revise any forward-looking information to reflect new circumstances or events.

No securities regulatory authority has either approved or disapproved of the contents of this press release.

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