Gold X Mining Commences Planned Engineering of Northern Access Road

• Gold X signs agreement with CM Engineering of Suriname for design of Northern Access Route connecting Toroparu to tidewater at Buckhall
   
• LIDAR based engineered design expected to be completed in September 2020
   
• Remaining US$250,000 of debt has been converted into equity at C$3.20 per share leaving Gold X debt free and 100% owner of Toroparu

VANCOUVER, British Columbia, Aug. 05, 2020 (GLOBE NEWSWIRE) -- Gold X Mining Corp. (TSX.V: GLDX, OTCQX: SSPXF) (“Gold X” or the “Company”) is pleased to announce commencement of engineering and design for a new road link that will replace use of the historical road route between the Toroparu Gold Project and Tidewater, decreasing both capital and operating costs of access for the project. 

The new road link will connect Toroparu to the Barama – Buckhall Landing Road (the “Barama Road”) which also serves as the Aurora Mine’s access to Tidewater (see Figure 1: Toroparu Project – Map showing Northern and Southern Access Road Network). As shown on the map, the new 58 km (36 mi) link will connect to the Barama Road approximately 14 km east of the Aurora mine, creating the Northern Access Route between Toroparu and Tidewater. When the new link is completed, the Northern Access Route will replace the Southern Access Route as the primary access road for construction and operation.

The engineering and design team is being led by CM Engineering located in Paramaribo, Suriname. CM-Engineering, in partnership with Haukes Construction NV, are experts in the design, engineering, and construction of roads, ports and other facilities in the tropical rainforest environments specific to the Guiana Shield. Experience with similar projects in Suriname including construction of 23 km ore haul road construction for IAMGOLD’s Gros Rosebel Mine, as well as contracts with Newmont, Surgold, Suralco, Staatsolie, and Ministry of Public Works uniquely qualify the team to provide site specific designs for the Northern Route project in an efficient manner. The initial engineered designs based on Gold X recently completed LIDAR and Photogrammetry survey completed earlier this year are expected in 60-days allowing for initial road construction works to commence in Q4 2020.