Gold X Mining Corp. provided an update of its activities on the Toroparu Project in Guyana. Following recent changes to the Management of the Company and acquisition of 100% of its Toroparu asset, Gold X Mining is now focused on the completion of steps necessary to bring the project to a production decision. The Toroparu Project is an advanced stage, 7.35 million ounces measured and indicated resource based on 675 diamond drill holes totaling 202,250 meters with several feasibility level engineering studies completed. These non-optimized studies and significant gold resources provide Management a variety of options to unlock and maximize shareholder value. To date, the Company has invested more than USD 150 million to discover, develop and classify its gold resources and complete engineering studies required to develop an open pit mining operation producing gold doré and gold bearing copper concentrates as defined in the Company’s latest 43-101 technical report (the “2019 Technical Report). The 2019 Technical Report is a Preliminary Economic Assessment (a “PEA”). A PEA is preliminary in nature, it includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the preliminary economic assessment will be realized. The extensive drilling and initial engineering work led to the completion of a Pre-Feasibility Study in 2013 (the “2013 PFS”) which formed the basis for a USD 150 million gold purchase agreement by Wheaton Precious Metals. Under this arrangement, the Company conducted several feasibility-level studies in 2014 but did not complete a feasibility report due to the gold market environment that existed. The PEA documentation of mining production quantities replaced the 2013 PFS Statement of Mineral Reserves3. The PEA is based on exploitation of measured, indicated and inferred mineral resources while the 2013 PFS is based on the exploitation of proven and probable mineral reserves. Inferred resources from the Mineral Resource Estimate comprise 5% of the resources used in the production schedule reported in the PEA. Mineral Resources that are not mineral reserves do not have demonstrated economic viability. The conclusions and results of the PEA including all cost estimates replace the conclusions and results from the 2013 PFS. The 2019 Technical Report combined information from all prior engineering studies into a revised mine schedule and operating plan for the Project based on a smaller starting capacity than disclosed in the 2013 PFS. The revised case technical economic model (TEM) in the 2019 PEA estimates 4.52 M-oz of gold production at an average production rate of 188,000 oz per year over a 24-year mine life from an 11.5kt/d Carbon in leach (CIL) plant expanding to 23 kt/d with parallel CIL leach & Gravity-float-Leach circuits in year 11.