TORONTO - O2Gold Inc. ('O2Gold' or the 'Company') (TSXV: OTGO) is pleased to announce the first results of its work on the properties acquired from Grupo de Bullet earlier this year, as well as some of the Company's forthcoming exploration plans.

Key Highlights

The Company has identified two more vein systems than those known from previous exploration carried out in 2008. A total of 169 samples were collected within these new vein systems averaging 0.44 g/t of Au and 0.69 g/t of Ag, with maximum values of 50.19 g/t of Au and 40.90 g/t of Ag.

Since the announcement in October 2020 of the share purchase agreement dated October 26, 2020, as amended, entered into by the Company in connection with the Acquisition, 21.18 km-2 (2,118 hectares) of applications have been added, for a total of 278.72 km-2 (27,872 hectares) between titles and applications. The land package is contiguous along the prolific Otu Fault.

The Company has defined 13 targets for follow-up, all of them with the presence of Au-Ag mineralized vein systems and intensively worked by artisanal miners.

Upcoming work plans include detailed geological mapping and sampling of the Aurora-Quintanillo target, which has been the site of at least 23 artisanal mines.

Exploration Work

In February 2021, the Company began mapping and collecting samples of mineralized veins in Aurora-Quintanillo, a target where the vendor in the Acquisition, Grupo de Bullet, had previously carried out mapping and sampling of tunnels that were then in production.

Mineralization occurs in quartz veins, sometimes parallel to the foliation of the host rocks and occasionally orthogonal to this general direction. Several sampling points suggest that the main lode is continuous for more than 4 km, displaced only once by the La Nevera Fault, of direction N40E, which causes a displacement on the surface of about 200 meters. In addition to this main body, with direction N05-10E, two more systems have been defined, one parallel to it and a second subordinate with directions varying N20-40W.

Next Steps

Last month, O2Gold contracted with a local company to perform ground geophysical surveying on the newly identified vein systems and their projections to define their extensions. That work, including trenching to check the thickness and grades of Au and Ag in the vein systems, are scheduled to be carried out this month. With these results, the Company expects to carry out a drill program to define extensions in depth.

In parallel, the Company intends to continue the systematic mapping and sampling of other targets.

Contact:

Jaime Lalinde

Tel: (57) 312 350 5864

Email: jlalinde@fmresources.ca

Cautionary Note Regarding Forward-looking Information

The content and grades of any mineral deposits at the Properties are conceptual in nature. There has been insufficient exploration to define a mineral resource on the Properties and it is uncertain if further exploration will result in a target being delineated as a mineral resource.

This press release contains 'forward-looking information' within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the Company's planned work on the Properties, particularly the geological mapping and sampling of the Aurora-Quintanillo target. Generally, forward-looking information can be identified by the use of forward-looking terminology such as 'plans', 'expects' or 'does not expect', 'is expected', 'budget', 'scheduled', 'estimates', 'forecasts', 'intends', 'anticipates' or 'does not anticipate', or 'believes', or variations of such words and phrases or state that certain actions, events or results 'may', 'could', 'would', 'might' or 'will be taken', 'occur' or 'be achieved'. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company, as the case may be, to be materially different from those expressed or implied by such forward-looking information. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information 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 information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

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