Toronto - Otso Gold Corp. ('Otso' or the 'Company', TSX.V: OTSO) is pleased to announce initial drill results from the infill drill program currently being completed to increase confidence in the mineralization and form a basis for a restart plan.

The first phase of the 10-15,000 m infill drill programme at the Otso Gold Mine in Finland was completed with over 1,900 metres of diamond drilling over 20 holes. The majority of the core is currently being cut and sent for testing.

Initial results have included 2.00 metres @ 10.90 g/t Au and 8.10 metres @ 1.99 g/t Au.

Brian Wesson stated 'the infill drill program is focused on closing the drill spacing in the mining areas to 25m, providing the basis for detailed mine planning and optimization. This is the key milestone on the road back to sustainable production for the Otso Gold Mine. These limited results are correlating well with previous wide space drilling, demonstrating significant ore at significant grades in the existing pits and contemplated extensions. These limited results have demonstrated significant ore at significant grades in the pits and pit extensions. As previously announced, we are running a real time model to drive the drill program as results are received. Defining the resources and reserves are the key to moving back to production and unlocking the significant value of the operation'.

Disclosures

The Company cautions that it has not defined or delineated any proven or probable reserves for its Otso Property and mineralization estimates may therefore require adjustment or downward revision based upon further exploration or development work or actual production experience. Mineral resources that are not mineral reserves do not have demonstrated economic viability.

The Company also cautions that the decision by the Company to proceed to develop the Otso Mine Project and extract mineralization proceeded without the Company first establishing reserves supported by a technical report and completing a pre-feasibility or feasibility study. Accordingly, there is a higher risk of technical and economic failure at Otso because development proceeded without first establishing reserves supported by a technical report and completing a feasibility study. This is particularly relevant as the Company has proceeded with development at Otso on indicated and inferred resources without first completing a preliminary economic report.

Revocation of TSX Venture Exchange Submission #490700 dated November 11, 2019

The Company confirms that it has withdrawn its submission to the TSX Venture Exchange in connecting with a planned common share equity financing.

Contact:

Clyde Wesson

Tel: 1 416 572 2214

Email: info@otsogold.com

Web: www.otsogold.com

About the Company

Otso Gold Corp. wholly owns the Otso Gold Mine near the town of Raahe in Finland. The Otso Gold Mine is fully built, fully permitted, has all infrastructure in place, two open pits and is progressing towards a July 2020 restart of 2 million tonnes per annum operations.

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