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G2 Surface Sampling Defines Gold Mineralized Zones at AREMU/OKO Project, Guyana

TORONTO, Nov 08, 2019 (GLOBE NEWSWIRE via COMTEX) --

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S.

G2 Goldfields Inc. (TSXV: GTWO) (the "Company" or G2) is pleased to announce the results of a major surface sampling program at the Company's AREMU/OKO gold projects, Region seven, Guyana. G2 commenced exploration in February 2019 and to date has collected and collated data from 2081 soil samples, 164 grab samples and 674 channel samples. Selected grab samples and are not representative of the mineralization hosted on the property.

This surface exploration program has also led to an ongoing diamond drilling campaign, with ten holes totaling 1,520 meters completed to date. This work has led to the identification of three main areas of interest; Aremu North, Aremu South, and the Oko Crusher Hill Area. G2 has filed a 43-101 compliant technical report on the property January 25, 2018 which is available at www.sedar.com.

AREMU NORTH

The Aremu North area includes the site of the original Aremu mine which operated between 1909 - 1911, producing 6,488 oz. from 14,632 tons of processed rock. Over the last century local miners have developed a series of workings over a four-kilometer strike length. Company geologists have collected 696 soil samples, 97 grab samples and 385 channel samples in this district. Additionally, G2 technical staff have mapped a total of eleven significant quartz vein structures in the district as identified in Figure 1.

To view Figure 1 - Aremu Mine North, please visit the following link: https://www.globenewswire.com/NewsRoom/AttachmentNg/ef01b1e9-c83a-449b-9b69-c1162ef3f0cc

Highlights of the 2019 AREMU NORTH Channel Sampling include:

Table 1. AREMU NORTH CHANNEL SAMPLE HIGHLIGHTS
AREA        REFERENCE   GRADE       SAMPLE LENGTH
                        (g/t Au)    meters
AREMU PIT   RMU PIT1    6.2         6.0
AREMU PIT   RMU PIT 3   1.0         6.2
AREMU PIT   RMU PIT 2   0.8         7.6
AREMU N     06-07       0.8         9.7
AREMU N     06-13       4.6         6.0
AREMU N     06-14       1.6         10.0
AREMU N     06-15       0.9         8.5
AREMU N     06-16       1.9         5.5

A total of ninety-seven grab samples were also collected from the AREMU NORTH district with values ranging from nil to 51 g/t Au, G2 geologists are currently designing a drill program for this area for Q1 2020.

AREMU SOUTH

Approximately 3 km south of the historic mine area results of 560 soil samples has outlined a 3 km long, east west trending + 100 ppb Au soil anomaly.

To view Figure 2 - Aremu South Soil Anomaly Map, please visit the following link: https://www.globenewswire.com/NewsRoom/AttachmentNg/766ca484-580b-44f0-ac26-1c4a12dd344e

Grab samples (15) and Channel samples (81) have assayed between nil and 1.43 g/t Au (Grab) and 9.2 g/t Au (1 metre channel). Further surface work in this area is required to more fully define exact drill target locations.

OKO / CRUSHER HILL

The OKO Property is located 15 kilometers from the historic Aremu Mine and is comprised of 8,500 acres held under option by the Company. The most prominent feature of this property is a distinct north west area of itinerant mining comprised of significant surface workings as well as six vertical shafts. The shafts are typically 50 to 60 metres in depth and the local miners target high grade quartz veins. Current and historic workings run along 1.3 kilometers of the valley floor.

At OKO; G2 Goldfields has collected 825 soil samples, 52 grab samples, and 208 channel samples. Highlights of the channel samples include:

Table 2. OKO / CRUSHER HILL CHANNEL SAMPLE HIGHLIGHTS

AREA             REFERENCE GRADE  SAMPLE LENGTH
                           g/t Au meters
OKO-CRUSHER HILL SHAFT #3  4.7    3.0
OKO-CRUSHER HILL OK - 02   2.1    7.0
OKO-CRUSHER HILL OK - 4    1.3    8.2
OKO-CRUSHER HILL OK - 11   4.0    3.0
OKO-CRUSHER HILL OK - 17   2.6    7.0

To view Figure 3 - Oko Maps With Shafts, please visit the following link: https://www.globenewswire.com/NewsRoom/AttachmentNg/23533dbc-cc96-4942-99f4-ac4b7c01ff8a

Parallel to the valley floor, soil sampling has outlined a distinct anomaly of + 100 ppb gold. G2 has completed 10 drill holes to date, testing a one-kilometer strike length.

The Company intends to complete an additional twelve holes in the OKO district prior to the holiday break.

Dan Noone,VP Exploration comments, "the Aremu / Oko gold district located in the south eastern extremity of the Cuyuni basin, also hosts the Aurora Gold Mine operated by Guyana Goldfields. The style of mineralization is a subset of the Orogenic Gold style that is associated with Carbonaceous Sediments. Examples of this style of mineralization are the giant Bendigo (Victoria), northern Carlin Trend (Nevada) and Sukhoi Log (Siberia) districts. As in the aforementioned districts, gold mineralization at Aremu / Oko, is hosted in structural sites such as fold hinges, shears and breccias within or adjacent to Carbonaceous Sediments. The aerial extent of outcropping gold mineralization (15km by 6km) presents a district scale target."

QA / QC

Sample preparation and analyses is carried out by MS Analytical Guyana, at their laboratory in Georgetown, Guyana. Rock and soil sample preparation includes drying, fine crushing of the sample to at least 70% passing less than 2mm, pulverizing a 1000g split to at least 85% passing 75 microns (code PRP-920). Rock and soil samples are analysed using fire assay of a 50g sample (code FAS-121). . No QA/QC issues were noted with the results reported herein.

Appendix 1. OKO / AREMU Selected grab sample assay highlights

AREA        SAMPLE ID DESCRIPTION
AREMU NORTH G01       51 g/T Au Grab from quartz pile
AREMU NORTH G02       4.9 g/T Au 1.5m channel
AREMU NORTH G04       1.4 g/T Au Grab Powerhouse vein
AREMU NORTH G05       1.2 g/T Au Grab crusher tailings
AREMU NORTH G19       3.3 g/T Au Grab from crushed qz ore
AREMU NORTH G20       1.6 g/T Au Grab from qz vein 5 to 10cm
AREMU NORTH G21       2.7 g/T Au Grab from black quartz pile
AREMU NORTH G22       2.6 g/T Au Grab from 10-20cm veins
AREMU NORTH G23       10.2 g/TAu Grab from 4 quartz boulders in crusher area
AREMU NORTH G24       1 g/T Au Grab from 30cm black qz vein zone
AREMU NORTH G33       42 g/T Au White qz vein with VG at Scotland Shaft
AREMU NORTH GAP1      1.3 g/T Au Grab from qz vein
AREMU NORTH GAP2      1.6 g/T Au 2.6m grab
AREMU NORTH GAP3      3.9 g/T Au 2.10m in qz vein
AREMU NORTH GAP4      1.5 g/T Au Grab from narrow graphitic shear with qz
AREMU NORTH GAP5      2.5 g/T Au 3.25m channel in graphitic shear with qz
OKO         G06       11.5 g/T Au Grab 3m wide qz vein zone
OKO         G07       4.2 g/TAu Channel across 3m qz vein
OKO         G08       14.7 g/TAu Grab from quartz pile
OKO         G09       6.8 g/T Au Grab 40cm graphitic qz vein
OKO         G10       1.2 g/T Au 1m graphitic zone with quartz
OKO         G11       1.4 g/T Au 4m channel in saprolite west of qz vein
OKO         G12       5.7 g/T Au Grab, shear zone, HW of main vein
OKO         G13       73.7 g/T Au Grab crushed ore Shaft 1
OKO         G14       40.5 g/T Au Grab crushed ore Shaft 2
OKO         G15       38 g/T Au Grab 2 quartz cobbles
OKO         G16       1.3 g/T Au 1.2m channel in sheared seds
OKO         G17       13 g/T Au Grab from 2 qz veins 15 and 20cm thick
OKO         G18       1.3 g/T Au Channel on 2m vein shear zone
OKO         G26       4.8 g/T Au Grab from crusher ore from pit
OKO         G27       13.2 g/T Au Grab from shaft 3 ore June 2019
OKO         G28       28.9 g/T Au Grab from shaft 3 ore August 2019
OKO         G29       1.5 g/T Au  1m channel irregular 5cm qz vein near south shaft
OKO         G30       4.1 g/T Au  Grab from 15cm qz sugary qz vein at south pit
OKO         G31       93.8 g/TAu Grab from 1m qz vein at Shaft 3, Aug 2019
AREMU SOUTH G25       1.4 g/TAu Grab of qz vein and altered sap

Appendix 2. OKO / AREMU Channel assay highlights

AREA        CHANNEL REFERENCE DESCRIPTION
AREMU NORTH OC-02             7.3m @ 0.6 g/T Au
AREMU NORTH OC-05             1.9m @ 0.9 g/T Au
AREMU NORTH OC-06             5.0m @ 0.9 g/T Au
AREMU NORTH OC-07             9.7m @ 0.8 g/T Au including 2m @ 1.7 g/T Au
AREMU NORTH OC-08             0.6m @ 1.8 g/T Au
AREMU NORTH OC-09             2.0m @ 2.9 g/T Au including 1m @ 4.9 g/T Au
AREMU NORTH OC-12             2.3m @ 0.6 g/T Au
AREMU NORTH OC-13             6.0m @ 4.6 g/T Au including 1.7m @ 8 g/TAu
AREMU NORTH OC-14             2.2m @ 0.6 g/T Au
AREMU NORTH OC-14             10 m @ 1.6 g/T Au including 2.1m @ 4.7 g/TAu
AREMU NORTH OC-15             8.5m @ 0.9 g/T Au
AREMU NORTH OC-16             1.3m @ 0.4 g/T Au
AREMU NORTH OC-16             5.5m @ 1.9 g/T Au including 1.6m @ 6.1 g/T Au
AREMU NORTH OC-16             4.2m @ 1 g/T Au including 1m @ 4.1 g/T Au
AREMU NORTH OC-17             2.0m @ 0.7 g/T Au including 0.2m @ 7.7 g/T Au
AREMU NORTH RMU PIT           7.6m @ 0.8 g/T Au including 3m @ 1.6 g/T Au
AREMU NORTH RMU PIT           6m @ 0.7 g/T Au including 1.8m @ 1.7 g/T Au
AREMU NORTH RMU PIT           6.2m @ 1 g/T Au including 2.2m @ 1.5 g/T Au
AREMU NORTH RMU PIT           6m @ 6.2 g/T Au including 2m @ 12.6 g/T Au
AREMU NORTH DONICKER          3.3m @ 1.7 g/T Au
OKO         OK-02             7m @ 2.1 g/T Au including 1.6m @ 7.2 g/T Au
OKO         OK-02             2.1m @ 1.6 g/ T Au
OKO         OK-02             1.3m @ 1.4 g/T Au
OKO         OK-04             8.2m @ 1.3 g/T Au including 2.7m @ 2.3 g/T Au
OKO         OK-05             2.8m @ 0.8 g/T Au
OKO         OK-07             18.8m @ 1.1 g/T Au including 3.9m @ 2.6 g/T Au
OKO         OK-08             3m @ 1.9 g/T Au
OKO         OK-11             4m @ 3 g/T Au including 1.4m @ 5.8 g/TAu
OKO         OK-12             0.2m @ 1.2 g/T Au
OKO         OK-13             3m @ 0.4 g/T Au
OKO         OK-16             4.8m @ 0.5 g/T Au
OKO         OK-17             6.1m @ 2.6 g/T Au including 0.6m @ 6.9 g/TAu
OKO         Shaft 3           3m @ 4.7 g/T Au
OKO         OK-06             2.4m @ 1.7 g/T Au
OKO         OK-10             4.9m @ 0.7 g/T Au
AREMU SOUTH OC-24             1m @ 9.2 g/T Au
AREMU SOUTH OC-25             3m @ 1.1 g/TAu including 1.5m @ 2 g/TAu

About G2 Goldfields Inc.

G2 Goldfields Inc. is a Toronto based mineral exploration company focused on the exploration and development of the Sandy Lake Gold project in Canada and the Aremu-Oko and Peters Mine projects in Guyana.

The Sandy Lake gold project comprises an approximate 51,000 hectares of contiguous mineral claim units in the underexplored Sandy Lake Archean Greenstone Belt in Northwestern Ontario.

The Aremu-Oko and Peters Mine properties are two of the four past producing historical mines in Guyana. The properties total approximately 25,888 acres and are located in the Cuyuni-Mazarumi Region (Region 7) of north-central Guyana in the Guiana Shield.

All scientific and technical information in this press release has been prepared under the supervision of Dan Noone (Director of G2 Goldfields Inc.), a "qualified person" within the meaning of National Instrument 43-101. Mr. Noone (B.Sc Geology, MBA) is a member of the Australian Institute of Geoscientists.

For further information please contact:

Patrick Sheridan

Executive Chairman & CEO

(416) 628-5904

Email: p.sheridan@g2goldfields.com

Forward Looking Statements

This news release contains certain forward-looking information and statements within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "may", "might", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify forward-looking information and/or statements. Forward-looking statements and/or information are based on a number of material factors, expectations and/or assumptions of G2 Goldfields which have been used to develop such statements and/or information but which may prove to be incorrect. Although G2 Goldfields believes that the expectations reflected in such forward-looking statements and/or information are reasonable, undue reliance should not be placed on forward-looking statements as G2 Goldfields can give no assurance that such expectations will prove to be correct. In addition to other factors and assumptions which may be identified herein assumptions have been made regarding, among other things: results from planned exploration and drilling activities; future plans for operational expenditures; the accuracy of the interpretations of exploration and drilling activity results; availability of financing to fund current and future plans and expenditures; the impact of increasing competition; the general stability of the economic and political environment in which G2 Goldfields has property interests; the general continuance of current industry conditions; aboriginal matters; the timely receipt of any required regulatory approvals; the ability of G2 Goldfields to obtain qualified staff, equipment and/or services in a timely and cost efficient manner; the ability of the operator of each project in which G2 Goldfields has property interests to operate in a safe, efficient and/or effective manner and to fulfill its respective obligations and current plans; future commodity prices; currency, exchange and/or interest rates; and the regulatory framework regarding royalties, taxes and/or environmental matters in the jurisdictions in which G2 Goldfields has property interests. The forward-looking information and statements included in this news release are not guarantees of future performance and should not be unduly relied upon. Such information and/or statements, including the assumptions made in respect thereof, involve known and unknown risks, uncertainties and other factors that may cause actual results and/or events to differ materially from those anticipated in such forward-looking information and/or statements including, without limitation: risks associated with the uncertainty of exploration results and estimates, currency fluctuations, the uncertainty of conducting operations under a foreign regime, exploration risk, the uncertainty of obtaining all applicable regulatory approvals, the availability of labour and/or equipment, the fluctuating prices of commodities, the availability of financing and dependence on the management personnel of the Corporation, other participants in the property areas and/or certain other risks detailed from time-to-time in G2 Goldfields public disclosure documents (including, without limitation, those risks identified in this news release and G2 Goldfields current management's discussion and analysis). Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and the Corporation does not undertake any obligations to publicly update and/or revise any of the included forward-looking statements, whether as a result of additional information, future events and/or otherwise, except as may be required by applicable securities laws.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy and / or accuracy of this release.

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