MM Asset Management Acquired Common Shares of Core Gold Inc.

TORONTO, Jan. 23, 2020 /CNW/ - MM Asset Management Inc. ("MMAM") announced that it has acquired, on behalf of MMCAP International Inc. SPC ("MMCAP"), an investment fund advised by MMAM, an aggregate of 4,813,000 common shares ("Shares") of Core Gold Inc. (the "Company") through the facilities of the TSX Venture Exchange at an average price of $0.28 per Share.

Following the acquisition of the 4,813,000 Shares, MMAM exercises control or direction over 12,167,500 Shares, which represents, as at January 22, 2020, approximately 7.29% of Core's 166,876,328 outstanding Shares, as reported by the Company in its Supplemental Directors' Circular dated January 3, 2020.

The securities were acquired in the ordinary course of business, for investment purposes only and not for the purpose of exercising control or direction over the Company. Depending on market conditions and other factors, MMAM, on behalf of MMCAP, may in the future increase or decrease its ownership, control or direction over securities of the Company through open market transactions, private agreements or otherwise.

SOURCE MM Asset Management Inc.

Matthew MacIsaac, Secretary, Tel: [phone]