Shocking Revelations Surface about Titan Mineral’s Environmental Record in Peru Including Secret Burying of Cyanide-Bearing Tailings in the Dead of Night

• Titan has tried to conceal the environmental damage by
  surreptitiously burying cyanide-bearing tailings outside the Tulin
  plant area in the dead of night among other misdeeds
• Government reports evidence the environmental mess left behind at
  Titan’s Tulin Plant in Peru; Environmental liabilities could amount to
  millions of dollars
• Titan and Andina have been paying environmental fines in Perú since
  2012
• Titan continues its pattern of false disclosure with no reference
  to the shocking environmental liabilities or the shooting incident at
  Tulin plant
• Shareholders encouraged to vote AGAINST the Proposed Arrangement
  well in advance of the voting deadline of 10:00 a.m. (Vancouver time)
  on June 10, 2019

NAZCA, Peru–(BUSINESS WIRE)–Keith Piggott, owning approximately 7% of the issued and outstanding
shares of Core Gold Inc. (“Core Gold” or the “Company“)
(TSXV: CGLD, OTCQX: CGLDF) has uncovered additional disturbing details
about ASX-listed Titan Minerals Ltd. (“Titan” – ASX: TTM), its
value-destructing track record including documented evidence of
environmental damage, and potential liabilities in relation to Titan’s
Tulin processing plant in Peru.

Notably, Mr. Piggott has confirmed, through notarial sworn statements of
witnesses, that Titan has tried to conceal their environmental damage at
the Tulin processing plant by surreptitiously burying cyanide tailings
outside the plant area in the dead of night.

“In just the past several days, since my press release exposing the
alarming track record of Titan, an overwhelming number of shareholders
have contacted me saying that they will vote AGAINST the Titan-Core
deal,” said Mr. Piggott. “Since then, I have travelled to Peru
with boots on ground to get to the bottom of the allegations about the
conduct of Titan’s management. What I’ve discovered is that Titan
allegedly concealed the burying of cyanide-bearing tailings outside, and
within, the Tulin plant which could potentially cost a combined
Titan-Core millions of dollars in liabilities. In addition, it appears
that the Tulin plant has been over many years incurring, and paying
fines for environmental, safety and occupational health violations. This
provides further evidence that the Titan-Core arrangement would be a
Titan-ic disaster for Core Gold shareholders.”

MORE SHOCKING REVELATIONS: TITAN SURREPTITIOUSLY BURYING
CYIANIDE-BEARING, EVIDENCE OF AN UNREPORTED CHEMICAL SPILL AFFECTING AN
ARCHAEOLOGICAL ZONE

In June 2018, Titan acquired Andina Resources (“Andina”) a gold
and base metals exploration company which, through a subsidiary,
operated the Tulin Plant in Peru.

Importantly, there was a clear link between the two companies: Andina
directors Matthew Carr and Timothy Neesham held close to 2.5 million
shares in Titan, while three Titan directors held shares in Andina;
Matthew Carr was also executive director of both companies.

Reports from Peru indicate that Titan’s Tulin Plant was marred with
environmental violations as recently as 2018 and dating back to 2012.

In a report dated November 27, 2017, the Regional Directorate of Energy
and Mines (“DREM”) issued several penalties against the mine for
a number of infractions including for deposits of cyanide bearing
tailings outside the permitted area. The report also listed the many
previous violations and fines paid, including for an incident involving
a spill of “caustic soda used in activated carbon” which reached an
archaeological zone. In connection with this incident, the DREM report
stated: “It is worth mentioning that in the path of the spill there
are Nazca lines and geoglyphs and that there are no documents in which
the Ministry of Culture is informed of what happened.”

DREM also noted that Tulin Gold’s tailings pads
were located beyond the permitted area (by 40% in the case of tailings
pad No. 2 and 5% for tailings pad No. 1) and that approximately 10
thousand bricks were manufactured using the cyanide-bearing tailings
possibly mixed with cement and lime–potentially putting its workers’
health at serious risk. These bricks had been used at the Tulin
plant for the construction of warehouses, cyanide deposit, solid waste,
industrial, and a scrap deposit.

DREM subsequently recommended the following actions:

• that a joint inspection be carried out with the OEFA (Organismo de
  Evaluación y Fiscalización Ambiental – Agency for Environmental
  Assessment and Control) so that a monitoring of the area can be made
  as the DREM lacks the technical equipment needed to analyze and
  monitor the tailings and the bricks
• that the Ministry of Culture be informed since a spill had occurred
  affecting an archaeological zone
• that the National Water Authority be contacted since the plant is
  located in an intermittent marginal belt with use restrictions

On February 12, 2018, the DREM inspected the Tulin Plant again, noting
several violations and fined Titan, once again, for non-compliance.

Further, as described above, Mr. Piggott has
learned, through eyewitness accounts, that Titan has tried to conceal
their environmental damage by secretly burying cyanide-bearing tailings
outside the plant area in the dead of night. These cyanide-bearing
tailings were moved outside the Tulin plant over a period of
approximately two weeks, purportedly to allow room for further tails in
the plant area.

Witnesses have attested to this and the Peruvian
authorities have been notified.

“The fact that these guys have tried to bury and conceal their tailings
is outrageous, and could cost Titan millions of dollars in liabilities
and loss of license to operate,” added Mr. Piggott. “Titan already has a
poor track record with employees and with this latest revelation is
jeopardizing its credibility with South American governments.”

WHERE’S THE DISCLOSURE?

Despite the many fines and rebukes by Peruvian environmental agencies
regarding Titan’s principal operation, Titan and Andina have failed to
make the appropriate disclosures in their respective annual reports.

TITAN CONTINUES TO MISLEAD SHAREHOLDERS, REGULATORY BODIES ABOUT
SHOOTING INCIDENT AT THE TULIN PLANT

In his press release of May 13, 2019, Mr. Piggott revealed news reports
of shooting incident at the Tulin plan allegedly involving individuals
related to Titan that left two people wounded.

Based on Mr. Piggott’s further investigation while in Peru, the incident
was in relation to expiration of Tulin Gold’s mining assignment
agreement with a private owner, and Tulin Gold’s closure obligations,
including removing tailings from the site.

In November 2018 things came to a head when the owner noticed that Tulin
Gold had started to remove equipment from the plant, in contravention of
Tulin Gold’s contractual obligations. In response, the owner of the
plant implemented a security plan, as contemplated in the agreement, to
prevent the removal of additional equipment. Tulin Gold personnel
departed from the plant on or about December 7, 2019.

Mr. Piggott has been informed that on December 14, 2018, a demonstration
took place at the plant where the crowd threw stones and broke through a
perimeter fence. Mr. Piggott was also informed that on Thursday December
20, 2018, a more serious incident took place where several dozen
individuals, many armed, approached the plant but were unable to proceed
further due to the presence of the security guards at their posts inside
the plant. Two assailants were wounded by gunfire and many were
arrested. Local media reported on the incident and presented the owner’s
views on the incident.

A report by Perú’s Provincial Prosecutor’s Office for the Prevention of
Crime in Environmental Matters, dated February 6, 2019, makes reference
to the Legal Technical Report prepared by the DREM in Ica following an
inspection of Tulin Gold’s activities at the Tulin plant that took place
on November 15, 2017:

“…the tailings pads No. 1 one and No. 2 of the aforementioned
beneficiation plant are full, so the operator should have applied the
definitive closing of said pads; the company Tuling (sic) Gold Co SAC,
has manufactured 10 thousands bricks approximately, using the tailings
as a raw material possibly mixed with cement and lime; in slab No. 1
fresh tailings are being deposited after previously passing through a
vacuum disk filter, being that the aforementioned slab lacks a
geomembrane.”

The owner of the plant is now faced with the costs
of fixing the plant and closing and remediating the tailings pads, which
were clearly obligations of Tulin Gold under its contract with the
owner. It’s expected that these costs will likely amount to many
millions of dollars. It does not appear
that Titan has made any provisions for such contingencies.

Finally, in light of the above information, it is worth revisiting
Titan’s disclosures about the expiration of the Tulin Plant mining
assignment agreement:

“The strategy to establish expanded production for 2019 at the Company’s
wholly owned Vista Gold Plant tied in optimally with the expiry of lease
at the Tulin Plant. The Tulin Plant, operated by Tulin Gold Co. SAC
(“Tulin”) was operated under a mining assignment agreement with a
private owner negotiated by the previous management (refer to ASX
release dated 23 May 2018) and as a result of the expiry of the plant
lease, Tulin ceased processing ore at its Tulin plant facility. The
extinguishment of lease payments for the Tulin Gold Plant provide a
significant cost saving opportunity.”

– Titan’s 2018 Annual Report

Similarly, it appears that Titan has misled the Australian Securities
Exchange (“ASX”).

On April 23, the ASX issued a letter to Titan asking for responses on a
number of questions. The ASX made reference to Note 5(b) at point 3 of
the Independent Auditor’s Report in the Full Year Statutory Accounts of
Titan which states:

“The Tulin Plant, operated by Tulin Gold Co. SAC (“Tulin”), a subsidiary
of Andina Resources Limited, was operating under a mining assignment
agreement with a private owner and as a result of the expiry of the
plant lease, Tulin has ceased processing ore at the facility. The expiry
of the lease and the non-compliance has resulted in a dispute in
finalising the termination of assignment. The Company is working with
DREM (‘The Dirección Regional De Energia Y Minas‘ or ‘The Regional
Energy and Mines Institute’) with a focus on the return of the facility
back to the underlying owner. Until there is a resolution, the Company
is restricted from accessing assets owned by the Company, including ore
material stockpiles and operational equipment. As a result of the above,
a provision for impairment amounting $2,003,072 over the restricted
assets have been raised.”

ASX Question:

Given the Company chose to impair the Plant and Equipment the subject of
the access restrictions as set out in Note 5(b) point 3 of the Full Year
Statutory Accounts, on what basis does the Company consider the
inventory to be recoverable, given the same access restrictions that
apply to the Plant & Equipment appear to also affect the Inventory and
those access restrictions were the reason cited for the inventory audit
qualification?”

Titan Response:

“For clarity, the access restrictions relate solely to inventory,
plant and equipment at the Tulin Plant whereas the Inventory and
Plant and Equipment reported in Note 23 covers the aggregate of
inventory, plant and equipment at the Tulin Plant and the Vista Plant
(at two separate locations). Due to the access restrictions detailed
in Note 5(b) point 3, the inventory, plant and equipment at the Tulin
Plant has been impaired. However, under the Australian accounting
standards there is no requirement for the segregation of inventory (by
location) and accordingly, the total inventory balance in the Full Year
Statutory Accounts is subject to an inventory qualification. On this
basis, TTM considers the Inventory to be recoverable…. TTM has been
working with its Peruvian counsel to resolve the dispute concerning the
access restrictions at the Tulin Plant, however, it is not in a
position to undertake any additional steps at this stage to obtain an
unqualified opinion. TTM anticipates that an unqualified opinion can be
obtained once: (a) an additional year of trading has occurred (noting
that TTM only exited external administration in October 2017); and (b)
the aforementioned dispute has been resolved and Titan has the right to
access the ore material stockpiles and operating equipment at the Tulin
Plant.”

Notably, Titan fails to disclose—to its
shareholders and to ASX—any information regarding the mess it allegedly
left behind at the Tulin Plant and about the potential liabilities.

WHAT ELSE IS TITAN HIDING? BOTH CORE GOLD AND TITAN
SHAREHOLDERS DESERVE TO KNOW THE TRUTH

ONLY YOUR VOTE CAN SAVE YOUR INVESTMENT

Shareholders will be receiving proxies in the mail shortly and are
encouraged to vote AGAINST the Proposed Arrangement with Titan.

The Titan-Core arrangement is not in the best interest of Core Gold
shareholders. Titan is a company with illiquid shares, questionable
governance, and a track record of destroying shareholder value.

Core Gold shareholders need to understand that this deal threatens to
destroy their investment.

Your vote AGAINST the Titan-Core Gold deal is important
regardless of the number of shares you own.

INFORMATION IN SUPPORT OF PUBLIC BROADCAST SOLICITATION

Mr. Piggott is relying on the exemption under section 9.2(4) of National
Instrument 51-102 – Continuous Disclosure Obligations (“NI
51-102”) to make public broadcast solicitations. The following
information is provided in accordance with corporate and securities laws
applicable to public broadcast solicitations.

This press release and any solicitation made by Mr. Piggott in advance
of the Meeting is, or will be, as applicable, made by Mr. Piggott, and
not by or on behalf of the management of Core Gold. Mr. Piggott has
filed a copy of this press release containing the information required
in section 9.2(4) of NI 51-102 on Core Gold’s company profile on SEDAR
at www.sedar.com.

Mr. Piggott has retained Kingsdale Advisors (“Kingsdale”) as his
strategic shareholder and proxy advisor. Kingsdale’s responsibilities
will principally include soliciting shareholders, providing strategic
advice and advising Mr. Piggott with respect to the Meeting and proxy
protocol. Any proxies solicited by or on behalf of Mr. Piggott,
including by Kingsdale, may be solicited by way of public broadcast,
including through press releases, speeches or publications and by any
other manner permitted under applicable laws. All costs incurred for any
solicitation will be borne by Mr. Piggott. The anticipated cost of Mr.
Piggott’s solicitation is estimated to be $50,000.00, plus disbursements
and customary fees.

A proxy may be revoked by instrument in writing executed by a
shareholder or by his or her attorney authorized in writing or, if the
shareholder is a body corporate, by an officer or attorney thereof duly
authorized or by any other manner permitted by law.

Core Gold’s office is located at Suite 1201 – 1166 Alberni Street,
Vancouver, BC, V6E 3Z3. A copy of this press release may be obtained on
the Company’s SEDAR profile at www.sedar.com.

ADVISORS

Mr. Piggott has retained Koffman Kalef LLP and Farris, Vaughan, Wills &
Murphy LLP as his legal advisors and Kingsdale Advisors as his strategic
shareholder, communications and proxy advisor.

ABOUT KEITH PIGGOTT

Keith Piggott is a seasoned mining developer and operator with over 50
years of experience in Africa, Australia, Mexico and South America. Mr.
Piggott as CEO, and as an investor, rescued Dynasty Metals and Mining
from certain bankruptcy and the loss of all its assets in 2016. He has
worked diligently for over two years to take the company, as Core Gold
Inc., from a $5 million market capitalization to over $40 million market
capitalization before the Titan proposal. He can be contacted at [email protected],
by phone at 520-247-5753.

Contacts

Keith Piggott
Telephone: (520) 247-5753
Email: [email protected]

For media inquiries:
Ian Robertson, Executive Vice President,
Communication Strategy
Kingsdale Advisors
Telephone: (416)
867-2333
Cell: (647) 621-2646