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TomaGold provides an update on its activities and closes a private placement

Montreal, Quebec, April 30, 2015 – TomaGold
Corporation (TSXV: LOT)
(“TomaGold” or the “Company”) announced today
the closing of a non-brokered private placement for gross proceeds of $325,000
and provides an update on its activities pertaining to its proposed transaction
with Gold Reef Mining LLC, Arizona and the hiring of Paradox, an investor
relations firm.

Transaction with Gold Reef
Mining LLC

Discussions
for the closing of the transaction with Gold Reef Mining LLC, Arizona, and the
concurrent US $4 million financing announced in the press release dated
September 30, 2014, are ongoing. The Company is not yet in a position to
confirm whether or not these transactions will proceed, and will inform its
shareholders as soon as there is a final decision on the matter.

A letter of intent signed
with Gold Reef Mining LLC, Arizona, calls for TomaGold to provide a US $750,000 secured loan for the operation of the
Gold Reef mine on closing of the transaction. The
loan, which would have a one-year term and bear interest at 10% per year, would
enable the Company to acquire a carried interest of 25% in the cash flow
generated by the mine. The carried interest would remain in effect after the
loan had been reimbursed, for the full life of the mine.

On closing of the
transaction, TomaGold would also have an irrevocable and unqualified option to
acquire 50% of the mine property rights for US $2 million in capital
expenditures. Once the loan was fully repaid, TomaGold would have 48 months to exercise
this option.

Although negotiations are taking longer than expected, we are confident that we will be
able to close these
transactions and move us one step
closer
to our goal of becoming a
gold producer,”
said David Grondin, President and
Chief Executive Officer of TomaGold. “Meanwhile,
on the
Monster Lake
project, IAMGOLD’s winter drilling
program is now complete.
The program was aimed at
drilling harder-to-access
areas, and at its peak, we had three rigs
going. We will report the program results as they become available.
” 

Private
placement

The Company also reported
that it has closed a non-brokered private placement for $325,000. The private
placement entailed the issuance of 4,062,500 common shares priced at $0.08 each
and 2,031,250 warrants, each entitling the holder to purchase one common share
of the Company at a price of $0.12 for a period of 18 months. SODÉMEX II s.e.c.
has subscribed for $100,000 of the financing. TomaGold will use the proceeds of
the private placement for working capital purposes.

On
closing, the Company will pay
a finder’s fee of 6,000 intermediary warrants. Each intermediary warrant entitles the holder to purchase one additional common
share
of the Company for $0.08
for a period of 18 months after closing. All securities issued under the private placement, including the intermediary warrants and the underlying common shares, will be subject to a mandatory hold period of four months plus one day on resale.

Investor relations

The Company has also retained Paradox
Public Relations for investor relations. Paradox will focus on developing and expanding the Company’s communications with the financial community
through a comprehensive investor
relations program
. Services to be provided to TomaGold
include marketing
to the financial community,
incoming email service, use of an
exclusive
Paradox database,
organization of meetings and presentations,
and
service calls on the
Company’s behalf.
The agreement is for a minimum of six months, at a monthly fee of $6,500.
Paradox will also receive 400,000
stock options to acquire the same number of common shares of the Company at $0.10 per share for a period of 10 years.
These options are
subject to a pre-exercise hold period of at least 12 months during which no
more than one quarter of the options may be exercised every three months.

These transactions are
subject to regulatory approval.

About TomaGold Corporation

TomaGold Corporation is a
Canadian-based mining exploration company whose primary mission is the
acquisition, exploration and development of gold projects in Canada and abroad.
In November 2013, the Company
signed an agreement for IAMGOLD to acquire a 50% interest in each of the
Monster Lake, Winchester and Lac-Ă -L’eau-Jaune properties in exchange for a
total of $16 million dollars of exploration work and a cash payment of
$1,575,000 over five and a half years.

Contact:

Corporation
TomaGold

David Grondin

President and Chief Executive Officer

(514) 206-7727                                  

www.tomagoldcorp.com

 

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responsibility for the adequacy or accuracy of this news release. The
statements made in this news release that are not historical facts are
“forward-looking statements”. Readers are cautioned that any such statements
are not guarantees of future performance, and that actual developments or
results may vary materially from those described in these “forward-looking”
statements.