Early Warning Disclosure Pursuant to National Instrument 62-103

TSXV – BN.H                                                                

VANCOUVER, Oct. 25, 2019 /CNW/ - Bluenose Gold Corp.  (TSXV – BN.H) (the "Company") has been advised that Frank Giustra and his related entities have disposed of an aggregate of 4,500,000 common shares of the Company pursuant to a private transaction. As a result, Mr. Giustra is no longer a 10% holder of the Company. Mr. Giustra will file an early warning report in accordance with applicable securities laws and thereafter he is not required to complete any further regulatory filings in this regard. Prior to the transactions, Mr. Giustra held directly and indirectly, and/or had control over an aggregate of 14,118,500 common shares representing 13.32% of the Issuer and would have held 14,468,500 common shares, representing 13.60% on a partially diluted basis. Following the transactions, Mr. Giustra retains 9.07% ownership of the Company through direct and indirect ownership and/or control over an aggregate of 9,618,500 common shares of the Company and would own 9.37% on a partially diluted basis, assuming the exercise of the 350,000 incentive stock options currently held or controlled by him.

The Company has been advised that Mr. Giustra and his related entities hold these securities for investment purposes.  Mr. Giustra may in the future acquire or dispose of securities of the Company, through the market, privately or otherwise, as circumstances or market conditions warrant.

On behalf of BLUENOSE GOLD CORP.

"Raymond Roland"
Chief Executive Officer

For further information please contact:

Joanna Vastardis
CFO & Corporate Secretary
Tel:  [phone]

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 or accuracy of this release.

SOURCE Bluenose Gold Corp.