Adventure Gold Outlines Inferred Resources of 770,000 Ounces of Gold and Releases New Drilling Results at Pascalis

Adventure Gold Inc. (TSX VENTURE:AGE) (the "Company") is pleased to provide the
results of its initial NI 43-101 compliant resource estimate on its 100%-owned
Val-d'Or East Pascalis project. This resource estimate, independently prepared
by SGS Canada Inc., was based on exploration drilling programs performed by AGE
at Pascalis, in the vicinity of the former Beliveau Gold Mine. The resource
estimate confirms a significant gold inferred resource totaling 770,000 ounces
of gold in 9,130,000 tonnes at 2.63 grams per tonne of gold (g/t Au) close to
existing infrastructures (see Figures 1 and 2 available on the Company website).
SGS Canada Inc. suggests that the inferred resources outlined have significant
prospects for production with surface and underground bulk mining operation
techniques. The Pascalis property is located 25 kilometers from Val-d'Or and
therefore close to all required infrastructure for a proper development. Key
infrastructure for the project: a currently existing 340-metre deep shaft,
underground development drifts on five levels, industrial access road, power
line, a railway within 1.5 kilometres and custom milling facilities in Val-d'Or.

Given its initial success, the Company will continue its work toward re-opening
the Beliveau mine where 167,000 ounces were extracted in the 90's by Cambior
(now Iamgold). Marco Gagnon, Adventure Gold president and CEO declares "today's
announcement is a big step forward for the Company. This resource estimate
continues to show the merit of our efforts as we are on track to deliver on the
value of this asset."

Considering the positive results of the resource estimates and the fact that
most of the gold mineralization is covered by a thin layer of overburden,
generally 0 to 5-metres thick, the Company has authorized the consultant to
proceed with a Whittle-optimized pit shell simulation using a lower cut-off
grade for the near surface gold zones. These results will be included in the
full NI 43-101 technical report that will be filed on SEDAR within 45 days.

Resource estimate highlights include the following:

The selected base case inferred resource is 770,000 ounces (9.13 million tonnes
grading 2.63 g/t Au, capped at 30 g/t), using cut-off grades of 1 g/t Au
(surface to 350 metres depth) and 1.5 g/t Au (350 metres and below). SGS Canada
outlined three gold deposits over a 1500-metre long strike, up to 900 metres
deep and 600 metres wide. The mineralized system is still open at depth and
laterally.

SGS Canada Inc. (SGS Geostat office of Blainville, Que.) is the independent
resource estimate consultant for the Val-d'Or East Pascalis project. The
Qualified Persons at SGS have authorized the release of the following estimates
for the New Beliveau, Highway and North Zone gold deposits included in, "Table
1: Pascalis in situ inferred resource estimates at November 19, 2012" that
summarize its block model estimates using variable cut-off grades.

TABLE 1: PASCALIS IN SITU INFERRED RESOURCE ESTIMATES AS OF NOVEMBER 19, 2012

-----------------------------------------------------------------
Surface to 350 m Tonnage Au g/t Au Oz
Cut-off 1.0 g/t Au
New Beliveau 5,440,000 2.62 460,000
North Zone 780,000 1.84 50,000
Highway 1,110,000 1.61 60,000
-----------------------------------------------------------------
Total 7,320,000 2.38 560,000
-----------------------------------------------------------------

-----------------------------------------------------------------
350 m and below Tonnage Au g/t Au Oz
Cut-off 1.5 g/t Au
New Beliveau 1,800,000 3.63 210,000
-----------------------------------------------------------------
Total 1,800,000 3.63 210,000
-----------------------------------------------------------------

All elevation base case - cut-off 1.0 g/t Au from surface to 350 m and 1.5 g/t
at 350 m and below

-----------------------------------------------------------------
Tonnage Au g/t Au Oz
New Beliveau 7,240,000 2.87 670,000
North Zone 780,000 1.84 50,000
Highway 1,110,000 1.61 60,000
-----------------------------------------------------------------
Total 9,130,000 2.63 770,000
-----------------------------------------------------------------

The mineral resource estimate has been calculated using the Canadian Institute
of Mining, Metallurgy and Petroleum (CIM) definitions Standards for mineral
resources in accordance with National Instrument 43-101-standards of Disclosure
for Mineral Projects.

Mineral resources which are not mineral reserves do not have demonstrated
economic viability. Results are presented undiluted and in situ.

Capping of 30 g/t used over 1m.

Tonnages and ounces are rounded to nearest ten thousand.

Numbers may not total due to rounding.

Details on the parameters of the resource estimates:

-- The database used for Pascalis includes drilling obtained from AGE 2009-
2012 drill programs.
-- Most NQ assays reported by AGE were obtained by standard 50-gram fire
assaying-AA finish or gravimetric finish and another fraction by screen
metallics at various laboratories (Technilab SGB and AGAT Laboratories).
-- The estimates were done using inverse distance square (ID2) as the
interpolation method based on 2 metre analytical composites. Composites
calculations are based on original samples value capped based on metal
factor at 30 g/t Au for 1 metre.
-- The New Beliveau estimates are based on a parent cell dimension of 3
metres East, 5 metres North and 2 metres height. The North Zone and
Highway estimates are based on a parent cell dimension of 5 metres East,
3 metres North and 2 metres height. Four search ellipsoids were used in
four estimation steps with the biggest ellipsoid always being of 100 m,
100 m and 33 m of radiuses. The orientation of the ellipsoids was based
on the zones' geometry. Each mineralized structure (New Beliveau: 5
dikes and 16 shallow dipping structures, North Zone: 3 dikes and 9
shallow dipping structures and Highway: 12 shallow dipping structures)
was estimated separately using its respective composites.
-- The interpretation for the mineralized structures was done on sections
from which solid meshes were generated. Volumes were then validated by
3D visualization. Only the 5 near vertical dikes of the New Beliveau
deposit were modeled on horizontal level plans at every 10 metres. True
thickness of the mineralized structures range from about 3 to 80 metres.
-- For the classification, while some areas would qualify for some higher
classification, it has been decided to simplify the initial resource
estimates by placing all resource in the inferred category. Given the
good structural understanding of the geological systems, some of the
resource estimate is as far as 100 metres from the drill hole
information in some areas.
-- Underground voids (shaft, ramp and drifts) were modeled from historical
mine plans and adjusted according to positions of drill intersections in
stopes and drifts. Historical underground production has been subtracted
from the resource estimate.
-- Tonnage estimates are based on rock densities of 2.8 tonnes per cubic
metre.
-- Additional details will be provided in the technical report.

Phase 3 drilling results

The Company also announces the final results from the Phase 3 exploration
surface diamond drilling programs. Results come from the last 10 holes totalling
3,673 metres drilled south of the Former Beliveau mine, Zone 2 / Isabella and
Highway / Loraine areas. Table 2 shows all significant results and figure 3
shows the location of drill holes. The best intercepts, in core length, are
summarized as follows:

Beliveau South Area

-- Hole PC-12-58: 2.1 g/t Au over 22.5 metres;

-- Hole PC-12-60: 2.0 g/t Au over 7.3 metres including 4.3 g/t Au over 3.3
metres;

-- Hole PC-12-64: 1.5 g/t Au over 13 metres including 2.5 g/t Au over 10.3
metres.

Zone 2 Area

-- Hole PC-12-61: 0.5 g/t Au over 82.1 metres including 3.0 g/t Au over 2.7
metres and 4.1 g/t Au over 3.0 metres.

Figures 1 to 3 are available at :

http://www.adventure-gold.com/common/documents/Figure1_depositslocationmap_PC_20nov2012.pdf

http://www.adventure-gold.com/common/documents/Figure2_Pascalis_VueIso_LB_20nov2012.pdf

http://www.adventure-gold.com/common/documents/Figure3_Pascalis_ddh2012lastresults_20nov2012.pdf

Table 2: Final set of results from Phase 3 drilling program on
Pascalis-Colombiere property.

----------------------------------------------------------------------------
----------------------------------------------------------------------------
Core
Drill UTM UTM Length From To length(i) Au(ii)
hole East North Azimuth Dip (m) (m) (m) (m) (g/t)
----------------------------------------------------------------------------

Beliveau West & South

PC-12-58 312736 5334882 360 -54 549 271.0 273.0 2.0 2.2
303.0 309.0 6.0 1.1
476.5 499.0 22.5 2.1
Inc. 476.5 481.6 5.1 7.5
495.0 499.0 4.0 1.9
522.3 525.2 2.9 2.1

PC-12-60 312832 5334799 355 -58 379 244.5 251.8 7.3 2.0
Inc. 244.5 247.8 3.3 4.3

PC-12-62 312884 5334799 360 -62 600 209.0 210.5 1.5 2.0
360.6 362.0 1.4 1.4
517.0 520.0 3.0 1.2

PC-12-64 312686 5334954 360 -55 432 65.0 67.0 2.0 1.4
264.0 274.0 10.0 0.9
Inc. 264.0 266.5 2.5 1.9
303.0 310.5 7.5 1.0
330.0 343.0 13.0 1.5
Inc. 333.4 337.4 4.0 2.8
361.0 371.3 10.3 2.5
Inc. 362.0 365.1 3.1 6.9

Zone 2 & Isabella

PC-12-61 312986 5334549 358 -48 261 123.6 205.7 82.1 0.5
Inc. 133.0 135.7 2.7 3.0
Inc. 154.5 157.5 3.0 4.1

PC-12-63 312986 5334530 358 -45 186 NSV

PC-12-65 313159 5334755 164 -70 323 NSV

Highway & Loraine

PC-12-66 311930 5335876 357 -52 375 73.0 78.0 5.0 0.7
Inc. 73.0 74.0 1.0 1.4

PC-12-67 311907 5335735 357 -50 465 129.9 135.5 5.6 0.9
Inc. 134.1 134.7 0.6 4.5

PC-12-68 311932 5335911 355 -45 102 215.2 219.3 4.1 1.1
Inc. 215.2 217.2 2.0 2.2

230.7 238.2 7.5 0.5
Inc. 236.1 238.2 2.1 1.2

----------------------------------------------------------------------------
----------------------------------------------------------------------------

(i) Reported gold intersections are measured along the hole. (ii) Uncut gold value.

Qualified Person and Quality Control

Yann Camus, Ing. and Claude Duplessis, Ing, both of SGS Canada Inc. are the
independent Qualified Persons who have reviewed this news release and are
responsible for the technical information related to resources reported above,
including verification of the data disclosed.

Jules Riopel, P.Geo., Vice-President Exploration and Acquisitions, acting as the
Company's "Qualified Person" as defined by NI 43-101, has reviewed this press
release and has supervised the exploration program on the Pascalis-Colombiere
property.

Assay samples were taken from NQ core sawed in half, with one half sent to Agat
Laboratories, a commercial laboratory in Mississauga, Ontario, and the other
half retained for future reference. A strict QA/QC program was applied to all
samples, which includes mineralized standards and blank samples for each batch
of 20 samples. The gold analyses were completed by fire assay with an atomic
absorption finish on 50 grams of material. Repeats were carried out by fire
assay followed by gravimetric testing on each sample containing 3.0 g/t gold or
more. Total gold analyses (Metallic Sieve) were carried out on samples that
showed a great variation in gold content.

The Val-d'Or East Project

The Val-d'Or East Project consists of the 100%-owned Pascalis-Colombiere,
Pascalis Extension, Senore, Beaufor West and North properties which all together
total 107 mining claims covering a surface area of 3,708 hectares. From 1989 to
1993, the Pascalis-Colombiere property was the site of gold production at the
L.C. Beliveau Mine, where Cambior Inc. (now IAMGOLD) mined the New Pascalis gold
deposit. A total of 1.8 Mt of ore was extracted at a grade of 3.2 g/t Au, from
the surface to 300 metres depth (total of 167,000 ounces of gold from the main
diorite dyke, official production from Cambior postmortem report, Nov. 1996).

Profile

Adventure Gold Inc. is a mineral exploration company focused on discovering and
developing high-quality gold deposits in the Abitibi region located in eastern
Canada - one of the richest gold mining areas in the world. Adventure Gold has
become, in a few years, an important player in the mineral exploration industry
with one of the best portfolios of exploration properties along the main
gold-bearing structures of the Abitibi Greenstone Belt. The Company is exploring
mainly close to gold mines where mining production infrastructure is already in
place, which distinguishes it from several other exploration companies.
Adventure Gold's exploration team consists of mining professionals having worked
previously for well-established producing companies, who understand industry
challenges. The Company owns 100% of the rights on its three main projects
namely: Val-d'Or East, Detour Quebec and Casa-Cameron. The Val-d'Or East
flagship project encompasses the Pascalis-Colombiere property where Cambior Inc.
(now IAMGOLD) produced gold between 1989 and 1993 at the Beliveau Mine. Close to
the former mine, Adventure Gold recently discovered a significant new gold
system and is actively working on its development. As disclosed in its latest
financial statements, the Company is well financed to apply its business plan.

Follow Adventure Gold on:

Twitter: http://twitter.com/Adventure_AGE

LinkedIn: http://www.linkedin.com/company/2253943

The foregoing information may contain forward-looking statements and events
relating to the future performance of the Company. Forward-looking statements,
specifically those concerning future performance, are subject to certain risks
and uncertainties, and actual results may differ materially. These risks and
uncertainties are detailed from time to time in the Company's filings with the
appropriate regulatory authorities. We seek safe harbour.

FOR FURTHER INFORMATION PLEASE CONTACT:
Marco Gagnon
President & CEO
450.743.5527
marco@adventure-gold.com

Jules Riopel
Vice-President Exploration and Acquisitions
819.797.9770
jules@adventure-gold.com
www.adventure-gold.com

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