Nevgold Resources Closes Private Placement

Nevgold Resource Corp. (TSX VENTURE:NDG) - 

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S.

This news release does not constitute an offer to sell or a solicitation of an
offer to buy any of the securities in the United States. The securities have not
been and will not be registered under the United States Securities Act of 1933,
as amended, or any state securities laws and may not be offered or sold within
the United States or to U.S. persons unless an exemption from such registration
is available.


Nevgold Resource Corp. ("Nevgold" or "the Company") is pleased to announce that
it has completed its previously announced private placement of 2,010,000 units
at a price of $0.25 per unit for gross proceeds of $502,500. Each unit consists
of one common share and one-half common share purchase warrant. Each whole
warrant will enable the subscriber to purchase another common share for $0.35
over a two year period. If, after the expiry of all Canadian resale
restrictions, the closing price of Nevgold's shares on the TSX Venture Exchange
is $0.50 or greater for a period of 20 consecutive trading days, the Company may
accelerate the expiry of the warrants to 21 trading days after giving notice
thereof.


Finder's fees were payable in a combination of 6% cash and 6% broker warrants
("BW") to Haywood Securities Inc. ($15,000/60,000 BW) in consideration of their
efforts in locating investors. The BW's are priced at $0.35 per share and are
exercisable for a 12 month period.


The shares, and any shares issued on the exercise of the warrants or broker
warrants, are subject to a restricted resale period under Canadian securities
law and cannot be traded before March 23, 2011. 


Nevgold intends to use the proceeds to further exploration on the Cornucopia and
Cordero Properties located in northern Nevada, as well as for general working
capital purposes. 


Forward-Looking Statement

Some of the statements in this news release contain forward-looking information
that involves inherent risk and uncertainty affecting the business of Nevgold
Resource Corp. Actual results may differ materially from those currently
anticipated in such statements.

Nevgold Resource Corp. (TSXV:NDG)
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