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NV Gold Signs Formal Purchase Agreement for Afgan-Kobeh Property and Relinquishes Fisher Canyon Property

NV Gold Corporation (TSX-V: NVX) (the “Company”) is pleased to report that it has signed a Purchase and Sale Agreement (the “Agreement”) with Gold Standard Royalty (Nevada) Inc., a subsidiary of Golden Predator Royalty and Development Corp. (TSX-V: GPD), formalizing the terms of acquisition of the Afgan-Kobeh property as described in the Company’s news release of April 26, 2010. The property is located 28 miles northwest of Eureka, Nevada and consists of 109 unpatented mining claims covering approximately 2,180 acres.  The Company expects to complete the acquisition within the next month, subject to receipt of TSX Venture Exchange acceptance.

The project has been the subject of previous drilling programs that have delineated a Carlin-Style resource. The mineralization identified by previous drilling is open to enlargement in several areas and these areas will be the focus of NV Gold’s exploration efforts. The Company plans to apply for a drilling permit in the next 60 days with the expectation of completing a drilling program early in the Fall. The Company has engaged Mine Development Associates of Reno, Nevada to prepare a NI 43-101 compliant technical report on the property.  The Company expects to file the report on SEDAR within 30 days.

“The Afgan-Kobeh project is a Carlin-style, sediment-hosted gold system exhibiting characteristics common to gold mineralization prevalent in northern Nevada” stated John Watson, President and CEO of NV Gold.  “The project's location at the intersection of the Northern Nevada Rift and the Cortez Trend adds to its potential.” 

The Company also reports that it has relinquished its interests in the Fisher Canyon Project, Nevada.

NV Gold is a newly listed gold-copper exploration company with a proven management team and extensive connections to projects and financing.

 

ON BEHALF OF THE BOARD OF DIRECTORS OF

NV Gold Corporation

“John E. Watson”, President and CEO

 

For further information, visit the Company’s website at www.nvgoldcorp.com or contact:

John Watson,

Phone: 303.674.9400        

Email: jewats@aol.com

 

Caution Regarding Forward-Looking Statements – This news release contains certain forward-looking statements, regarding the anticipated completion of acquisition of a property and a technical report in respect thereof, the existence of a resource on the property and the securing of drilling permits and undertaking drilling on the property.  These statements are subject to a number of risks and uncertainties.  Actual results may differ materially from results contemplated by the forward-looking statements.  Factors that could cause actual results to differ materially from those in the forward-looking statements include not receiving approval of the TSX Venture Exchange to the acquisition, not receiving approval of a drilling permit and uncertainties associated with mineral resources including unsuccessful exploration results, the availability of funding for mineral exploration and general economic conditions.  When relying on forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and should not place undue reliance on such forward-looking statements.  The Company does not undertake to update any forward-looking statements, oral or written, made by itself or on its behalf.

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 and accuracy of this release.