GOLDNEV RESOURCES INC. ANNOUNCES INCREASE IN PRIVATE PLACEMENT FINANCING

CALGARY, Aug. 26 /CNW/ -- 
      CALGARY, Aug. 26 /CNW/ - Goldnev Resources Inc. ("Goldnev" or the
      "Corporation") (TSX Venture Exchange - "GNZ"), announces
      that further to a news release of March 31, 2010, the Corporation has
      elected to and is now proposing to increase the amount of its previously
      announced non-brokered private placement financing from a maximum of
      20,000,000 Units up to a total of 36,000,000 Units, at a price of $0.05
      per Unit for gross proceeds of up to $1,800,000. Each Unit will consist
      of one common share and one common share purchase warrant. Each full
      warrant entitles the holder thereof to purchase one common share of the
      Corporation at a purchase price of $0.08 for twelve months from relevant
      closing of the sale of Units.
    

      The proceeds from the private placement will be used to pay for a well
      recompletion and production testing program on the Corporation's Turner
      Valley property and to finance the acquisition of additional working
      interests at and funding for the preparation of the pre-feasibility
      study on the Corporation's Pasquia Hills oil shale project as well as
      for general corporate purposes.
    

      The proposed private placement transaction is subject to the approval of
      the TSX Venture Exchange and all securities issued will be subject to a
      standard four-month hold period.
    

      The Corporation also announces that it is seeking an extension of the
      exercise period of an aggregate of 9,343,750 outstanding share purchase
      warrants issued as part of a non-brokered private placement of common
      share Units issued between September 14 and November 19, 2009. Pursuant
      to the proposed extension, the applicable exercise period will be
      extended by to September 14, 2011. The warrant exercise price of $0.12
      per share will remain the same. Insiders of the Corporation hold
      5,706,500 of the outstanding share purchase warrants subject to proposed
      extension period.
    

      The proposed extension is subject to the acceptance of the TSX Venture
      Exchange. The proposed extension and amendment provides Goldnev with an
      extended opportunity to receive funding for it conventional and
      unconventional oil and gas projects and for general corporate purposes
      from existing warrant holders.
    

      Neither the TSX Venture Exchange, nor its Regulation Service Provider
      (as the term is defined in the policies of the TSX Venture Exchange)
      accepts responsibility for the adequacy or accuracy of this release.
    

      About Goldnev 
    

      Goldnev Resources Inc. is a public energy company focused on
      conventional and unconventional oil and gas production with assets in
      northeastern British Columbia, southwestern Alberta and an oil shale
      development project in east central Saskatchewan. Goldnev shares trade
      on the TSX Venture Exchange under the symbol "GNZ."
    

      Anyone wishing to be added to the Corporation's news release recipients
      list may forward an e-mail request to [e-mail].
    



pplease visit our website at a href="http://www.goldnevresources.com/"www.goldnevresources.com/a,       or email at a href="mailto:[e-mail]"[e-mail]/a       or contact:/p pMr. Marc Dame    br/President and Chief Executive       Officerbr/Goldnev Resources Inc.br/Telephone: [phone]br/Facsimile:       [phone]br/E-mail:  a href="mailto:[e-mail]"[e-mail]//aSuite       485, 708 - 11supth/sup Avenue S.W.br/Calgary, Alberta,br/T2R 0E4/p br/

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