Crown Gold Agrees to Sell Monte Cristo Property for Up to $5.5 Million in Cash

Crown Gold Corporation ("Crown" or the "Company") (TSX VENTURE:CWM) announces
that it has signed an agreement with a subsidiary of Hecla Mining Company for
the sale by Crown of certain unpatented mining claims and the transfer and/or
assignment of certain mining leases and other assets comprising Crown's Monte
Cristo property in Esmeralda County, Nevada, U.S.A. (collectively, the
"Purchased Assets") for US$4,500,000 in cash, plus a potential additional
purchase price payment of US$1,000,000 conditions are met.


As soon as practicable following the closing of this transaction, the Company
will distribute US$3,650,000 (approximately US$0.043 per share) to its
shareholders pro rata based upon the Company's outstanding shares as of the
record date duly determined for such distribution. In addition, to the extent
received, the Company will distribute to its shareholders pro rata the portion
of the potential US$1,000,000 payment in excess of certain identified expenses. 



The sale of the Purchased Assets by Crown to the buyer is subject to a number of
conditions, including obtaining shareholder and regulatory approvals, and
satisfactory completion of buyer's due diligence, and is expected to close in
the third quarter of 2012. 


Crown's President and Chief Executive Officer, Stephen Dunn, stated, "this
transaction will allow Crown to distribute value from one of its Nevada
properties to Crown shareholders and then focus on its recent discovery on
Mackenzie Island in Red Lake, Ontario. Drilling along the north west striking
Bishops Break trend on our Red Lake property in 2011 yielded promising results,
including 75 g/t (2.2 opt) gold over 0.91m (3 feet). A soil, gas, and
hydrocarbon follow-up study last fall identified a number of new targets at the
Mackenzie Island project that we hope to drill this coming summer." 


For more information please see the Crown website at www.crowngoldcorp.com. 

This press release contains forward-looking statements within the meaning of
applicable Canadian and U.S. securities laws and regulations, including
statements regarding the future activities of the Company. Forward-looking
statements reflect the current beliefs and expectations of management and are
identified by the use of words including "will", "anticipates", "expected to",
"plans", "planned" and other similar words. Actual results may differ
significantly. The achievement of the results expressed in forward-looking
statements is subject to a number of risks, including those described in the
Company's management discussion and analysis as filed with the Canadian
securities regulatory authorities which are available at www.sedar.com.
Investors are cautioned not to place undue reliance upon forward-looking
statements.