Crown Gold LOI With Argentium Lapses

Crown Gold Corporation ("Crown" or the "Company") (TSX VENTURE:CWM) reports that
its letter of intent with Argentium Resources Inc. ("Argentium") dated September
16, 2011 has lapsed. (See Crown's news release dated September 19, 2011). 


Stephen Dunn, CEO of Crown, said, "We are disappointed that we were not able to
complete this transaction. However, the management team at Crown is now working
on identifying other strategic partners and other sources of financing to take
the Monte Cristo property forward. Discussions with Argentium are also
continuing." 


About Crown 

Crown Gold, formed last year by the amalgamation of Crown Minerals and Gold
Summit, is exploring for high grade gold and silver deposits in Nevada and
Ontario. 


In Nevada, Crown has NI 43-101 compliant inferred resource at Monte Cristo of
3,158,347 tonnes at a grade of 3.02 g/t gold at a 0.5 g/t gold cut-off, a total
of 306,000 ounces. At Sugarloaf Peak, the Tip Top Mine has a 43-101 compliant
indicated resource of 353,100 tonnes at a grade of 3.27 g/t gold at a 1.0 g/t
gold cut-off, a total of 37,000 ounces. In addition, an inferred resource
amounts to 293,500 tonnes at a grade of 2.47 g/t gold, also at a 1.0 g/t
cut-off, a total of 23,000 ounces. 


Crown's three other Nevada properties, Blue Sphinx, Gold Springs and Black
Warrior, all contain well-defined and essentially, undrilled, targets. Gold
Springs, has silver values in surface rock samples that range between 575 g/t
(16.8 opt) and 350 g/t (10.2 opt) silver along a 4 km prominent vein outcrop. A
second, poorly exposed, sub parallel vein to the east assayed 33 g/t gold over a
1.3m true width channel sample. Recent work at Black Warrior confirmed silver
values as high as 14.4 ounces per ton (496 grams/tonne) with 0.07 opt (2.4 g/t)
gold over 0.6 meter in channel chip sampling (see news release of June 7, 2011).
The work was undertaken to confirm the previous reports of grades of 20 opt (685
g/t) silver in hand-sorted ore sent to the old Sunshine mill at Silver Peak in
1983. (The 1983 reports are not compliant with the requirements of NI 43-101
and, accordingly, cannot be relied upon.)


In Ontario, surface work is now proposed at Crown's McKenzie Island property at
Red Lake to evaluate the gold bearing, east-west striking, McAndrews trend where
sheeted quartz carbonate veining is described in old workings. Drilling along
the north west striking Bishops Break trend earlier this year yielded promising
results, including 75 g/t (2.2 opt) gold over 0.91m (3 feet). In northeastern
Ontario, Crown holds three other strategic land positions including one adjacent
to Trelawney's Cote Lake discovery near Gogama. 


Larry Kornze, Senior Consultant to Crown Gold and a registered Professional
Engineer/Geologist, is designated as the Qualified Person under National
Instrument 43-101 and has reviewed and approved the technical contents of this
news release.


This press release contains forward-looking statements within the meaning of
applicable Canadian and U.S. securities regulation, 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.