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.

Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.

Contacts: Nevgold Resource Corp. Nathan A. Tewalt Chief Executive Officer [phone] [e-mail] Nevgold Resource Corp. Kim C. Casswell Corporate Secretary [phone] [e-mail] www.nevgoldcorp.com