NSGold confirms significant gold, silver and base metal potential on its Cheticamp property

    




 BEDFORD, NS, Aug. 1, 2012 /CNW/ - NSGold Corporation  is pleased to report that stream sediment and grab samples from three  of its seven exploration licences in the Cheticamp Highlands area of  Cape Breton, Nova Scotia have provided encouraging results. 

 On the Fisset Brook exploration licences 9797 and 7755, rock samples  returned values of up to 78.4 grams per tonne silver and 1.44 grams per tonne gold in an area not previously known to contain significant values of either  element. Lead and zinc values greater than the detection limit of the  ICP assay method, of 0.5% and 1% respectively, were also obtained, as  well as antimony values up to 334 ppm. Sediment sampling from two  streams on the property has provided a strong vector for further  exploration on a section of the claims with no exposure, with values up  to 137 parts per million ("ppm") copper, 163 ppm nickel, 145 ppm lead,  445 ppm zinc and 437 ppm arsenic. 

 On the Rocky Brook licence 09235, NSGold sampling returned values of up  to 6.17 grams per tonne gold in an area of historic trenching. A previous limited drill program in  this area was carried out by Noranda in 1990 and returned gold values  up to 7.8 grams per tonne over 0.6 meters and a 3.6 meter interval  assaying 1.05% lead, 2.74% zinc and 0.51% copper. Grab samples from  trenching completed by Noranda returned values up to 17.8 grams per  tonne gold. Several historic soil anomalies and an IP anomaly remain  untested on this property. 

 Base metal and precious metal mineralization occurs in an altered  meta-sedimentary sequence (mainly quartz-sericite schist with some  chlorite schist) within altered volcanics. Numerous additional showings  as well as two former producing mines (the Galena Lead/Zinc Mine and  the Mountain Top Copper/Gold Mine) occur on nearby claims, also owned  by NSGold, in a similar geological environment. NSGold has excellent  claim coverage in these areas and is planning to undertake further  evaluation work on all the exploration licences. 

 The rocks of the Cheticamp Highlands region are of the Aspy Terrane  which correlates with the Gander and Dunnage Zones of Newfoundland,  host to the Buchans area deposits, and the Miramichi Zone of  north-central New Brunswick, host to the Bathurst area deposits. 

 Qualified Person 

 Perry MacKinnon P. Geo., Chief Geologist, for NSGold, a qualified person  as defined by National Instrument 43-101 has reviewed the information  provided in this news release. 

 About NSGold 

 NSGold Corporation is a mineral exploration company actively exploring  for gold in Nova Scotia, Canada. NSGold's principal property is the  Mooseland Gold Property. NSGold's shares are listed on the TSX Venture  Exchange under the symbol NSX. 

 Forward-Looking Statements  

 This news release contains statements that may constitute  "forward-looking information" or "forward-looking statements" within  the meaning of applicable Canadian securities legislation. Forward-looking information and statements may include, among others,  statements regarding the future plans, costs, objectives or performance  of NSGold Corporation ("NSGold"), or the assumptions underlying any of  the foregoing. In this news release, words such as "may", "would",  "could", "will", "likely", "believe", "expect", "anticipate", "intend",  "plan", "estimate" and similar words and the negative form thereof are  used to identify forward-looking statements. Forward-looking statements  should not be read as guarantees of future performance or results, and  will not necessarily be accurate indications of whether, or the times  at or by which, such future performance will be achieved. No assurance  can be given that any events anticipated by the forward-looking  information will transpire or occur, or if any of them do so, what  benefits that NSGold or its shareholders will derive. Forward-looking  statements and information are based on information available at the  time and/or management's good-faith belief with respect to future  events and are subject to known or unknown risks, uncertainties,  assumptions and other unpredictable factors, many of which are beyond  NSGold's control. These risks, uncertainties and assumptions include,  but are not limited to, those described under "Risks and Uncertainties"  in NSGold's Management Discussion and Analysis for the Year ended  December 31, 2010, which is available on SEDAR at www.sedar.com, and could cause actual events or results to differ materially from  those projected in any forward-looking statements. NSGold does not  intend, nor does NSGold undertake any obligation, to update or revise  any forward-looking information or statements contained in this news  release to reflect subsequent information, events or circumstances or  otherwise, except if required by applicable laws. 

 Neither 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 or accuracy of this release. 

NSGOLD CORPORATION


CONTACT:  Glenn A. HolmesChief Executive Officer, NSGold Corporation(902) [e-mail] 


    

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