High Grade Gold Discovery at Osikonmaki Prospect Confirmed and Extended

REBgold Corporation (TSX VENTURE:RBG) ("The Company") is pleased to announce
final results from the recently completed drill program at the Osikonmaki East
prospect on the Rantasalmi gold property. The most significant hole since the
last news release, BELOSI 081, continues to develop and extend the Upper East HW
Zone discovered in the 2011 drilling campaign. BELOSI 81 was mineralized almost
its entire 205m length with the most significant intercept of 18m averaging
5.7g/t gold within a 35m zone averaging 3.2g/t. This zone has now been
intersected by four drill holes whose results are tabulated below, and
represents a significant new discovery. The zone, though still requiring further
delineation, appears to be steeply dipping to the south and occurs from bedrock
surface, has a true thickness of at least 12 metres, a strike of at least 100 m
and remains open at depth and along strike. Adjacent to the high grade zone in
the hanging wall of the main shear there appears to be a zone of lower grade
mineralization, representing potential for a bulk tonnage target.




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Hole_ID                From        To   Interval   Au (g/t)   Au gram metres
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BELOSI044(i)           4.31     27.35      23.04        5.8            133.6
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including              7.53     21.71      14.18       9.14            129.6
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BELOSI077(i)           26.4     42.05      15.65       9.96            155.9
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BELOSI078(i)          46.04     100.3      54.26       2.91            157.9
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including             46.04      65.9      19.86       6.32            125.6
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BELOSI081             55.23     90.81      35.58        3.2            113.9
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including             58.72     77.05      18.33       5.69            104.4
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(i) Previously announced in a news release May 17, 2011, Sept 14, 2011 and  
    Feb 28, 2012                                                            



Table 1: All intersections into Upper East HW zone. Intersections are based on a
0.3 g/t Au cut-off (higher grade intervals at 1.0 g/t Au cut-off) with a grade
thickness greater than 2 gram metres. No top cut is applied. Maximum grade is
69.6 g/t Au over 0.67 metres (BELOSI081), one of 20 individual samples over 10
g/t Au (0.32 oz/t). Intersections are estimated to be 70-90% of true width.


Mark Burridge, Chairman, comments, "The latest drilling continues to increase
the potential for Osikonmaki East to become a significant gold deposit. Every
intersection into the new eastern hanging-wall zone has yielded greater than 100
gram metres, displaying potential for both high grade and bulk tonnage
mineralization. There is strong evidence to suggest that the Osikonmaki East
deposit extends at depth and along strike. While the Osikonmaki East project has
been the focus of recent work, we also remain excited about the overall
potential of the Rantasalmi project. Several other target areas, including the
historical resources at Osikonmaki West and Pirila are yet to be tested."


Additional drill hole results not previously announced are published below.



----------------------------------------------------------------------------
Hole_ID                From        To   Interval   Au (g/t)   Au gram metres
----------------------------------------------------------------------------
BELOSI081             17.16     20.15       2.99       1.15              3.4
BELOSI081             55.23     90.81      35.58        3.2            113.9
BELOSI081             96.33    130.88      34.55       0.69             23.7
BELOSI081            160.38     165.7       5.32       1.65              8.8
BELOSI081            178.93    188.12       9.19       0.36              3.3
BELOSI082             189.8    193.97       4.17       0.51              2.1
BELOSI084            125.24    131.23       5.99       1.49              8.9
BELOSI084            163.11    172.93       9.82       0.93              9.1
BELOSI086             96.33     97.25       0.92       2.52              2.3
BELOSI086            110.06    118.14       8.08       0.43              3.4
BELOSI090              9.09     18.04       8.95       0.65              5.8
BELOSI091             68.62     73.64       5.02       0.49              2.5
----------------------------------------------------------------------------



Table 2: Intersections are based on a 0.3 g/t Au cut-off with a grade thickness
greater than 2 gram metres. No top cut is applied. Intersections are estimated
to be 70-90% of true width.


Other drill holes confirmed the depth and western strike potential of the
systems. BELOSI 84 was drilled to target the main shear zone at depth on the
eastern portion of the shear zone. The hole intersected 9.8m at 0.9g/t and
identified additional mineralization in the hanging wall, including 6m at 1.5
g/t.


BELOSI 82 was drilled to test the depth extension of the main shear zone 700 m
further to the west, and it confirmed the extension of the shear zone at depth
but assay results were modest, at around 0.5g/t. The hole appears to have
intersected the low grade zone in-between the higher grade chutes identified in
previous holes.


BELOSI 83 and BELOSI 85-91 were shallow exploratory holes drilled to test the
shear zone as it continues westwards towards the Osikonmaki West mineralization.
The main shear was intersected in all holes but from the limited drilling
undertaken, grades appear generally lower in this portion of the shear zone,
with individual samples up to 2.75 g/t gold recorded.


Other ongoing work related to the project include: the surveying and QA/QC
assaying of historic holes not used in the previous resource estimates. These,
combined with the results from this year's drilling program, will form the basis
for updating the mineral resource estimate.


Osikonmaki Geology: The Osikonmaki project occurs in a three kilometer long
shear complex, hosted by a Proterozoic aged Tonalitic Intrusion. Most of the
drilling to date has focused on the eastern 800m of the shear where the
mineralization is primarily associated with a 45 degrees south dipping shear
zone between 4 and 30 m thick. A series of higher grade chutes pitch at shallow
angles across the plane of the main shear, plunging 20 degrees to the ESE
contain the better part of the mineralization and extend for at least 600 m down
plunge. These chutes have been grouped into three principle lode systems the S,
T and U lode systems. The following resources have been outlined on the
Rantasalmi Property to date:




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                                   Resource                        Contained
Property            Prospect       Category     Tonnes   Au g/t         Oz's
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Rantasalmi   Osikonmaki East      Indicated  1,296,000      1.7       68,000
Rantasalmi   Osikonmaki East       Inferred  3,542,000     2.09      244,000
Rantasalmi   Osikonmaki West     Historical     90,000     4.86       14,000
Rantasalmi            Pirila     Historical    150,000      8.9       43,000
----------------------------------------------------------------------------



Table 3: Mineral Resources at Rantasalmi.

The drilling was undertaken by Drillcon SMOY of Finland, providing 42 mm
diameter core. Samples are comprised of half diamond core. Intersections are
estimated to be 70-90% of true width. No top cuts are applied with the highest
individual assay being 47.8 g/t gold over 0.46 metres. Core samples are sawn in
half on site, prepped and assayed by 30g fire assay with an AAS finish at the
internationally accredited laboratories of ALS Chemex in Finland. The quality
assurance-quality control (QAQC) program of Belvedere consists of the insertion
of certified standards of known gold content every 20 samples, with blanks at
the beginning of each batch. In addition, ALS Chemex inserts a number of blanks
and standards into the analytical process. Standards, blanks and duplicates make
up approximately 15% of the samples assayed. The remaining half core is retained
on site for verification and reference purposes.




----------------------------------------------------------------------------
hole_id                       x          y       z   max_depth Azimuth   Dip
----------------------------------------------------------------------------
BELOSI078               3564360    6883202   117.8      101.50     180    45
BELOSI079               3564400    6883138   117.3       80.50       0    45
BELOSI080               3564440    6883126   117.4      101.55       0    60
BELOSI081               3564400    6883195   120.0      205.30     180    65
BELOSI082               3563760    6882865   102.7      221.40       0    60
BELOSI083A              3563600    6882890   105.3       56.50       0    60
BELOSI083               3563600    6882888   105.3      156.85       0    60
BELOSI084               3564400    6883080   114.1      200.15       0    65
BELOSI085               3563440    6883015   105.5       57.90       0    45
BELOSI086               3563600    6882935   105.6      131.70       0    60
BELOSI087               3563440    6882970   110.0       71.40       0    60
BELOSI088               3563240    6883040   115.7       68.20       0    45
BELOSI089               3563240    6882995   115.3       89.15       0    45
BELOSI090               3563320    6883050   114.3       49.53       0    45
BELOSI091               3563315    6883005   114.8       79.95       0    45
----------------------------------------------------------------------------



Table 4: Details of drillhole locations.

The resources were previously announced in a press release on 11th October,
2011. An NI 43-101 compliant Technical Report "Mineral Resource Estimate of the
Rantasalmi Gold Project in Finland" filed on SEDAR October 19th, 2011. The
mineral resource estimate for Osikonmaki East was prepared by Golder Associates
(UK) Ltd under the supervision of Alexandra Akyurek (CSci, MSc MIMMM), acting as
an independent "Qualified Person" as defined by National Instrument 43-101. Mrs
Akyurek is a member of the Institute of Materials, Minerals and Mining (Member
#447670). The Qualified Person has not done sufficient work to classify the
historical estimates at Osikonmaki West and Pirila as current resources under NI
43-101, and suggests that the historical estimates should be considered an
historical reference of tonnes and grade, and not resources. These historical
estimates have not been validated by Golder and no reliance should be placed on
these figures.


About the Joint Venture with Belvedere Resources (TSX VENTURE:BEL)

REBgold Corporation has the right to earn up to a 50% interest in a special
purpose joint venture company which holds the Kiimala and Rantasalmi projects by
contributing expenditures of C$6 million over a 4 year period. If REBgold
proceeds with and completes the feasibility study it will increase its stake in
the projects to between 55% and 75% depending on the level of Belvedere's
contribution to the study. A further 5% can be earned if REBgold's bioleaching
technology can lead to a material improvement in the project economics.


Forward Looking Statement:

Some of the statements contained herein may be forward-looking statements, which
involve known and unknown risks and uncertainties. Without limitation,
statements regarding future plans and objectives of the Company (including
statements relating to future drill results) are forward-looking statements that
involve various degrees of risk. It is important to note that the Company's
actual results could differ materially from those in such forward-looking
statements.


Qualified Person

The technical aspects of this news release have been prepared by Dr Toby Strauss
(CGeol), who is acting as Qualified Person in compliance with National
Instrument 43-101 with respect to this release. Toby Strauss is Chief Operating
Officer of Belvedere Resources Ltd. The data supporting this news release has
been provided in a Surpac database and has been verified against the original
laboratory assay certificates. The Qualified Person has not undertaken any
independent sampling of the drill core, but has reviewed the QA/QC procedures,
and considers the results to be within expected margins of error.


About REBgold

REBgold is in the process of acquiring and developing economic interests in gold
assets, in particular, where it can utilize its competitive advantages, to
create shareholder value. The Company's key competitive advantages include an
experienced board and management team, strategic investor backing and
proprietary technology. The Company's bacterial oxidation and bioleaching
technologies are commercially proven for the liberation of precious metals from
difficult-to-treat sulphide ores and concentrates, with environmental and
economic benefits. To date, the Company's BACOX technology has been used at
three gold mines located in Western Australia, Tasmania and China.


Shares outstanding 182,258,486