The 2012 drill program tested the deposit above the 75 meter level which had been little explored by previous drilling campaigns. Holes NSG-6-12 and NSG-7-12 encountered old workings near the surface and were discontinued. The remaining thirteen holes all encountered the expected, relatively sulphide rich, quartz bearing argillite zones. Of particular significance Hole NSG-8-12 returned gold values of 36.8 grams per tonne over 0.6 meters starting at 30.9 meters and 15.21 grams per tonne over 1.7 meters starting at 77.7 meters.

Other significant drill intercepts included the following;

• 9.93   gpt over 1.0 meter in Hole NSG-1-12   starting at 25.2 meters
• 7.10   gpt over 1.0 meter in Hole NSG-3-12   starting at 67.2 meters
• 6.25   gpt over 1.0 meter in Hole NSG-8-12   starting at 74.3 meters
• 11.49 gpt over 1.0 meter in Hole NSG-10-12 starting at 51.8 meters
• 8.44   gpt over 1.0 meter in Hole NSG-10-12 starting at 54.8 meters
• 9.44   gpt over 1.0 meter in Hole NSG-13-12 starting at 48.0 meters
• 18.76 gpt over 1.0 meter in Hole NSG-15-12 starting at 22.9 meters

In the thirteen holes that were drilled to planned depths, there were thirty-nine (39) intercepts with gold values greater than 0.5 grams per tonne, including twenty-six (26) intercepts with gold values greater than 1.0 grams per tonne.   The average sample length and grade of the thirty-nine intercepts were 0.92 meters and 4.57 grams per tonne respectively.  Appendix A includes a table of the gold results exceeding 0.5 grams per tonne.

All holes were drilled at angles between 45 and 47 degrees and core angles were generally in excess of 60 degrees, averaging between 65 and 70 degrees, resulting in true widths being seven to nine percent less than core lengths.

The data obtained from this drilling program, together with the results from previous drilling, will be used to undertake a preliminary evaluation of the potential for open pit mining of the West Zone.  The West Zone has been previously drill tested at depth and extends along strike approximately 1,000 meters, however, past drilling campaigns (110 holes totaling 29,000 meters) were not designed to target the gold bearing veins within 75 meters from the surface.  The Mooseland gold deposit occurs within a typical Meguma structure with steeply dipping limbs. The gold bearing quartz veins at Mooseland occur on both limbs of the fold with similar widths and grades.  Of particular significance from a potential open-pit mining perspective is the relatively shallow depth (generally 0.5-1.5 meters) of overburden covering the West Zone deposit and the geometry of the near surface saddle veins.

The West Zone comprises 57% (259,000 ounces) of the total inferred mineral resources for the Mooseland Gold Project which are estimated at 454,000 ounces of gold (see NSGold news release dated June 5, 2012).    A summary of the June 2012 resource estimate is provided in the table below.

Sampling Protocol and QA-QC

Drill core was split in half by hydraulic splitter at the secure core shack on the property and was placed in poly bags and sealed with zip ties once the sample tag is inserted. Splitting equipment was thoroughly cleaned between samples. The remainder of the core is retained in core boxes stored in the core shack. Sample bags were packed in numbered boxes and shipped to Laboratoire Expert in Rouyn-Noranda, Quebec for analysis.

All samples were assayed for gold using standard fire assay and all samples returning values over 500 ppb were re-assayed using the “screen for metallics” method utilizing the complete sample. In addition, any samples identified as containing visible gold were also tested using the metallics method. A total of 79 of the samples were analyzed using this method, including 22 samples testing less than 500 ppb in the original results. Sample standards, blanks and duplicate samples were inserted in accordance with industry best practice.

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.

For further information, please contact:

Glenn A. Holmes
Chief Executive Officer, NSGold Corporation
(902) 798-1148
glenn.holmes@nsgoldcorp.com

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, 2011, 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.

The Silver Hill property is located on the Getchell Trend, a major Nevada linear structure that has provided structural preparation for the introduction of gold and silver mineralization related to Cretaceous intrusive rocks that are found along the trend. Granodiorite intrusive rocks and skarns developed around the intrusive rocks are located near the Getchell (Barrick Gold) and Pinson (Atna Resources) deposits to the north of the property and at the Adelaide deposit (Wolfpack Gold Corp) to the south of the property. The Getchell deposit (approximately 25 miles to the NNE) and Pinson deposit (approximately 20 miles to the NNE) are both multi-million ounce gold deposits with Getchell exceeding 10 million ounces. The Adelaide deposit located approximately 3.5 miles to the SSW has reported historic gold and silver production.

The Silver Hill property is comprised of 36 unpatented claims encompassing a 2,500 to 3,000 foot long shear zone that transects the western flank of Edna Mountain. The presence of silver, copper, arsenic and tungsten in the mineralized shear zone, which is thought to be part of the Golconda Thrust, suggests potential for sediment-hosted and/or skarn-related gold mineralization, similar to the Adelaide and McCoy deposits to the southeast, or possibly related to adjacent intrusive activity and gold-silver mineralization found near skarns at the Chimney Creek, Getchell, Pinson and Preble mines to the north.

Under the terms of the Agreement, NSGold, through its wholly owned subsidiary, NSGold Nevada Inc., may, at any time during the ten-year term of the Agreement, purchase a 100% interest in the Silver Hill property by making a cash payment of US$1,250,000.  The Agreement also provides that NSGold is required to make a payment of US$40,000 upon signing, and to make advance minimum royalty payments as follows: US$25,000 on or before the first anniversary of the signing of the Agreement, US$35,000 on or before the second anniversary of signing, and $50,000 on or before the third and subsequent anniversaries. The advance minimum royalty payments will be credited against a 3% production royalty based on net smelter returns from production or sale of minerals. NSGold will have the right to purchase 2% of the production royalty for US$1,500,000 prior to the commencement of production. The Agreement further provides for certain bonus payments by NSGold in the event that it exercises the purchase option and certain resource thresholds are achieved.  A bonus payment of US$1,000,000 will be payable to the optionor if NSGold delineates or publishes a measured or indicated resource on the Silver Hill property compliant with National Instrument 43-101 which includes a contained gold or gold equivalent content in excess of 1 million ounces.  An additional bonus payment of US$2,000,000 will be payable by NSGold to the optionor if the contained gold or gold equivalent content is in excess of 2 million ounces.

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.

For further information, please contact:

Glenn A. Holmes
Chief Executive Officer, NSGold Corporation
(902) 798-1148
glenn.holmes@nsgoldcorp.com

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, 2011, 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.

Sampling from the Mountain Top Mine area, known to host at least 12 mineralized showings, returned significant values from quartz-sericite schist taken from two of these sites as detailed in the table below:

Amax Minerals Exploration Limited (“Amax”) in 1979 reported sampling of boulders of massive galena in several locations on this property that returned assay values up to 1,334 grams per tonne silver, 42.3% lead and 8% zinc. Amax also reported sampling of boulders of massive arsenopyrite that returned assay values up to 4.11 grams per tonne gold, 160.4 grams per tonne silver, 1.27% lead and 1.77% zinc. Significant gold, silver and copper values have been reported by other companies that have explored elsewhere on the property.  The source of this mineralization has yet to be found.  A number of soil geochemical and geophysical (EM) anomalies remain either untested or under-explored.

NSGold also recently collected rock samples from another area of its Cheticamp Project known as the Core Shack Showing.  In particular three samples taken from mineralized quartz-sericite schist returned significant values as detailed in the table below:

Amax carried out a limited drill program at the Core Shack area in 1979 with the best reported drill intercept being 4.11 gram per tonne gold, 40.8 g per tonne silver, 1.76% lead and 2.39% zinc over 4.5 meters. The limits of this mineralization have not been adequately explored.

NSGold previously reported significant precious and base metal results from rock samples taken from two other of its Cheticamp exploration licenses, Fisset Brook and Rocky Brook (see NSGold news release dated August 1, 2012).

NSGold Chief Executive Officer, Glenn Holmes, commented;

“These latest sampling results, together with those reported in August 2012, demonstrate the potential for the Cheticamp land package to host a significant combined precious and base metal deposit.    NSGold intends to complete a thorough review the historic exploration results with the view of designing a follow on exploration program for the New Year.

At the Cheticamp 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.

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.

Mooseland Gold Project

NSGold also announces that it has completed the Fall 2012 drilling program at its wholly-owned Mooseland Gold Project located in Halifax County, Nova Scotia. This program was partially funded with a Mineral Incentive Program grant from the Nova Scotia Department of Natural Resources

A total of 15 diamond drill holes were completed, including two that encountered old mine workings and were abandoned. Drill hole depths ranged from 66 to 80 meters and all encountered multiple zones of quartz bearing argillites that contained varying amounts of arsenopyrite, both in and around the quartz veins. Logging of the core is now complete and core samples are being sent to Laboratoire Expert Inc. in Rouyn-Noranda for analysis.

The purpose of the Fall 2012 drill program was to obtain additional data for the near surface gold mineralization for purposes of evaluating the potential for open pit mining of the West Zone.  The West Zone has been previously drill tested at depth and extends along strike approximately 1,000 meters, however, past drilling campaigns (110 holes totaling 29,000 meters) were not designed to target the gold bearing veins within 75 meters from the surface.  The Mooseland gold deposit occurs within a typical Meguma structure with steeply dipping limbs. The gold bearing quartz veins at Mooseland occur on both limbs of the fold with similar widths and grades.  Of particular significance from a potential open-pit mining perspective is the relatively shallow depth (generally 0.5-1.5 meters) of overburden covering the West Zone deposit and the geometry of the near surface saddle veins.

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.

For further information, please contact:

Glenn A. Holmes

Chief Executive Officer, NSGold Corporation

(902) 798-1148

glenn.holmes@nsgoldcorp.com

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, 2011, 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.

Bedford, Nova Scotia – December 11, 2012 – NSGold Corporation (NSX:TSXV) is pleased to announce that it has secured a commitment for a loan facility of up to $500,000 from Van Hoof Industrial Holdings Ltd. (“VHIH”), a company controlled by Mr. Hans Van Hoof, Chairman of the Corporation.  The loan facility is being made available without any fees, options or warrants.  As the loan is drawn upon, it will bear interest at the rate of 6% per annum.  As collateral for the loan facility, the Corporation will pledge its shareholding in NSX Silver Inc., representing 1,875,804 shares.

Hans Van Hoof, Chairman commented:

“My view is that real money tends to be made at the bottom, rather than at the top of the market. The current junior mining environment however has seen many ‘false bottoms’.  It seems to me to be very much like the reversal of the dot-com boom of the late 1990’s and early 2000’s.  At our annual meeting in June 2012, I was talking to one of our shareholders, a very theoretical man, with an impressive knowledge of mining company history.  I mentioned that the junior mining market felt a bit like the 1998 Asian/Russian Crisis followed by the record low commodity prices of 2001-2003.  He then commented that the liquidity crisis was the worst experienced in 64 years. That was June 2012 and everyone expected the investment environment to improve from there on and yet here we are in December 2012.

Recently I read a very well researched article by John A. Kaiser regarding the pending ‘extinction’ of a significant number of TSX and TSX-V listed junior mining companies.  That in turn reminded me of a phrase from Milton Keynes, that has, or should have, saved many good investment managers over the years:

’The market can stay irrational longer than you can stay solvent.’

Now back to NSGold Corporation, although we expect our current cash and receivables position will cover our overhead into mid-2013, the current environment does create some incredible opportunities.  Rather than having to make those opportunities contingent upon securing funding before getting an exclusive due diligence period, this loan facility should position the Corporation to be at the forefront for executing on the right opportunities, as well as for strategically advancing its 100% owned Mooseland Gold Project.”

The Corporation and VHIH will proceed with the preparation of a standard loan agreement to formalize the foregoing arrangement.

Due to the fact that VHIH, the lender, has ownership of more than 10% of the outstanding common shares of the Corporation, the loan facility may be considered a “related party transaction” for the purposes of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions and the Corporation is relying on exemptions from the formal valuation and minority approval requirements of Multilateral Instrument 61-101.

About NSGold

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

For further information, please contact:

Glenn A. Holmes

Chief Executive Officer, NSGold Corporation

(902) 798-1148

glenn.holmes@nsgoldcorp.com

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, 2011, 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 intends to drill ten shallow diamond drill holes ranging from 50 to 75 meters in length along the West Zone at Mooseland for purposes of evaluating the potential for open pit mining of the West Zone.  The West Zone has been drill tested at depth and extends along strike approximately 1,000 meters, however, past drilling campaigns (110 holes totaling 29,000 meters) were not designed to target the gold bearing veins within 75 meters from the surface.  The Mooseland gold deposit occurs within a typical Meguma structure with steeply dipping limbs. The gold bearing quartz veins at Mooseland occur on both limbs of the fold with similar widths and grades.  Of particular significance from a potential open-pit mining perspective is the relatively shallow depth (generally 0.5-1.5 meters) of overburden covering the West Zone deposit and the geometry of the near surface saddle veins.

The West Zone comprises 57% (259,000 ounces) of the total inferred mineral resources for the Mooseland Gold Project which are estimated at 454,000 ounces of gold (see NSGold news release dated June 5, 2012).    A summary of the June 2012 resource estimate is provided in the table below.

The drilling program is scheduled to commence in November 2012 and is being partially funded with a Mineral Incentive Program grant from the Nova Scotia Department of Natural Resources.

NSGold also announces that it has, subject to regulatory approval, retained Venture Liquidity Providers Inc. (“VLP”) to initiate its market-making service to provide assistance in maintaining an orderly trading market for the common shares of the company.

The market-making service will be undertaken by VLP through a registered broker, W.D. Latimer Co. Ltd., in compliance with the applicable policies of the TSX Venture Exchange and other applicable laws. For its services, the corporation has agreed to pay VLP $5,000 per month for a period of 12 months. The agreement may be terminated at any time by the corporation or VLP. The corporation and VLP act at arm’s length, and VLP has no present interest, directly or indirectly, in the corporation or its securities. The finances and the shares required for the market-making service are provided by W.D. Latimer. The fee paid by the company to VLP is for services only.

VLP is a specialized consulting firm based in Toronto providing a variety of services focused on TSX-V-listed issuers.

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.

For further information, please contact:

Glenn A. Holmes
Chief Executive Officer, NSGold Corporation
(902) 798-1148
glenn.holmes@nsgoldcorp.com

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, 2011, 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.

The Silver Hill property is located on the Getchell Trend, a major Nevada linear structure that has provided structural preparation for the introduction of gold and silver mineralization related to Cretaceous intrusive rocks that are found along the trend. Granodiorite intrusive rocks and skarns developed around the intrusive rocks are located near the Getchell and Pinson deposits to the north of the property and at the Adelaide deposit to the south of the property. The Getchell deposit (approximately 25 miles to the NNE) and Pinson deposit (approximately 20 miles to the NNE) are both multi-million ounce gold deposits with Getchell exceeding 10 million ounces. The Adelaide deposit located approximately 3.5 miles to the SSW has reported historic gold and silver production.

The Silver Hill property is comprised of 72 unpatented claims encompassing a 2,500 to 3,000 foot long shear zone that transects the western flank of Edna Mountain. The presence of silver, copper, arsenic and tungsten in the mineralized shear zone, which is thought to be part of the Golconda Thrust, suggests potential for sediment-hosted and/or skarn-related gold mineralization, similar to the Adelaide and McCoy deposits to the southeast, or possibly related to adjacent intrusive activity and gold-silver mineralization found near skarns at the Chimney Creek, Getchell, Pinson and Preble mines to the north.

NSGold’s management considers the Silver Hill property to be highly prospective for the following reasons:

1. Permissive stratigraphy – lower-plate rocks occur on the property, which are the same formations that host gold-silver mineralization at the Pinson, Preble and Adelaide deposits,
2. Structural preparation is extensive, as evidenced by both high-angle Basin-Range faults and the Golconda Thrust on the property,
3. Nearby granodiorite intrusive rocks – such intrusive rocks are associated with both tungsten-bearing skarn and gold-silver mineralization at all of the mines in the Getchell Trend (Chimney Creek, Getchell, Pinson, Preble and Adelaide),
4. Strong silver and associated metals – sampling by several independent geologists and prior owners established the presence of high-grade silver associated with gold, copper, arsenic and tungsten, and
5. Location – Silver Hill is located within the Getchell Trend, a well-known lineament in Nevada proven to host economic gold-silver deposits.

Glenn Holmes, Chief Executive Officer of NSGold Corporation, commented;

“We are excited to have been able to secure the option on the Silver Hill property. With the property being located in one of the most supportive mining jurisdictions in the world coupled with it being on an under-explored part of the prolific Getchell Trend, Silver Hill will be a great addition to NSGold’s property portfolio. Our team continues to review other prospective acquisition opportunities as we work to further enhance NSGold’s property portfolio.”

Under the terms of the Letter of Intent, NSGold may, at any time during the ten-year term of the definitive Option Agreement, purchase a 100% interest in the Silver Hill property by making a cash payment of US$1,250,000. The Letter of Intent also provides that NSGold is required to make a payment of US$50,000 upon execution of the definitive Option Agreement, and to make advance minimum royalty payments as follows: US$25,000 on or before the first anniversary of the signing of the definitive Option Agreement, US$35,000 on or before the second anniversary of signing, and $50,000 on or before the third and subsequent anniversaries. The advance minimum royalty payments will be credited against a 3% production royalty based on net smelter returns from production or sale of minerals. NSGold will have the right to purchase 2% of the production royalty for US$1,500,000 prior to the commencement of production. The Letter of Intent further provides for certain bonus payments by NSGold in the event that it exercises the purchase option and certain resource thresholds are achieved. A bonus payment of US$1,000,000 will be payable to the optionor if NSGold delineates or publishes a measured or indicated resource on the Silver Hill property compliant with National Instrument 43-101 which includes a contained gold or gold equivalent content in excess of 1 million ounces. An additional bonus payment of US$2,000,000 will be payable by NSGold to the optionor if the contained gold or gold equivalent content is in excess of 2 million ounces.

NSGold’s right to acquire the Silver Hill property is conditional upon the parties negotiating and signing a definitive Option Agreement.

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.

For further information, please contact:

Glenn A. Holmes
Chief Executive Officer, NSGold Corporation
(902) 798-1148
glenn.holmes@nsgoldcorp.com

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, 2011, 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 forwardlooking 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.