Nevgold Resource Corp.

Nevgold Resource Corp.

July 24, 2009 07:30 ET

Nevgold to Begin Core Drilling Program at Cordero

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 24, 2009) - Nevgold Resource Corp. ("Nevgold" or "the Company") (TSX VENTURE:NDG) is pleased to announce the start of a core drilling program on or about July 31 at the Company's Cordero Project located near McDermitt, Nevada. Nevgold has completed the permitting process and has selected the drill contractor for a program initially consisting of 3-4 diamond drill holes to planned depths of around 1,500 feet (about 460 meters). Total drill footage and number of holes will be determined as the program progresses.

Nevgold has been working on various exploration models during the past 18 months based on historic third party drilling and the Company's own 2008-2009 reverse circulation drill program results. An extensive gold, silver and multi-element assay database has been combined with surface and subsurface geology to identify fault zones anomalous in precious metals and associated pathfinder elements from surface exposures to depths of over 600 feet. Using a geologic model based on other deposits in the region with similar host rock age and composition, alteration, and anomalous pathfinder geochemistry, Nevgold's exploration team is targeting bonanza grade epithermal precious metal veins expected to develop at depths of at least 1,000 feet. This core program is designed to test the near vertical down-dip projection of the northeast striking M-Fault zone at depths of 1,000 to 1,250 feet in areas where previous drilling has shown strong gold, silver, selenium, arsenic, antimony and base metal assays closer to the surface. Additional information can be found in the Company's March 31 news release and on the Nevgold website.

Pursuant to the Nevgold stock option plan, a director of the Company has been granted 50,000 incentive stock options exercisable at $0.15 per share for a period of five years.

Mr. Thomas H. Chadwick, P.Geo., a Qualified Person as defined by National Instrument 43-101 and President of the Company, has reviewed and verified the technical information contained in this news release.

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 TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.

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