Adventure Gold Inc.

Adventure Gold Inc.

July 16, 2008 09:19 ET

Adventure Gold Acquires the Resenor Gold Deposit Adjacent to the Beaufor Mine in Val d'Or, Quebec

MONTREAL, QUEBEC--(Marketwire - July 16, 2008) - Adventure Gold Inc. (TSX VENTURE:AGE) (the "Company") is pleased to announce the signing of an agreement (the "Agreement") with an independent prospector (the "Optionor") for the option to acquire a 100% interest in the Senore gold property (the "Property") located 22 kilometres northeast of Val d'Or, Quebec. The Property includes the Resenor gold deposit and is adjacent to and located one kilometre north of the Beaufor Mine, a producing gold mine jointly operated by Richmont Mines (TSX:RIC) & Louvem Mines (TSX VENTURE:LOV). A drill program is planned on the Property for early this fall.

The Property

The Property hosts three mineralized parallel zones within 800 meters. The Resenor gold deposit, located in the southern-most zone, has a 150 metre deep shaft and underground workings. Work done in the 1940's established a non NI 43-101 compliant historical gold resource of 181,400 tonnes at 8.6 g/t (Quebec Government Assessment File # GM-41895). Some of the best historical drill intersection reported in this zone were 11.7 g/t Au over 5.0 metres and 4.1 g/t Au over 5.3 metres (El Coco Explorations Ltd., 1978).

The Property consists of 17 mining claims totalling 729 hectares and is located in the eastern portion of the Val d'Or-Malartic mining camp which has historically produced more than 25 million ounces of gold. At the regional and local scale, the geological situation of the Property appears very favourable for the identification of new high-grade gold-bearing structures associated with the eastern edge of the Bourlamaque batholith where many gold deposits have been found.

The Agreement

Under the terms of the Agreement, the Company has the option to acquire a 100% interest in and to the Property over the next three years by: incurring work expenditures of at least $400,000 of which $150,000 is a firm commitment for the first year; paying the Optionor $200,000 of which $20,000 is a firm commitment payable in two payments during the first year; and issuing and delivering to the Optionor 1 million treasury common shares of which 200,000 shares are to delivered in the first year and constitute a firm commitment. Two mineral claims are subject to a 3% NSR of which the Company shall have the right to purchase 1.5% at any time by paying the Optionor $2,000,000. The balance of the Property is subject to a 2% NSR of which the Company shall have the right to purchase 1% at any time by paying the Optionor $1,000,000. The shares issued by the Company pursuant to the Agreement shall be subject to a four month hold period from their date of issuance. The agreement is subject to the approval of the TSX Venture Exchange.

This press release was prepared by Marco Gagnon, P. Geo. and President & CEO of Adventure Gold, who acts as the Company's Qualified Person as defined by NI 43-101.

Adventure Gold is a junior mining exploration company targeting high quality gold deposits in the Abitibi greenstone belt located in north-western Quebec and north-eastern Ontario, one of the richest gold deposit areas in the world.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

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