Adventure Gold Inc.
TSX VENTURE : AGE

Adventure Gold Inc.

January 23, 2012 08:30 ET

Adventure Gold and Mazorro Resources Begin Phase 3 Drill Program on Lapaska Property, Val d'Or East Area, Quebec

MONTREAL, QUEBEC--(Marketwire - Jan. 23, 2012) - Adventure Gold (TSX VENTURE:AGE) ("AGE", the "Company") and Mazorro Resources Inc. (TSX VENTURE:MZO)(FRANKFURT:JAM) ("MZO") are pleased to announce the start of the phase 3 surface diamond drilling program on the Lapaska Gold Property (the "Property") located in the prolific Abitibi Greenstone Belt, 20 km east of Val d'Or, Quebec. The Property, totalling 352 hectares, is wholly-owned by AGE and under option to MZO (see agreement in press release dated December 15, 2010).

The phase 3 drill program, totaling approximately 2,000 metres is designed to test the Lapaska Central Zone ("LC Zone") near surface extensions and to highlight the bulk tonnage potential. Last year, significant results from the phase 1 and 2 drilling programs highlighted gold intersections of 1.0 g/t Au over 103.4 metres, 1.2 g/t Au over 156.9 metres and 3.1 g/t Au over 60.6 metres (holes LP-11-16, LP-11-17 and LP-11-25; see press releases dated June 16, 2011 and December 1, 2011). The LC Zone remains open laterally and at depth.

Final Results Phase 2 drilling

The second phase drill program, completed recently during December 2011, was designed to test the extensions of the LC zone laterally and to the North, the West Zone and several new targets. Results of the first four holes of the phase 2 program were released on December 1, 2011. Assay results are pending for the balance of phase 2 holes and final results will be released as soon as possible.

The Lapaska Property

The Property is favourably located between the past producing gold deposit Sigma II to the east (161,300 ounces at 2.7 g/t Au: MRNF - SIGEOM Database) which was operated by open pit method and the Simkar gold deposit to the west (NI 43-101 inferred resource of 105,000 oz at 5.3 g/t Au: Megastar - (TSX VENTURE:MDV), September 2008). The Property contains three significant gold-bearing zones: the Lapaska Central, West and Lourmet zones and is also strategically located along the prolific Cadillac Larder Lake Gold Break, a regionally extensive structure that is spatially related to numerous gold mines. Five drill holes completed last year in the Lapaska Central zone have shown widths of up to 200 metres and grades ranging between 0.5 g/t and 1.2 g/t. An update of the 2010 43-101 resource calculation is scheduled for early 2013.

Quality control

Jules Riopel, P.Geo., Vice-President Exploration and Acquisitions, acting as the Company's "Qualified Person" as defined by NI 43-101, has reviewed this press release and has supervised the phase 2 drilling program and will supervise the phase 3 drilling program.

Profile:

Adventure Gold Inc. is a mineral exploration company focused on discovering high-quality gold deposits in the Abitibi Greenstone Belt located in northwestern Quebec and northeastern Ontario - one of the richest gold deposit areas in the world. Adventure Gold holds quality assets in the Val-d'Or, Rouyn-Noranda and Timmins areas and is led by determined management and technical teams with extensive exploration and mine production experience. Adventure Gold is proud to count on highly regarded partners such as Agnico-Eagle Mines Limited and Lake Shore Gold Corp. to explore its advanced-stage gold properties.

Follow Adventure Gold on:

Twitter: http://twitter.com/Adventure_AGE

LinkedIn: http://www.linkedin.com/company/2253943

The foregoing information may contain forward-looking statements and events relating to the future performance of the Company. Forward-looking statements, specifically those concerning future performance, are subject to certain risks and uncertainties, and actual results may differ materially. These risks and uncertainties are detailed from time to time in the Company's filings with the appropriate regulatory authorities. We seek safe harbour.

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.

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