NV Gold to Complete Up to $1.5 Million Financing

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 11, 2011) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

NV Gold Corporation (TSX VENTURE:NVX) (the "Company") announced today that it has arranged a non-brokered private placement financing (the "Private Placement") of a minimum of 4,000,000 units and a maximum of 5,000,000 units (the "Units") at CDN$0.30 per Unit, for gross proceeds of up to CDN$1,500,000. Each Unit will consist of one common share of the Company and one-half of one non-transferable common share purchase warrant. Each whole warrant will entitle the holder to purchase one additional common share of the Company at CDN$0.40 for a period of eighteen months.

Closing of the Private Placement is subject to approval of the TSX Venture Exchange and completion of final documentation. The securities to be issued under the Private Placement will be subject to a four-month hold period.

The Company has agreed to pay a finder's fee in connection with certain subscriptions under the Private Placement, subject to the approval of the TSX Venture Exchange.

Proceeds of the Private Placement will be used for work on the Company's properties and for general corporate purposes.

On behalf of the Board of Directors,

John E. Watson, President and CEO

Forward Looking Statements

This news release includes certain forward-looking statements or information. All statements other than statements of historical fact included in this release, including, without limitation, statements regarding plans for the completion of a private placement financing and other future plans and objectives of the Company are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's plans or expectations include market prices, availability of capital and financing, general economic, market or business conditions, regulatory changes, timeliness of government or regulatory approvals and other risks detailed herein and from time to time in the filings made by the Company with securities regulators. The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation.