VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec. 23, 2016) - NXGOLD LTD. ("NxGold
Ltd." or the "Company"), (TSX VENTURE:NXN) is pleased to announce that its
earn-in agreement with Meliadine Gold Ltd. has been amended to extend the deadline for receipt of regulatory approvals from
December 24, 2016 to January 18, 2017 (the "Earn-In Agreement"). The Earn-In Agreement is otherwise unamended
and remains in full force and effect.
The Earn-In Agreement has been conditionally accepted by the TSX Venture Exchange ("TSXV") but is subject to
final acceptance. TSXV acceptance is the only regulatory approval required in connection with the Earn-In Agreement.
About NxGold
NxGold Ltd. is a Vancouver-based exploration company. Pursuant to the Earn-In Agreement NxGold Ltd. has the right
to earn up to a 70% interest in the Peter Lake property. The Peter Lake property is located approximately 40 km northwest of
Rankin Inlet, Nunavut. The property covers 4,174 hectares immediately along trend from Agnico Eagle's advanced
Meliadine Gold project (with applications pending to increase the size of the property to 10,670 hectares).
Neither TSX Venture Exchange nor its Regulations Services Provider (as that term is defined in policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statement Regarding "Forward-Looking" Information.
This news release contains "forward-looking information" within the meaning of applicable Canadian securities
legislation. "Forward-looking information" includes, but is not limited to, statements with respect to activities, events or
developments that the Company expects or anticipates will or may occur in the future, including receipt of final regulatory
approval in connection with the Earn-In Agreement. Generally, but not always, forward-looking information and statements can be
identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts",
"intends", "anticipates", or "believes" or the negative connotation thereof or variations of such words and phrases or state that
certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative
connation thereof.
Such forward-looking information and statements are based on numerous assumptions, including among others, that
general business and economic conditions will not change in a material adverse manner, that financing will be available if and
when needed and on reasonable terms, and that third party contractors, equipment and supplies and governmental and other
approvals required to conduct the Company's planned exploration activities will be available on reasonable terms and in a timely
manner. Although the assumptions made by the Company in providing forward-looking information or making forward-looking
statements are considered reasonable by management at the time, there can be no assurance that such assumptions will prove to be
accurate.
Forward-looking information and statements also involve known and unknown risks and uncertainties and other
factors, which may cause actual events or results in future periods to differ materially from any projections of future events or
results expressed or implied by such forward-looking information or statements, including, among others: negative operating cash
flow and dependence on third party financing, uncertainty of additional financing, no known mineral reserves or resources,
reliance on key management and other personnel, potential downturns in economic conditions, actual results of exploration
activities being different than anticipated, changes in exploration programs based upon results, and risks generally
associated with the mineral exploration industry, environmental risks, changes in laws and regulations, community relations and
delays in obtaining governmental or other approvals.
Although the Company has attempted to identify important factors that could cause actual results to differ
materially from those contained in the forward-looking information or implied by forward-looking information, there may be other
factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking
information and statements will prove to be accurate, as actual results and future events could differ materially from those
anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements or
information. The Company undertakes no obligation to update or reissue forward-looking information as a result of new
information or events except as required by applicable securities laws.