VANCOUVER, March 16, 2018 /CNW/ - NxGold Ltd. (the
"Company") (TSX-V:NXN) is pleased to announce that it has commenced exploration efforts including mapping and data
collection on its recently acquired Mt. Roe gold project located in the Pilbara, Western Australia.
The Company has commenced a program of field mapping and data collection to generate a geological map suitable for planning
trenching and future drilling programs. The objective of the program is to enhance our understanding of the distribution
and thickness of conglomerates containing gold, the location of the unconformity, the geometry (dip), and the potential thickness
of cover sequence.
Additionally, the Company announces it has determined not to proceed with the private placement announced on February 13, 2018. The Company remains funded for its proposed activities on Mt. Roe.
Christopher McFadden, Chief Executive Officer, commented: "We are excited to start the first
pass exploration on the Mt. Roe gold project in the Pilbara region of Western Australia which
encompasses over 5 km of known strike length of gold bearing conglomerates with existing crenulated corn flake seed gold present
at surface. We have our fully granted exploration tenements with no earn-in commitments which enables our exploration work
to commence immediately. Given that the Company's existing cash balance is sufficient to conduct this first pass program
which we believe will materially advance our knowledge of the Mt. Roe project, the Company has decided to cease the financing
announced in February."
About NxGold
NxGold is a Vancouver-based exploration company. The Company owns 80% of the Mt. Roe gold project located in the
Pilbara region of Western Australia. The Company has also entered into an earn-in agreement with Meliadine Gold Ltd.
to earn up to a 70% interest in the Kuulu Project (formerly known as the Peter Lake Gold Project) in Nunavut and an earn-in agreement to earn up to a 100% interest in the Chicobi Project located within the
prolific Abitibi Greenstone Belt in Québec.
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. 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.
SOURCE NxGold Ltd.
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