NV Gold Completes First Tranche of Unit Financing

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NV GOLD CORPORATION

Suite 810 - 609 Granville Street PO Box 10356 Pacific Centre Vancouver, BC V7Y1G5

March 4, 2011 Trading Symbol: NVX

NV GOLD COMPLETES FIRST TRANCHE OF UNIT FINANCING

Vancouver, British Columbia – NV Gold Corporation (TSX-V: NVX) (the "Company") is pleased to announce that it has completed the first tranche of its non-brokered private placement (the "Private Placement") of Units originally announced on February 11, 2011. The Company has completed the sale of 2,264,000 units (the "Units") at CDN$0.30 per Unit, for gross proceeds of CDN$679,200. The Company has also received a subscription for a further 3,333,334 Units from one subscriber, the completion of which remains subject to final acceptance of the TSX Venture Exchange. Each Unit consists of one common share of the Company and one-half of one non-transferable common share purchase warrant. Each whole warrant entitles the holder to purchase one additional common share of the Company at CDN$0.40 for a period of eighteen months. The Company received greater interest in the Private Placement than was initially anticipated and, subject to completion of the sale of the Units to the final subscriber, the Private Placement will involve the sale of 597,334 more Units being issued than originally announced.

The securities issued under the first tranche of the Private Placement are subject to a four-month hold period expiring on July 4, 2011.

The Company has agreed to pay a finder's fee of $3,000 in connection with certain subscriptions under the Private Placement.

The Company filed its material change report in respect of this financing less than 21 days before the closing of the Private Placement because the details of the Private Placement and the participation therein by two directors of the Company were not settled until shortly prior to closing, and the Company wished to close the Private Placement on an expedited basis for sound business reasons.

On behalf of the Board of Directors,

(sgd.) "John E. Watson"

President and CEO

For further information, visit the Company’s website at www.nvgoldcorp.com or contact:

John Watson, Phone: 303.674.9400 Email: [email protected]

Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.