Desert GOLD Closes Oversubscribed Financing and Provides Exploration Guidance
4770 72 Street, Delta, British Columbia | Canada | V4K 3N3 | Office +1 (604) 357 4726 | Fax +1 (604) 592 6882
For Immediate Release
TSX.V: DAU
Frankfurt: QXR2
OTC: DAUGF
DESERT GOLD CLOSES OVERSUBSCRIBED
FINANCING AND PROVIDES EXPLORATION GUIDANCE
Delta, British Columbia, April 27 , 2020 Desert Gold Ventures Inc. (the “Company”) (TSX.V: DAU, FF: QXR2,
OTC: DAUGF) is pleased to announce that it has closed its previously CAD $500,000 non- brokered private placement
(the “Financing ) The Company raised CAD $1,283,0 00 through the sale of 16,037,500 Units. Securities issued as a
result of closing of the Financing will be subject to a statutory hold period.
Pursuant to the terms of the Financing, e ach Unit was priced at CAD $0.08 and consists of one common share in the
equity of the Company and one-half common share purchase warrant (a “Warrant”). Each full Warrant entitles the holder
to purchase one additional common share of the Company at a price of $0.15 per share for a period of t hree (3) years
from the closing of the Financing. In connection with closing, the Company will pay finders’ fees of CAD $46,550 and
issue 581,875 non-transferable brokers warrants (a “Broker Warrant”). Each Broker Warrant entitles the holder to
purchase one common share of the Company at a price of $0.15 for a period of three (3) years.
Desert Gold’s CEO Jared Scharf commented, “We were encouraged by the strong market support for this financing as the
macroeconomic setting for gold continues to improve. The oversubscribed placement will allow us to do addit ional
exploration work over several high priority targets at our roughly 400 km2 Senegal Mali Shear Zone Project.
The proceeds of the Financing will be used for drilling and other exploration related activities at the Company’s Senegal
Mali Shear Zone Project in Western Mali (“SMSZ Project”) and for general corporate purposes. The Financing is subject
to final exchange approval.
Exploration Guidance
The planned program will be evenly split between mining camp -scale conceptual targets and high value drill targets that
have already been defined. The bulk of the conceptual targeting comprises approximately 10,000 metres of auger drilling
on wide-spaced drill fences (1.7 to 4.7 km apart) that will test below laterite-covered areas, proximal to the east side of
the Senegal Mali Shear Zone, where regionally, the largest gold deposits have been discovered, including Fekola,
Gounkoto, Loulo, to the south along strike, and Sadiola, to the north along strike (see Figure 1). Additional auger holes
will test for extensions to gold -bearing hydrothermal breccias and alo ng other mineralized trends that require additional
definition. Core and reverse circulation drilling is planned at the Gourbassi East, Gourbassi West and Barani East areas
(Figure 2), with all holes targeting extensions to know mineralization, including f ollow-up of an at surface intercept of
3.52 g/t gold over 33 metres (estimated 28 metres true thickness) at Gourbassi West and down plunge testing of an
intercept at Barani East of 6.28 g/t gold over 13 metres (estimated 11 metres true thickness).
Note th at this program is subject to work restrictions related to Covid 19 and while, currently, the planned program
appears able to proceed, there is no guarantee that operating conditions will not change in the future.
This press release contains certain scientific and technical information. The Company is solely responsible for the
contents and accuracy of any scientific and technical information related to it. Don Dudek, P.Geo a director of Desert
Gold and a Qualified Person under National Instrument 43 -101, has reviewed and approved the scientific and technical
information contained in this press release.
4770 72 Street, Delta, British Columbia | Canada | V4K 3N3 | Office +1 (604) 357 4726 | Fax +1 (604) 592 6882
Figure 1 – SMSZ Project Location, Regional Geology and Major Deposits in Western Mali and Eastern Senegal
4770 72 Street, Delta, British Columbia | Canada | V4K 3N3 | Office +1 (604) 357 4726 | Fax +1 (604) 592 6882
Figure 2 – SMSZ Project on Color-Contoured Magnetic base with major zones and soil anomalies
On Behalf of the Board
“Jared Scharf”
___________________________
Jared Scharf
President & Director
About Desert Gold
Desert Gold Ventures Inc. is a gold exploration and development company which holds 2 gold exploration permit s in
4770 72 Street, Delta, British Columbia | Canada | V4K 3N3 | Office +1 (604) 357 4726 | Fax +1 (604) 592 6882
Western Mali (SMSZ Project and Djimbala) and its Rutare gold project in central Rwanda. For further information
please visit www.SEDAR.com under the company’s profile. Website: www.desertgold.ca
Contact
Jared Scharf, President and CEO
Email: [email protected]
Tel. No.: +1 (858) 247-8195
This news release contains forward- looking statements . These forward- looking statements entail various risks and
uncertainties that could cause actual results to differ materially from those reflected in these forward-looking statements.
Such statements are based on current expectations, are subject to a number of uncertainties and risks, and actual results
may differ materially from those contain ed in such statements. These uncertainties and risks include, but are not limited
to, the strength of the capital markets, the price of gold; operational, funding, liquidity risks, the degree to which mineral
resource estimates are reflective of actual min eral resources, the degree to which factors which would make a mineral
deposit commercially viable, and the risks and hazards associated with mining operations. Risks and uncertainties about
the Company's business are more fully discussed in the company's disclosure materials filed with the securities
regulatory authorities in Canada and available at www.sedar.com and readers are urged to read these materials. The
Company assumes no obligation to update any forward- looking statement or to update the reasons why actual results
could differ from such statements unless required by law. Neither the 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. This news release does not constitute an offer to sell or a solicitation of an offer to buy the
securities described herein in the United States . The securities described herein have not been and will not be registered
under the united states securities act of 1933, as amended, and may not be offered or sold in the United States or to the
account or benefit of a U.S. person absent an exemption from the registration requirements of such act.