NV Gold Completes Second Tranche of Unit Financing

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

NV GOLD CORPORATION

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

May 11, 2011 Trading Symbol: NVX

NV GOLD COMPLETES SECOND TRANCHE OF UNIT FINANCING

Vancouver, British Columbia – NV Gold Corporation (TSX-V: NVX) (the "Company") is pleased to announce that it has completed the second and final tranche of its non-brokered private placement (the "Private Placement") of Units originally announced on February 11, 2011. The second tranche consisted of 3,333,334 units (the "Units") at CDN$0.30 per Unit, for gross proceeds of CDN$1,000,000. Each Unit consists of one common share of the Company and one-half of one nontransferable common share purchase warrant. Each whole warrant entitles the holder to purchase one additional common share of the Company at CDN$0.40 until November 9, 2012.

The securities issued under the second tranche of the Private Placement are subject to a four-month hold period expiring on September 10, 2011.

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]

Investor Relations: Leo Karabelas, Tel: (416) 543-3120 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.