NV Gold Closes CDN$3,000,200 Non-Brokered Private Placement and Strategic Investment by Crescat Capital LLC

VANCOUVER, August 24, 2020 - NV Gold Corp. (TSXV:NVX)(OTC PINK:NVGLF) ("NV Gold" or the "Company") is pleased to announce that it has closed the CDN$3,000,200 non-brokered private placement previously announced on August 4^th, 2020 (the "Placement"). The Company sold 9,375,625 units (the "Units") at CDN$0.32 per Unit. Each Unit consists of one Share and one-half of one Warrant, each whole Warrant exercisable to acquire one common share at CDN$0.40 per share until August 21, 2022.

"NV Gold continues to receive strong support from the investment community as we advance our property portfolios in British Columbia and Nevada. The Company is currently executing three concurrent exploration programs at the Exodus, Sandy and Slumber Gold Projects, and expects to announce news on the key catalysts throughout the Fall," commented Peter A. Ball, President and CEO of NV Gold. "We would also like to welcome Crescat Capital LLC as one of the Company's newest large shareholders, alongside existing holders Eric Sprott and NV Gold's Chairman, John Watson.

Kevin Smith, Crescat's founder and CIO, said, "We are enthusiastic about NV Gold's exploration assets in both Nevada and British Columbia and excited to be working with the Company's highly accomplished board of directors and technical team."

Crescat Capital LLC ("Crescat") acquired 3,125,000 Units in the Placement and the Company has granted Crescat a right to participate in future equity financings of the Company to allow it to maintain its pro-rata ownership of the common shares of the Company, for as long as Crescat holds at least 5% of the Company's common Shares. Crescat previously purchased 2,000,000 Units of the Company in its private placement which closed May 26^th, 2020, and now holds 5,125,000 common shares of NV Gold, warrants to purchase 2,562,500 common shares.

The net proceeds of the Placement will be used by the Company for the advancement of the Exodus, Slumber and Sandy Gold Projects, and for general working capital. The Company paid finder's fees totaling CDN$73,908.80 and issued 230,965 finder's warrants in respect of subscriptions under the private placement. Each finder's warrant is exercisable to acquire one common share at CDN$0.40 per share until August 21, 2022.

The common shares forming part of the Units and any shares issued upon exercise of the Warrants or the finder's warrants are subject to a hold period which expires on December 21, 2020.

About Crescat Capital LLC

Crescat is a global macro asset management firm headquartered in Denver, Colorado, which deploys tactical investment themes based on proprietary value-driven equity and macro models. Crescat's investment goals are to provide industry leading absolute and risk-adjusted returns over complete business cycles with low correlation to common benchmarks and they apply their investment process across a mix of asset classes and strategies. Crescat is taking activist stakes in the precious metals exploration industry today and has recently launched a new private fund to focus on that strategy.

About NV Gold Corporation

NV Gold (TSXV: NVX, US: NVGLF) is a junior exploration company based in Vancouver, British Columbia that is focused on delivering value through mineral discoveries in North America, leveraging its highly experienced in-house technical knowledge, and identifying and drilling 2-3 priority projects per year. NV Gold controls multiple drill-ready projects in Nevada, and has entered into an Option Agreement on the high-grade Exodus Gold Project in British Columbia, Canada.

On behalf of the Board of Directors,

Peter A. Ball
President & CEO

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

Peter A. Ball, President & CEO
Phone: 1-888-363-9883
Email: peter@nvgoldcorp.com

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.

Forward Looking Statements

This news release includes certain forward-looking statements or information. All statements other than statements of historical fact included in this release, including in respect of the future plans and objectives of the Company, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's plans or expectations include regulatory issues, market prices, availability of capital and financing, general economic, market or business conditions, timeliness of government or regulatory approvals and other risks detailed herein and from time to time in the filings made by the Company with securities regulators. The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation.

SOURCE: NV Gold Corp.