NV Gold Commences Exploration at the High-Grade Exodus Gold Project after Receiving TSX Venture Acceptance

VANCOUVER, July 21, 2020 - NV Gold Corp. (TSXV:NVX)(OTC PINK:NVGLF) ("NV Gold" or the "Company") is pleased to announce that, further to its news release dated July 6, 2020, it has received TSX Venture Exchange acceptance of its letter agreement (the "Option Agreement") with Exodus Mineral Exploration Ltd. ("Exodus") under which NV Gold holds an option to acquire up to an 85% interest in Exodus' mineral claims comprising the high-grade mineral exploration and development project known as the "Exodus Gold Project", located in the Cariboo Mining Division, 40 km NNW of Prince George, British Columbia (the "Transaction").

"We are pleased to receive TSX Venture acceptance and excited to immediately begin our 2020 exploration program at the high-grade Exodus Gold Project," commented Peter A. Ball, President & CEO. "The Company has commenced a property-wide geophysical survey to assist in identifying additional hidden geological structures and potential drill targets and has engaged a technical team to accelerate exploration activities on the ground. We will be aggressively pursuing our summer/fall exploration program with the aim of identifying multiple high-grade targets to be tested by a focused diamond drill program in the fall of this year. In addition, the Company is advancing exploration efforts on its projects in Nevada, with further news anticipated in early August."

NV Gold has commenced an aggressive exploration program at its new high-grade Exodus Gold Project, with the aim of identifying multiple high-grade targets to be tested by a focused diamond drill program in the fall of this year. To meet this goal, the Company has engaged Precision GeoSurveys to complete property-wide helicopter-borne high resolution aeromagnetic ("High-Res Mag") and radiometric surveys within approximately one week's time. In addition, the Company has also engaged the respected SGDS Hive geological team to commence a property wide reconnaissance exploration program commencing July 27, 2020. This program will include mapping, rock and soil sampling, trenching, structural modelling to help finalize drill targeting, and collection of environmental data necessary for drill permitting. Importantly, data from aforementioned geophysical surveys will be available to help ground crews focus on property wide target identification. Key members of the Company's technical team and board members, including Dr. Quinton Hennigh, Dr. Odin Christensen, John Watson and Alf Stewart, will fully assist with evaluation of incoming data.

Please refer to the press release dated July 6, 2020, which highlights detailed information on the high-grade Exodus Gold Project and the terms of its option to acquire up to an 85% interest in the project. The link to the property page on the Company's website is located at www.nvgoldcorp.com/properties/british-columbia/exodus-gold-project/ and also includes detail on the Option Agreement Terms. As per the terms of the Option agreement, and TSX Venture acceptance, the Company has paid CDN$25,000 and issued 250,000 shares of NV Gold Corp. to Exodus Mineral Exploration Ltd.

Please visit the Company's Media section for the most recent interviews with NV Gold's CEO at the following link: www.nvgoldcorp.com/investors/media/, recently updated today on July 21, 2020.

COVID-19 Response

During the Covid-19 pandemic, NV Gold is committed to advancing exploration in a socially responsible manner, respecting good health and safety guidelines to protect its own employees, consultants, and contractors as well as the citizens of the communities in which it is working. NV Gold would like to thank all its stakeholders for their patience and support.

About NV Gold Corporation

NV Gold (TSXV: NV)(US:NVGLF) is a junior exploration company based in Vancouver, British Columbia that is focused on delivering value through mineral discoveries, 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 a high-grade gold near-drill ready 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, without limitation, the plans to complete exploration or development of the Project and add additional technical personnel and other 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.