NSGold Amends Stock Option Plan and Grants Options

BEDFORD, NS / ACCESSWIRE / December 23, 2019 / NSGold Corporation (TSXV:NSX) ("NSGold" or "the Company") announces the Board of Directors of the Company has approved an amendment of the 2010 Stock Option Plan ("the Plan") to increase the maximum number of common shares which may be issued thereunder from one million to one million seven-hundred thousand. The new limit represents approximately 9.9% of the current issued and outstanding number of shares. The amendment of the Plan is subject to receipt of TSX Venture Exchange approval.

The Board of Directors of NSGold has also approved the issuance of 375,000 stock options at an exercise price of $0.10 per common share of which 350,000 have been issued to directors and officers and 25,000 have been issued to a consultant of the Company. The options expire on December 20, 2029.

About NSGold

NSGold's core asset is the 100% owned Mooseland Gold Property located in Halifax County, Nova Scotia. The Mooseland Property is located 13 kilometers by road from the Moose River Consolidated Gold Mine, developed by Atlantic Gold Corporation ("Atlantic Gold"). Atlantic Gold was acquired earlier this year by Australian Stock Exchange listed St. Barbara Ltd. (ASX:SBM) in an all-cash transaction valued at $722 million.

Total inferred mineral resources for the Mooseland Property, as reported in the June 2012 NI 43-101 Technical Report prepared by MineTech International Inc. of Halifax, Nova Scotia, are estimated at 454,000 ounces of gold using a cut-off grade of 2.6 grams per tonne (see NSGold news release dated June 5, 2012).

NSGold's shares are listed on the TSX Venture Exchange under the symbol NSX.

For further information, please contact:

Glenn A. Holmes
Chief Financial Officer, NSGold Corporation
(902) 798-1148
glenn.holmes@nsgoldcorp.com

CAUTIONARY STATEMENT:

Neither 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.

SOURCE: NSGold Corporation