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NSGold receives initial assay results for Mooseland Gold Project

18.10.2011  |  CNW
VANCOUVER, Oct. 18, 2011 /CNW/ - NSGold Corporation (TSXV: NSX) has received assay results for diamond drill holes NSG-25-11, NSG 27-11 and NSG 28-11 at its wholly owned Mooseland Gold Project in Halifax County, Nova Scotia. NSG-25-11 was a deepening of NSG-25-10 abandoned last year due to weather conditions. NSG-26-10 was completed in the 2010 program. NSGold has completed a total of eight drill holes on the East Zone and four of nine holes planned for the West Zone. All holes drilled to date during the 2011 campaign have intersected substantial quartz veining. Significant results from the first three holes on the East Zone are presented in the table below.

Drill hole #  From (meters)  To (meters)  Interval *
(meters) Grade (grams per tonne)
NSG-25-11 59.9 64.7 4.8 8.99
NSG-27-11 152.0 153.5 1.5 13.73
NSG-28-11 36.0 36.5 0.5 107.00

* intersections reported are core lengths; true widths are typically 60-65% of core length

A complete table of assay results for these three drill holes is attached as Appendix A. A total of 33 samples from these three drill holes assayed more than 1 gram per tonne of gold of which 8 assays exceed 10 grams per tonne. Drill results continue to yield high grade intercepts indicative of the influence of the nugget effect on the gold values.

Sample preparation and shipping is carried out by NSGold geologists according to best industry practices. Sample standards and blanks are inserted as required by NI 43-101 guidelines. All samples are sent to Activation Laboratories of Ancaster, Ontario for analysis. Approximately 25% of samples selected for splitting are analyzed using the screen for metallics method. This includes samples with visible gold as well as samples with a significant expectation of returning ore grade values. The remaining samples are analyzed using the Fire Assay method with Atomic Absorption finish. Samples from this group returning values over 500 ppb Au are re-analyzed using the screen for metallics method which involves the entire sample being crushed to 80% -10 mesh and the whole sample riffle split. The entire sample is screened at 100 mesh, and the entire oversize and 2 portions of the undersize are fire assayed and then a weighted average based on the weight of the oversize and the undersize are analyzed.

Ecum Secum Gold Project

A trenching program has recently been completed at the Ecum Secum Gold Project located on the Eastern Shore in Nova Scotia. The Ecum Secum Project is presently held under an option agreement. A 25 meter long trench and two pits were excavated on a structure that is known to host coarse gold near old mine workings. Significant quartz was located and selected samples will be sent for analysis.

French Village Gold Project

A trenching program is planned to be completed during the fourth quarter of 2011 at the Company's wholly owned French Village property located in Cape Breton, Nova Scotia. The work will test a large gossanous structure from which past sampling (2009) assayed up to 2.16 g/tonne gold.

NSX Silver Inc.

The process for distributing to its shareholders, on a share-for-share basis, all of the shares of NSX Silver Inc., is nearing the final stages. The Company now expects to file the Preliminary Prospectus with the various Provincial Securities Commissions in both English and French later this week. The Company will also be filing an application with the TSX Venture Exchange to list the common shares of NSX Silver under the ticker NSY. Once the required regulatory approvals are obtained, the Board of Directors will set a record date for the "spin-out" transaction. Each of the NSGold shareholders as of the record date will be entitled to receive the distribution of NSX Silver shares.

Other News

As part of NSGold's continuing efforts to enhance its profile the Company will be exhibiting at the upcoming International Precious Metals & Commodities Show ( being held in Munich, Germany on November 4th and 5th. The keynote speaker at this year's conference is Eric Sprott, founder of Sprott Asset Management and one of the most highly respected investors in precious metals. Sprott Asset Management is the second largest shareholder of NSGold holding a 19.9% ownership.

Qualified Person

Perry MacKinnon, P.Geo., Chief Geologist for NSGold, a qualified person as defined by National Instrument 43-101, has reviewed and approved the information provided in this news release.

About NSGold

NSGold Corporation is a mineral exploration company actively exploring for gold in Nova Scotia, Canada and silver in Mexico. NSGold's principal properties are the Mooseland gold property, located in Nova Scotia, and the Dios Padre property, located in the municipality of Yecora, State of Sonora, Mexico. NSGold's shares are listed on the TSX Venture Exchange under the symbol NSX.

Forward-Looking Statements

This news release contains statements that may constitute "forward-looking information" or "forward-looking statements" within the meaning of applicable Canadian securities legislation. Forward-looking information and statements may include, among others, statements regarding the future plans, costs, objectives or performance of NSGold Corporation ("NSGold"), or the assumptions underlying any of the foregoing. In this news release, words such as "may", "would", "could", "will", "likely", "believe", "expect", "anticipate", "intend", "plan", "estimate" and similar words and the negative form thereof are used to identify forward-looking statements. Forward-looking statements should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether, or the times at or by which, such future performance will be achieved. No assurance can be given that any events anticipated by the forward-looking information will transpire or occur, or if any of them do so, what benefits that NSGold or its shareholders will derive. Forward-looking statements and information are based on information available at the time and/or management's good-faith belief with respect to future events and are subject to known or unknown risks, uncertainties, assumptions and other unpredictable factors, many of which are beyond NSGold's control. These risks, uncertainties and assumptions include, but are not limited to, those described under "Risks and Uncertainties" in NSGold's Management Discussion and Analysis for the Year ended December 31, 2010, which is available on SEDAR at, and could cause actual events or results to differ materially from those projected in any forward-looking statements. NSGold does not intend, nor does NSGold undertake any obligation, to update or revise any forward-looking information or statements contained in this news release to reflect subsequent information, events or circumstances or otherwise, except if required by applicable laws.

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.

Appendix A
Mooseland Gold Project Assay Results

Hole # 	From 	To 	Interval * 	Grade 	Analysis **

NSG-25-11 130.9 131.4 0.5 8.81 SFM
172.8 173.3 0.5 3.75 SFM
181.5 182.0 0.5 1.30 FA
198.5 199.0 0.5 55.3 SFM
216.5 217.4 0.9 3.82 SFM
233.7 234.2 0.5 16.0 SFM
235.5 236.4 0.9 3.13 SFM
347.0 347.6 0.6 1.86 FA
347.6 348.3 0.7 1.47 FA

NSG-27-11 45.0 45.5 0.5 3.57 FA
50.8 51.3 0.5 2.34 FA
59.9 60.4 0.5 1.24 FA
60.4 61.1 0.7 1.46 FA
61.1 61.8 0.7 45.0 FA
61.8 62.5 0.7 0.558 FA
62.5 63.0 0.5 1.51 FA
63.0 63.5 0.5 16.7 FA
63.5 64.7 1.2 0.45 FA
83.7 84.4 0.7 1.88 SFM
115.5 116.5 1.0 1.01 FA
119.5 120.0 0.5 1.63 FA
121.0 121.9 0.9 70.0 FA
152.0 153.0 1.0 18.8 SFM
153.0 153.5 0.5 3.6 SFM
161.4 162.2 0.8 3.48 SFM
170.1 170.9 0.8 6.57 SFM
272.4 273.0 0.6 1.49 FA

NSG-28-11 36.0 36.5 0.5 107.0 SFM
59.4 60.0 0.6 2.73 FA
72.5 73.0 0.5 2.18 SFM
114.3 115.3 1.0 1.44 SFM
153.6 154.1 0.5 9.74 FA
175.6 176.1 0.5 6.47 SFM
190.9 191.4 0.5 15.8 FA

* intersections reported are core lengths; true widths are typically
60-65% of core length
** SFM = screen for metallics
FA = fire assay

For further information:

Glenn A. Holmes
Chief Financial Officer, NSGold Corporation
(902) 798-1148
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