Mr. Alex Klenman reports

NEXUS GOLD RAISES $1,120,665 IN INITIAL TRANCHE OF FINANCING

Nexus Gold Corp. has closed an initial tranche of its non-brokered private placement. In connection with the closing of the initial tranche, the company issued 9,744,913 units at a price of 11.5 cents per unit for gross proceeds of $1,120,665. Each unit comprises one common share of the company and one common share purchase warrant. Each warrant entitles the holder to acquire an additional common share at a price of 18 cents for a period of 24 months.

The company intends to complete further tranches of the placement. The company also anticipates that a portion of the placement will comprise flow-through units, which will be offered by the company at a price of 15 cents per flow-through unit. Each flow-through unit will comprise one flow-through common share of the company and one common share purchase warrant entitling the holder to acquire an additional common share at a price of 20 cents for a period of 24 months. It is expected that the gross proceeds from the placement will not exceed $3-million. The maximum number of units that will be issued by the company in connection with the placement, including this initial tranche and any flow-through units, will not exceed 26,086,957.

Proceeds from the issuance of flow-through units will be utilized by the company in the development of its McKenzie gold project, located in the Red Lake region of Northwestern Ontario, and its New Pilot gold project, located in the Bridge River mining camp in British Columbia.

In connection with completion of the initial tranche of the placement, the company paid finders' fees of $32,790 and issued 285,130 warrants to certain parties who assisted the company by introducing subscribers to the placement. The company may pay additional finders' fees on subsequent tranches of the placement.

All securities issued in connection with the closing of the initial tranche of the placement and any subsequent tranches will be subject to a four-month-and-one-day statutory hold period in accordance with applicable securities laws. Completion of any further tranches of the placement remain subject to the approval of the TSX Venture Exchange.

About Nexus Gold Corp.

Nexus Gold is a Vancouver-based gold exploration and development company with active projects in West Africa and Canada. The company is currently concentrating its efforts on establishing a compliant resource at one or more of its four current Burkina Faso-based projects, which total over 560 square kilometres of land located on active gold belts and proven mineralized trends.

In Canada, the company is moving through exploration phases at it's wholly owned McKenzie gold project in Red Lake, Ont., and the new Pilot project, located in the Bridge River mining camp in British Columbia.

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