Ms. Annelise Burke reports

ROXGOLD REPORTS YEAR-END 2013 FINANCIAL RESULTS

Roxgold Inc. is releasing its financial results for the 12 months ended Dec. 31, 2013, including development highlights from its Yaramoko gold project in Burkina Faso, West Africa. Over the year, Roxgold made significant progress in advancing the 55 zone deposit at the Yaramoko property, including delivering a preliminary economic assessment and commencing work on its feasibility study, which has since been completed (for more details, please refer to the company's April 22, 2014, news release). The company also delivered two resource updates for the 55 zone. Resources in the indicated category have increased by 141 per cent since the maiden resource in 2012, and a comprehensive regional exploration program, which has so far yielded promising targets such as Bagassi South, is currently under way. Over 2013, the company also raised $28.5-million toward further project advancement, in line with its development timelines.

For complete details of the audited consolidated financial statements, and associated management's discussion and analysis, please refer to the company's filings on SEDAR or the company's website.

Fiscal 2013 financial highlights

On Feb. 11, 2013, pursuant to a bought-deal private placement financing, Roxgold issued 14,973,214 common shares and received gross proceeds of $10,481,000. On Aug. 1, 2013, pursuant to a bought-deal private placement financing, the company issued 25,625,000 common shares and received gross proceeds totalling $10.25-million. On Dec. 31, 2013, Roxgold announced the completion of the acquisition of XDM Royalty Corp. and issued 15,153,752 common shares for net assets totalling $7,954,000, including cash and cash equivalents amounting to $8,367,000. At Dec. 31, 2013, the company had $17.72-million in cash and cash equivalents. Expenditures on the Yaramoko exploration property totalled $19,475,000 for year ended Dec. 31, 2013, compared with $31.57-million during the 14-month period ended Dec. 31, 2012. Net loss for the year ended Dec. 31, 2013, amounted to $5,321,000, compared with $30.57-million for the 14-month period ended Dec. 31, 2012.

Fiscal 2013 corporate and operating highlights

On March 4, 2013, Roxgold announced a first updated resource estimate on the 55 zone of its Yaramoko permit. The estimate was undertaken by AGP Mining Consultants Inc. and prepared in accordance with National Instrument 43-101, standards for disclosure of mineral properties. The estimate was based on 81,105 metres of drilling in 213 diamond drill holes. The updated resource estimate on the 55 zone returned an indicated resource estimate of 1,343,000 tonnes at 15.7 grams per tonne for 679,000 contained ounces of gold and an inferred resource estimate of 751,000 tonnes at 8.9 g/t for 216,000 contained ounces of gold, reported at a cut-off of three g/t gold. The full report was filed on SEDAR on April 18, 2013.

On May 22, 2013, Roxgold received a three-year extension to the 100-per-cent-owned Yaramoko exploration permit. The Yaramoko permit is now valid until Sept. 8, 2016.

On Aug. 27, 2013, Roxgold announced a second updated resource estimate of 1,904,000 tonnes at 13.88 g/t totalling 850,000 gold ounces in the indicated category at a 3.0 g/t cut-off grade representing a 143-per-cent increase in indicated ounces compared with the maiden resource estimate dated Aug. 7, 2012, while the inferred category included an estimated 860,000 tonnes at 9.88 g/t totalling 273,000 inferred ounces. A total of 243 drill holes were used for this resource update, with a total length of 99,077 metres. The full preliminary economic assessment report, which contained the resource update data, was filed on SEDAR on Oct. 29, 2013.

On Sept. 16, 2013, the company released the results of its preliminary economic assessment (PEA). For more details on the PEA, see the technical report entitled "NI 43-101 Preliminary Economic Assessment for the Yaramoko Project, Burkina Faso," dated Oct. 29, 2013, and available on SEDAR and on the company's website.

Significant events subsequent to Dec. 31, 2013

Bought-deal offering

On March 25, 2014, Roxgold completed a public offering of 49.68 million common shares pursuant to its short form prospectus dated March 17, 2014, and raised gross proceeds of $28,814,000. The company intends to use the net proceeds of the offering to advance the Yaramoko gold project and complete further exploration at the property, as well as for general working capital purposes.

Feasibility study

On April 22, 2014, the company announced the results of its feasibility study for the Yaramoko gold project. The study envisions an underground mining scenario with an initial mine life of over seven years.

The study also outlined the following.

IRR:  Pretax internal rate of return of 53.7 per cent with a 1.5-year payback on initial capital and after-tax IRR of 48.4 per cent with a 1.6-year payback on initial capital

NPV:  Pretax net present value at 5 per cent of $300-million and after-tax NPV at 5 per cent of $250-million

Production costs:  Average total cash costs of $467 per ounce (including royalties) and average all-in sustaining costs of $590 per ounce

Capex:  Preproduction capital of $106.5-million

Production:  Estimated average annual gold production of 99,500 ounces

Mine life:  Current study mine life of 7.4 years

Probable mineral reserves:  1.996 million tonnes at 11.8 g/t Au containing 759,000 ounces Au

Recoveries:  Average metallurgical recoveries of 96.9 per cent Au

The economic parameters presented above are based upon 100-per-cent ownership of the Yaramoko gold project. Under the mining code of Burkina Faso, the government of Burkina Faso is entitled to a 10-per-cent interest in the project upon formal award of an exploitation permit. On a 90-per-cent basis, the after-tax NPV at 5 per cent of the company's interest in the project is $232-million under the base case scenario. The government of Burkina Faso is estimated to receive an undiscounted $143-million from Yaramoko in the form of dividends, taxes, VAT, duties and levies.

Several key assumptions used in the feasibility study were a gold price of $1,300 per ounce sold, a diesel price of $1.58 per litre delivered to site, as well as an electricity tariff of 17.1 cents per kilowatt hour and a royalty rate of 5 per cent.

More information on the feasibility study can be found in the April 22, 2014, news release available on SEDAR and on the company's website.

Environmental and social impact assessment (ESIA)

In March, 2014, Roxgold made a provisional submission of its ESIA to the environmental regulator (BUNEE) in Burkina Faso. The company expects to finalize this submission shortly while advancing other aspects of in-country permitting. Discussions with community members regarding income restoration and compensation for land disturbed by the planned mining activities are well advanced. No relocations are required as part of the proposed development.

Near-term corporate objectives

The company will continue to advance its Yaramoko gold project throughout 2014, in line with several development goals for this year. These include:

• Completing detailed engineering in the second quarter;
• Finalizing project financing, which is expected by the second or third quarter;
• Finalizing permitting, which is expected in the third quarter.

In addition, Roxgold continues to explore on its 167-square-kilometre permit, where it has identified eight priority drill targets that will be tested within the second quarter of 2014. Most notably, these targets include the QV1 target at Bagassi South, where recent drilling has returned high-grade results, including 19.94 g/t over 3.7 metres (see the company's news release dated Feb. 20, 2014) and 41.7 g/t over 4.4 metres (see the company's news release dated July 9, 2013).

                                  SELECTED FINANCIAL DATA
                                      (in U.S. dollars)

                                               For the year ended    For the 14-month period ended
                                                    Dec. 31, 2013                    Dec. 31, 2012
Cost of operations     
General and administrative expenses                 $   3,312,000                    $   3,739,000
Contested annual general meeting related costs                  -                        1,876,000
Severance pay                                              68,000                        1,888,000
Depreciation                                               90,000                           38,000
Share-based payments                                    1,664,000                        8,685,000
Impairment (recovery) of exploration 
and evaluation assets                                           -                       14,850,000
Operating loss for the period                           5,134,000                       31,076,000
Other expenses (income)                                    65,000                         (506,000)
Loss before income taxes                                5,199,000                       30,570,000
Income tax expense                                        122,000                                -
Net loss for the period                                 5,321,000                       30,570,000
Loss per share (basic and diluted)                  $        0.03                    $        0.26

General and administrative expenses decreased slightly, compared with the same period in 2012, mainly owing to the fact that some administrative expenses are now directly performed in Burkina Faso, and, accordingly, are being capitalized in owners' costs as part of exploration and evaluation assets. The decrease in severance pay and share-based payment expenses results from change of control provisions being triggered in employment agreements following the change in the company's board of directors at the 2012 annual general meeting (AGM). The remaining variation relates to one-time costs incurred in 2012. These costs were associated with the contested AGM and the fact that at Dec. 31, 2012, the company determined that the Solna and Bissa West properties were impaired. The company considered that substantive exploration and evaluation expenditures were neither budgeted nor planned for the next 18 months, and that minimal expenditures were incurred in 2012, compared with its Yaramoko project, on which currently all efforts are deployed. Accordingly, at Dec. 31, 2012, Roxgold recorded $14.85-million in impairment for the Solna and Bissa West properties. The other expenses incurred during the year reflect lower interest income compensated by transaction costs incurred for the acquisition of XDM, when compared with the comparative period. Current income tax relates to withholding taxes on management fee recharges to the subsidiary in Burkina Faso.

As a result, the company's net loss for the year ended Dec. 31, 2013, totalled $5,321,000 or a loss of three cents per share, compared with $30.57-million for the 14-month period ended Dec. 31, 2012, or a loss of 26 cents per share.

Total current assets have increased between Dec. 31, 2012, and Dec. 31, 2013, mainly owing to XDM acquisition made as of Dec. 31, 2013. Total assets increased during the current year ended Dec. 31, 2013, when compared with the previous period due to continuing investments in Yaramoko's exploration and evaluation assets. This reflect the focus Roxgold puts on this property, which was the subject of a positive preliminary economic assessment (PEA) and recent positive feasibility study as per the news releases dated Sept. 16, 2013, and April 22, 2014, respectively.

At Dec. 31, 2013, Roxgold had $17.72-million in cash and cash equivalents with no long-term debt. As an exploration- and evaluation-stage company, equity financings have been its sole source of funds.

Qualified persons

Pierre Desautels, PGeo, of AGP Mining Consultants Inc., and Jean Francois Couture, PGeo, of SRK Consulting Canada, qualified persons within the meaning of National Instrument 43-101 and independent consultants to the company, have verified and approved the technical data disclosed in the news releases included herein by reference, including the sampling, analytical and test data underlying the information.

We seek Safe Harbor.