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File: Alita - CSR - NR close of RTO (00134298).docx

NEXUS GOLD CORP.
Suite 720 - 700 West Pender Street
Vancouver, BC V6E 3X2
Telephone: 604.558.1920
NEWS RELEASE
ACQUISITION OF COLUMBIA STAR CLOSES
Vancouver, Canada - August 1, 2014 - Nexus Gold Corp. (formerly "Alita Resources Ltd."). ("Nexus" or the "Company") (T
--->SX-V: AL) is pleased to announce that it has completed the acquisition (the "Acquisition") of the privately held Colum
--->bia Star Resources Corp. ("Privco"), previously disclosed in its news release of September 27, 2013, pursuant to a thr
--->ee-party amalgamation under the Business Corporations Act (British Columbia).  Pursuant to the Acquisition, Privco has
---> amalgamated with 0983831 B.C. Ltd., a wholly owned subsidiary of Nexus, such that the amalgamated entity is a wholly 
--->owned subsidiary of Nexus.  In consideration of the Acquisition, Nexus has issued an aggregate of 17,270,346 common sh
--->ares to the shareholders of Privco.  In addition, Nexus has granted 7,864,716 share purchase warrants in exchange for 
--->existing warrants issued by Privco.
In connection with the Acquisition, Nexus has changed its name from "Alita Resources Ltd." to "Nexus Gold Corp.", and 
--->has closed on its previously announced private placement of subscription receipts for gross proceeds of $397,500, thro
--->ugh the issuance of 3,975,000 receipts.  Following completion of the Acquisition, all of the outstanding subscription 
--->receipts were automatically converted, and in connection with that conversion Nexus issued 3,975,000 units.  Each unit
---> is comprised of one (1) common share and one (1) share purchase warrant exercisable to acquire an additional common s
--->hare at a price of $0.20 per share for period of twenty-four (24) months.  In connection with the private placement, N
--->exus paid finder's fees of $20,000 and issued 200,000 finder's warrants, on the same terms as the unit warrants, to fi
--->nder's who introduced subscribers to the Company.  Following the closing, Nexus has 29,676,346 common shares issued an
--->d outstanding.
The Acquisition and the amalgamation constitute a Reverse Takeover under the policies of the TSX Venture Exchange (the
---> "Exchange").
Pursuant to the terms of an escrow agreement among Nexus, Valiant Trust Company, and certain escrowed security holders
--->, an aggregate of 10,846,541 common shares have been placed in escrow, whereby 10% will be released on issuance of the
---> Final Exchange Bulletin, and the balance of such shares will be released in tranches over the next 36 months.  
Upon completion of the Acquisition, both Jerry Pogue and Carl Jonsson have resigned as Directors of the Company, and t
--->he Board of Directors of the Company now consists of Peter Berdusco, Alex Klenman, Warren Robb and Mike Kinley.  The n
--->ew management team is comprised of Peter Berdusco as Chief Executive Officer, Mike Kinley as Chief Financial Officer, 
--->and Doug Oliver as Vice President, Exploration.
Trading in the common shares of Nexus will resume upon the filing of final materials, and the satisfaction of certain 
--->conditions with the Exchange, including satisfaction of minimum public distribution requirements and payment of outsta
--->nding filing fees.
Privco is a privately owned exploration company with the right to acquire the Walker Ridge Gold Property, located in t
--->he Jerritt Canyon/Independence gold trend, approximately 64 kilometers north of Elko, Nevada.  Additional information 
--->regarding the property is available in the geological report and the filing statement, both of which are available on 
--->SEDAR.
More information is available by contacting Peter Berdusco at: 604.558.1920
On behalf of the Board of Directors of
NEXUS GOLD CORP.
Peter Berdusco
Chief Executive Officer
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.
This news release may contain forward-looking statements.  These statements are based on current expectations and assu
--->mptions that are subject to risks and uncertainties. Actual results could differ materially because of factors discuss
--->ed in the management discussion and analysis section of our interim and most recent annual financial statement or othe
--->r reports and filings with the TSX Venture Exchange and applicable Canadian securities regulations.  We do not assume 
--->any obligation to update any forward-looking statements, except as required by applicable laws.