Mr. Jared Scharf reports

DESERT GOLD INCREASES PRIVATE PLACEMENT OFFERING AND RECEIVES SUBSCRIPTION RECEIPTS TOTALING CAD $1,119,220

Further to its Feb. 1, 2024 news release, and subject to TSX Venture Exchange approval, Desert Gold Ventures Inc. has increased its non-brokered private placement of units at a price of seven cents per unit. In connection with the financing, the company advises that it has received subscription receipts totalling $1,119,220. Subject to TSX Venture Exchange approval, the company intends to close the financing in the coming days.

Each unit will consist of one common share in the capital of the company and one share purchase warrant that entitles the holder to purchase one additional common share of the company at a price of eight cents per common share for a period of three years from the closing of the financing. The company may pay a finder's fee to qualified individuals in respect to the financing. Securities issued pursuant to the financing will be subject to a statutory hold period.

If any directors and officers of the company acquire units pursuant to the financing, then such participation is a related party transaction as defined under Multilateral Instrument 61-101 (Protection of Minority Security Holders in Special transactions). The transaction will be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 if neither the fair market value of any securities issued to or the consideration paid by such persons will exceed 25 per cent of the company's market capitalization. Any securities issued to insiders of the company will also be subject to the TSX Venture Exchange hold period.

The private placement is subject to acceptance for filing by the TSX Venture Exchange.

The proceeds of the financing will be used to finance:

1. A preliminary economic assessment (PEA) that will focus on the heap leach extraction of gold from open-pit-constrained oxide and transition mineral resources at its Barani East and Gourbassi West gold deposits. Over all, the oxide and transition portion of the two deposits contains measured and indicated mineral resources of 131,000 ounces of gold grading 1.41 grams per tonne gold (Au) and inferred mineral resources of 55,000 ounces of gold grading 1.22 grams per tonne Au;
2. Exploration core drilling at its Tier 1 gold target Mogoyafara South with open-pit-constrained inferred mineral resources 412,800 ounces of gold grading 1.05 grams per tonne Au making it the largest known gold deposit on the SMSZ project to date;
3. Exploration core drilling at its Frikidi gold target where 61 rock samples returned over five grams per tonne Au, five of which returned 100 grams per tonne Au or greater. Frikidi represents an area of numerous artisanal mine workings within a five-kilometre-by-2.5-kilometre cross-cutting magnetic anomaly.

This press release contains certain scientific and technical information. The company is solely responsible for the contents and accuracy of any scientific and technical information related to it. Don Dudek, PGeo, a director of Desert Gold and a qualified person under National Instrument 43-101, has reviewed and approved the scientific and technical information contained in this press release.

About Desert Gold Ventures Inc.

Desert Gold Ventures is a gold exploration and development company which controls the 440-square-kilometre SMSZ project in Western Mali containing measured and indicated mineral resources of 8.47 million tonnes grading 1.14 grams per tonne gold totalling 310,300 ounces and inferred mineral resources of 20.7 million tonnes grading 1.16 grams per tonne gold totalling 769,200 ounces.

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