Mr. Edward Kelly reports

NEXUS GOLD ANNOUNCES BOARD AND MANAGEMENT CHANGES AND DEBT SETTLEMENT TRANSACTION

Edward Kelly has been appointed as chief executive officer of Nexus Gold Corp., and Kevin Hart has been appointed as chief financial officer, effective immediately. Both Mr. Kelly and Mr. Hart have also been appointed to the board of directors of the company.

Mr. Kelly and Mr. Hart fill vacancies created by Milad Zareian, Brian Shin and Kevin Shum, each of which have resigned from their roles with the company. The board of directors would like to thank Mr. Zareian, Mr. Shin and Mr. Shum for their prior service to the company.

Following these changes, the board of directors of the company is composed of Mr. Kelly, Mr. Hart, Alex Klenman, Warren Robb and Rodney Stevens.

Debt settlement transaction

The company also announces that it has reached an agreement with Belgravia Hartford Capital Inc. to settle all outstanding indebtedness currently owing to Belgravia. The company is currently indebted to Belgravia in the principal amount of $515,000, plus accrued interest, in connection with previous unsecured loans advanced to the company for working capital purposes. In settlement of the indebtedness, the company proposes to issue 10.3 million common shares at a deemed price of cents per settlement share, and 1.8 million share purchase warrants. Each settlement warrant will entitle the holder to acquire an additional common share at a price of five cents for a period of 12 months.

The company is at arm's length from Belgravia. In connection with completion of the settlement, Belgravia has directed the company to issue one million of the settlement shares to an arm's-length third party. All securities issued in connection with settlement of the indebtedness will be subject to restrictions on resale for a period of four months and one day in accordance with applicable securities laws, and 5.15 million of the settlement shares will be subject to additional restrictions on resale for a total of six months. Belgravia has agreed to provide notice to the company in connection with any disposition of the settlement shares or the settlement warrants and to exercise any voting rights associated with the settlement shares in favour of management of the company.

Completion of the settlement remains subject to the approval of the TSX Venture Exchange.

About Nexus Gold Corp.

Nexus Gold is a Canadian-based gold development company with an extensive portfolio of exploration projects in West Africa. The company's West African-based portfolio totals over 560 square kilometres (56,000-plus hectares) of land located on active gold belts and proven mineralized trends. The company is focusing on the development of several core assets while seeking joint venture, earn-in and strategic partnerships for other projects in its portfolio.

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