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Nevada Gold Announces First Quarter 2011 Financial Results

Net loss for the first quarter of fiscal 2011 was $0.5 million compared to a net loss of $0.7 million in the first quarter of fiscal 2010. Net loss per diluted common share was $0.04, compared to a net loss per diluted common share of $0.05 in the prior year period.

Basic and diluted weighted average common shares outstanding in the first quarter of 2011 was 12.8 million versus 12.9 million in the fiscal first quarter of 2010.

Earnings Conference Call and Webcast

The Company will host a conference call to discuss first quarter 2011 financial results today at 5:00 PM ET. The conference call can be accessed live over the phone by dialing (800) 967-7143, or, for international callers, (719) 457-2646. A replay will be available one hour after the call and can be accessed by dialing (888) 203-1112, or (719) 457-0820 for international callers; the conference ID is 4471891. The replay will be available until Tuesday, September 21, 2010. The call will be webcast live from the Company's website at www.NevadaGold.com under the investor relations section.

(1) EBITDA is a commonly used measurement of gaming company results. The term is used to define earnings before interest, income taxes, depreciation, amortization and management fees. The reconciliation of Operating loss to EBITDA is as follows:

Operating loss as reported $(938,897)
Add back depreciation and amortization 313,839
EBITDA $(625,058)

(2)Adjusted EBITDA excludes non-recurring and non-cash expenses related to acquisitions and stock options granted. The reconciliation of EBITDA to Adjusted EBITDA is as follows:

EBITDA $(625,058)
Expenses related to July 2010 acquisition 575,940
Stock option grants 90,000
Adjusted EBITDA     $40,882

Forward-Looking Statements

This release contains forward-looking statements, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. We use words such as "anticipate," "believe," "expect," "future," "intend," "plan," and similar expressions to identify forward-looking statements. Forward-looking statements include, without limitation, our ability to increase income streams, to grow revenue and earnings, and to obtain additional gaming and other projects. These statements are only predictions and are subject to certain risks, uncertainties and assumptions, which are identified and described in the Company's public filings with the Securities and Exchange Commission.

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