Nevada Gold Announces Management Change; Ernest East Named Interim President

HOUSTON, Sept. 7, 2012 (GLOBE NEWSWIRE) -- Nevada Gold & Casinos, Inc. (NYSE MKT:UWN) today announced that Robert B. Sturges has resigned his position as Chief Executive Officer and as a member of the Board of Directors to pursue other business interests.

The Board has named Ernest E. East, formerly Senior Vice President and General Counsel and a long-time counselor to the Board, as interim President. Mr. East will report to an oversight committee of the Board of Directors, consisting of William J. Sherlock, Chairman of the Board of Directors; Francis Ricci, Chairman of the Audit Committee; and Frank Catania, Chairman of the Compliance Committee.

Mr. Sherlock commented, "Bob has served Nevada Gold loyally and well during his tenure as CEO. The Board appreciates his many contributions and wishes him well in his future endeavors. We are very fortunate to have Ernie East, who has more than 25 years' experience in the gaming industry – including with such prominent companies as Hyatt Gaming Services and Trump Hotels and Casino Resorts – assume the duties of President on an interim basis.  Nevada Gold has a portfolio of excellent operating assets, a sound balance sheet and an exceptionally capable oversight committee. It will be business as usual until a permanent CEO is named. We have retained an executive search firm to assist us in the process of identifying the best possible candidates."

Mr. Sturges added, "I am pleased that the management team, working with the Board, successfully restructured the Company's operations and financial condition over the past six years. I am confident the Company will continue to grow and be successful."

As previously announced, Nevada Gold will host a conference call on Wednesday, September 12, 2012 at 11:00 am ET to discuss its first quarter 2013 financial results. A press release with first quarter financial results will be issued prior to the conference call. 

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