NXGOLD LTD. announce that, further to its news release dated October 26, 2016 announcing the execution and delivery of an earn-in agreement with Meliadine Gold Ltd. pursuant to which the Company has exclusive right to earn up to a 70% interest in the Peter Lake Gold property, all required approvals (including the approval of the TSX Venture Exchange) to the Agreement have been obtained. Pursuant to the terms of the Agreement, the Company has also now paid Meliadine $75,000 cash and the Agreement bears an "effective date" of January 17, 2017. NxGold has the exclusive right to earn an initial undivided 50% interest in the Property upon: (i) incurring an aggregate of $10 million in expenditures on the Property by the third anniversary of the effective date; and paying $75,000 in cash on each of the Effective Date, and the first, second and third anniversary of the Effective Date. Upon earning a 50% interest in the Property, NxGold has the exclusive right to earn an additional undivided 20% interest in the Property, thereby increasing its interest in the Property to 70%, upon: (i) incurring an aggregate of $25 million in additional expenditures on the Property by the seventh anniversary of the effective date; (ii) preparing and delivering to Meliadine a Bankable Feasibility Study (a "BFS") by the seventh anniversary date of the effective date; and (iii) paying $75,000 in cash on each of the fourth, fifth, sixth and seventh anniversary date of the effective date.