New Carolin Gold Corporation Begins Phase 2 Underground Work Program

November 29 2016 - New Carolin Gold Corporation (the "Company" or "New Carolin") (TSXV: LAD) (OTCBB LADFF) is pleased to announce it has begun a Phase II exploration program underground at the Carolin Mine, on the Company's Ladner Gold Project.


Phase I work program summary:

The Company recently completed its 2016 Phase l exploration program, consisting of a 12-hole surface drill program, detailed underground mapping and sampling, and regional geological mapping. The results of the Phase l exploration program defined a consistently folded and gold mineralized corridor extending for approximately 6km. This folded sequence includes the historical Carolin Mine, Idaho, Pipestem and Lorraine Zones. Folding at the Carolin Mine suggests the possibility of repeated or "stacked" mineralized zones. This new interpretation is supported by historical workings, drilling and geological data.


Highlights of the Phase I exploration program include:

- Identification of higher grade fold hinge zones at the Carolin Zone (ie. Hole CM-004 intersected 6.0 m of 4.87 g/t Au including 2.0 m of 11.90 g/t Au - see news release dated Nov 17, 2016) within a hinge domain;

- Recognition of multiple zones all related by folding - results are pending from remaining 2016 drill holes which tested this model;

- Identification of strike length continuity - the Carolin Zone extends for at least 800m within the historical workings. Surface mapping has identified a 6km long corridor with consistent geology, structure and gold mineralization styles.

Results from the remaining eight drill holes of Phase I work are currently being compiled and finalized and the Company anticipates announcing these results very shortly.


Initial Phase II Work Program:

The first leg of the Phase II Program now underway is focused on the underground. The Company will complete channel sampling of previously targeted areas, as well as completing detailed geological mapping and surveying underground. The results of the program will assist in targeting stations for underground drilling and updating the 3D geological model. The primary goal of this program is to identify high grade fold hinge domains and assess the possibility of multiple hinge domains or "stacked" gold mineralized zones.

There are 10.5 km of underground tunnels and drifts at the Carolin Mine that provide access. The 800 (track) level extends for 1 km and is the primary access tunnel for exploration planned in the Phase Two program. The 900 level provides the remaining access point for the Phase Two program. Working from underground provides for year-round exploration and will significantly reduce costs when compared to drilling from surface.

"The last work project carried out underground was done by Athabaska Minerals from 1994-1996. At the time the mill and ancillary infrastructures were intact and Athabaska estimated that approx. $7-8M in total would be required to resume gold production. According to records approximately $3.5M was raised for drilling, drifting and defining high grade targets that could be economically mined at that time. Gold prices had declined from the $600 dollar range when Athabaska funded development its program in 1993, to below the $300 by 1996, which prevented Athabaska from executing that plan. The Company is now the benefactor of their underground development and drill data, as well as historic data from the Carolin Mine, which includes over 40,000 meters of drill data in total. Low-cost exploration, such as interpretation of historic geological data, mapping and sampling have helped to identify new targets for exploration and will allow us to focus on identifying higher grade areas. We are continuing to update our 3D geological model as we learn more about this incredible gold system."

All technical information for the Carolin Mine Project is obtained and reported under a formal quality assurance and quality control (QA/QC) program. A quality control gold standard of known value was randomly inserted every 25 samples along with a blank (zero grade material) and a duplicate sample. The results of the assaying of the QA/QC material included in each batch are tracked to ensure the integrity of the assay data. Samples were transported to a secure storage facility in Hope B.C. and shipped to Activation Labs in Kamloops, B.C. an accredited mineral analysis laboratory for preparation and analysis utilizing both fire assay and metallic screen methods.

Mr. R. Bob Singh, P.Geo, Exploration Manager, is the qualified person responsible for the technical content of this news release.


About New Carolin Gold

New Carolin Gold Corporation is a Canadian-based brownfields development company focused on the exploration, evaluation and development of our 100% owned property consisting of 144 square kilometers of contiguous mineral claims and crown grants collectively known as the Ladner Gold Project. The Company is currently executing exploration programs on the property which is located 2 hours by freeway from Vancouver near Hope, British Columbia, in the prospective and under-explored Coquihalla Gold Belt. The Company has an existing mine permit, water licenses and tailings facility in place, as well as 10.5 kilometers of underground tunnels for exploration access. The Company's Ladner Gold Project is host to several historic gold producers, including the Carolin Mine, Emancipation Mine, Arum Mine, Ward Mine, and Pipestem Mine, in addition to numerous artisan workings and gold prospects that typically exploit high grade visible gold mineralization.

For additional information, please visit the Company's website at www.newcarolingold.com.


ON BEHALF OF THE BOARD OF DIRECTORS

"Robert L. Thast"
President & Chief Executive Officer



Phone: 604.542.9458
Cell: 604.220.5031
E-mail: ceo@newcarolingold.com
Web site: www.newcarolingold.com


This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.


Caution concerning forward-looking information

This news release may contain forward-looking statements that are based on the Company's expectations, estimates and projections regarding its business and the economic environment in which it operates. These statements are not guarantees of future performance and involve risks and

uncertainties that are difficult to control or predict. Therefore, actual outcomes and results may differ materially from those expressed in these forward-looking statements and readers should not place undue reliance on such statements. Statements speak only as of the date on which they are made, and the Company undertakes no obligation to update them publicly to reflect new information or the occurrence of future events or circumstances, unless otherwise required to do so by law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or the accuracy of this press release.