New Carolin Gold Re-Prices Second Tranche of Flow Through Placement and Re-Prices Non-Flow Through Warrants

Vancouver, December 21 2016 - New Carolin Gold Corp. (the "Company" or "New Carolin") (TSXV: LAD / OTCBB: LADFF) announces that, due to current market conditions and to recent global gold pricing, the Company has been forced to re-price the up to $570,000 second tranche of its $1,100,000 flow-through financing (the "FT Offering") originally announced November 4, 2016. The Company will now issue a second tranche of up to 8,769,231 flow-through common shares (the "FT Shares") in the capital stock of the Company at a price of $0.065 per FT Share. The Company expects to close on a major portion of the second tranche of FT Shares within the next few days. Each FT Share will be designated as a flow-through share pursuant to the Income Tax Act (Canada). The proceeds from the FT Offering will be used to fund qualified Canadian Exploration Expenditures (CEE) work on the Company's Ladner Gold Project in southwestern British Columbia.

The Company also reports that it has repriced the warrants associated with the working capital financing of up to $500,000 by way of the private placement of up to 7,142,857 non-flow through units ("NFT Units") in the capital stock of the Company at a price of $0.07 per NFT Unit (the "NFT Offering") originally announced on November 15, 2016. Each NFT Unit will now consist of one non-flow through common share of the Company and one warrant to purchase one additional non-flow through common share for a period of two years at a price of $0.07 per share if exercised within the first year after closing and at a price of $0.09 per share if exercised within the second year from the date of closing. Proceeds from the NFT Offering will be used for working capital and general corporate purposes.

Finder's fees may be paid on portions of both the FT and NFT Offerings in accordance with TSX Venture Exchange regulations. All securities issued in connection with the FT and NFT Offerings are subject to a statutory hold period of four months plus one day from the date of issuance in accordance with applicable securities legislation.


About New Carolin Gold

New Carolin Gold Corp. is a Canadian-based brownfields development company focused on the exploration, evaluation and development of its 100% owned Ladner Gold Project, consisting of 144 square kilometers of contiguous mineral claims and crown grants in the prospective and under-explored Coquihalla Gold Belt, located 2 hours by freeway from Vancouver near Hope, British Columbia. 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 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.

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