Desert Gold Closes Non-Brokered Private Placement

TSX.V: DAU
Frankfurt: QXR2
OTC: DAUGF

DELTA, BC, May 23, 2018 /CNW/ - Desert Gold Ventures Inc. (the "Company") (TSX.V: DAU, FF: QXR2, OTC: DAUGF) announces, further to its news release of April 26, 2018 that the Company has closed its non-brokered private placement (the "Offering").  The Company raised an aggregate of $647,500 from the sale of 4,676,668 units at a price of $0.15 per unit (the "Unit").

Pursuant to the terms of the Financing, each Unit consists of one common share in the equity of the Company and one share purchase warrant (a "Warrant").  Each Warrant entitles the holder to purchase one additional common share of the Company at a price of $0.20 per share for a period of five (5) years from the closing of the Offering.

All securities issued as a result of this Offering are subject to a statutory hold period.  There are no finder's fees payable in connection with this Offering.  This Offering is subject to exchange approval.

The proceeds of the Offering will be used for exploration activities at the Company's projects in Western Mali and general working capital.

The Company also announces that it has amended the exercise price of its stock options announced on May 2, 2018 from $0.19 to $0.25.

ON BEHALF OF THE BOARD

"Jared Scharf"

___________________________

Jared Scharf
President & Director
+1 (858) 247-8195

For further information please visit www.SEDAR.com under the company's profile.

This news release contains forward-looking statements respecting the Company's ability to successfully complete the Offering. These forward-looking statements entail various risks and uncertainties that could cause actual results to differ materially from those reflected in these forward-looking statements. Such statements are based on current expectations, are subject to a number of uncertainties and risks, and actual results may differ materially from those contained in such statements, including the inability of the Company to successfully complete the Financing. These uncertainties and risks include, but are not limited to, the strength of the capital markets, the price of gold; operational, funding, and liquidity risks; the degree to which mineral resource estimates are reflective of actual mineral resources; and the degree to which factors which would make a mineral deposit commercially viable are present; the risks and hazards associated with mining operations. Risks and uncertainties about the Company's business are more fully discussed in the company's disclosure materials filed with the securities regulatory authorities in Canada and available at www.sedar.com and readers are urged to read these materials. The Company assumes no obligation to update any forward-looking statement or to update the reasons why actual results could differ from such statements unless required 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 accuracy of this release. This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein in the United States. The securities described herein have not been and will not be registered under the united states securities act of 1933, as amended, and may not be offered or sold in the united states or to the account or benefit of a U.S. person absent an exemption from the registration requirements of such act.

SOURCE Desert Gold Ventures Inc.