Adventure Gold Closes $1,750,000 Non-Flow-Through Private Placement

MONTREAL, QUEBEC -- (Marketwire) -- 12/28/11 -- Adventure Gold (TSX VENTURE: AGE) (the 'Company') announces the closing of a non-flow-through private placement offering (the 'Offering') with private and several institutional investors. In total, the Company issued 3,888,946 units at a price of $0.45 per unit (the 'Units') for gross proceeds of $1,750,026. Each Unit consists of one (1) common share of the Company and one half (1/2) of one common share purchase warrant. Each full warrant entitles the holder to acquire one additional common share of the Company at a price of $0.65 for a period of twenty-four (24) months following the closing.

In connection with the Offering, the Company paid a finder's fee of $108,501 and issued, as additional consideration, 275,560 non-transferable warrants entitling the holder to acquire same number of common shares of the Company at a price of $0.45 per common share for a period of twenty-four (24) months following the closing date.

All securities issued in the Offering will be subject to a four month hold period ending April 24, 2012. Directors of the Company participated in the Offering for total proceeds of $22,275.

The Company's President, Marco Gagnon states: 'I personally thank our new and existing shareholders for their support and vote of confidence as we close this financing at a premium compared to the market price. Within the next year, we will diligently pursue our exploration strategy focused on expanding the Company's mineral resources and developing new opportunities. The team remains firmly committed in creating value for all shareholders.'

Profile

Adventure Gold Inc. is a mineral exploration company focused on discovering high-quality gold deposits in the Abitibi Greenstone Belt located in northwestern Quebec and northeastern Ontario - one of the richest gold deposit areas in the world. Adventure Gold holds quality assets in the Val-d'Or, Rouyn-Noranda and Timmins areas and is led by determined management and technical teams with extensive exploration and mine production experience. Adventure Gold is proud to count on highly regarded partners such as Agnico-Eagle Mines Limited and Lake Shore Gold Corp. to explore its advanced-stage gold properties.

Follow Adventure Gold on:

Twitter: http://twitter.com/Adventure_AGE

LinkedIn: http://www.linkedin.com/company/2253943

Neither 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.

Contacts:

Marco Gagnon

President & CEO
marco@adventure-gold.com

450.743.5527
www.adventure-gold.com


Jules Riopel

Vice-President Exploration and Acquisitions
jules@adventure-gold.com

819.797.9770