Roxgold Demonstrates Average Gold Recoveries of Greater Than 97% in Preliminary Metallurgical Testwork From 55 Zone

TORONTO, ONTARIO -- (Marketwire) -- 12/03/12 -- Roxgold Inc. (TSX VENTURE: ROG) ("Roxgold" or the "Company") is pleased to provide an update on recently completed first round preliminary metallurgical testwork from its flagship 55 Zone Project, located on its 100% owned Yaramoko Concession in Burkina Faso.

Metallurgical testwork was undertaken, on composite samples prepared from diamond drill core from the 55 Zone, by Blue Coast Laboratories in British Columbia, Canada under the guidance of Mr. Lyn Jones, P.Eng of AGP Mining Consultants Inc. The testwork consisted of batch grinding to a P80 of 75 microns, followed by gravity concentration and a 48 hour cyanide leach of the gravity tailings. Confirmatory leach tests were also conducted by direct cyanidation of ground sample at a maintained sodium cyanide concentration of 5 g/L.

Highlights

--  Gold recoveries of greater than 98% from the granite and quartz
    composite
--  Gold recoveries of greater than 94% from the volcanic and quartz
    composite
--  Gravity recoveries ranging from 60.8% to 90.8%

"We are very pleased with these initial results as they indicate excellent potential for economic extraction" commented John Dorward, Interim CEO of Roxgold. "Encouraging gravity recoveries of up to 90.8% in the granites, the primary domain within the high grade 55 Zone resource, lead us to be optimistic regarding potential operating scenarios."

Metallurgical Testwork Summary

---------------------------------------------------------------------------
                                                             Test
                  Composite/                                 Calculated Au
                  Core Au Grade  BBWI          Recovery Test Head
Sample            (g/t)          (kWh/t)       Description   (g/t)
---------------------------------------------------------------------------
Granite & Quartz  10.87          14.9          Gravity +     15.5
                                               Tailings
                                               Cyanidation
---------------------------------------------------------------------------
                                               Direct        18.6
                                               Intensive
                                               Cyanidation
---------------------------------------------------------------------------
Volcanic & Quartz 10.67          14.2          Gravity +     11.4
                                               Tailings
                                               Cyanidation
---------------------------------------------------------------------------
                                               Direct        13.0
                                               Intensive
                                               Cyanidation
---------------------------------------------------------------------------
Hole 22           62.70          13.6          Gravity +     25.5
                                               Tailings
                                               Cyanidation
---------------------------------------------------------------------------

------------------------------------------------------------
                  NaCN
                  Consumption   Gravity Au    Overall Au
Sample            (kg/t)        Recovery      Recovery
------------------------------------------------------------
Granite & Quartz  0.14          90.8%         98.8%
------------------------------------------------------------
                  0.50          n/a           99.3%
------------------------------------------------------------
Volcanic & Quartz 0.14          60.8%         94.5%
------------------------------------------------------------
                  0.60          n/a           95.7%
------------------------------------------------------------
Hole 22           0.19          84.5%         99.5%
------------------------------------------------------------

The results indicate that the 55 Zone material is potentially amenable to high recoveries in a conventional gravity/CIL circuit, with low cyanide consumption. These results will form the basis for more comprehensive testing which will be incorporated into a Preliminary Economic Assessment ("PEA") that is scheduled for completion in Q3, 2013.

The testwork was carried out on three sample materials, including composites of granite/quartz and volcanic/quartz domains prepared from the mineralized sections of selected drill holes which sought to represent the two dominant domains within the 55 Zone at Yaramoko. Additional material sourced from core recovered in YRM-11-DD-22 (Hole 22) was also included in the test program.

Qualified Person

Lyn Jones, P.Eng, a Qualified Person within the meaning of National Instrument 43-101 who is an independent consultant to the company, has verified and approved the technical information disclosed in this release.

About Roxgold

Roxgold is a TSX.V listed Exploration Company with its key asset, the 167 Km2 Yaramoko concession, located in the Hounde region of Burkina Faso, West Africa to the south of and contiguous to SEMAFO's Mana project. Roxgold is focused on further exploring the Company's 100% owned Yaramoko concession and advancing the 55 Zone Project.

Forward Looking Statements

This news release may contain forward-looking statements. These statements are based on information currently available to the Company and the Company provides no assurance that actual results will meet management's expectations. Forward-looking statements in this news release include statements regarding the potential for economic extraction and that material is potentially amenable to high recoveries in a conventional gravity/CIL circuit, with low cyanide consumption, and include words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as "anticipates", "believes", "could", "estimates", "expects", "may", "shall", "will", or "would". Forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. The assumptions upon which forward looking statements in this news release are made include the reasonable assumptions of management with respect to the geologic model, laboratory results on a limited number of samples will be reproducible in mining operations on a larger scale, and current macro-economic conditions will continue to prevail .Actual results relating to such future events and conditions could differ materially from those currently anticipated in such statements for many reasons such as: changes in management, changes in general economic conditions and conditions in the financial markets; changes in demand and prices for minerals; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments and other matters discussed in this news release. This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements. These and other factors should be considered carefully and readers should not place undue reliance on the Company's forward-looking statements. The Company does not undertake to update any forward-looking statement that may be made from time to time by the Company or on its behalf, except in accordance with applicable securities laws.

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:

Roxgold Inc.

John Dorward

Interim CEO

+1 416-203-6401
jdorward@roxgold.com
www.roxgold.com