Buccaneer Gold Corp. Announces Company Update

Toronto, Ontario -- (Newsfile Corp. - April 9, 2013) - Buccaneer Gold Corp. (TSXV: BGG) ("Buccaneer" or the "Company") announces today corporate and exploration updates.


Resignation of Director

Buccaneer announces that Lucy Casacia has resigned as a director of our Company effective March 31, 2013 due to other business commitments. She has been a valuable member of our Board and we thank Ms. Casacia for her contributions and service throughout her tenure and wish her well in her future endeavours.


Banso and Muoso Exploration Update

Current market conditions have made it extremely difficult for junior exploration companies, such as Buccaneer, to raise funding to advance exploration activities once their working capital runs low. Until we are able to see a change in the junior capital markets respecting financings, our board of directors has determined that it would be in the best interests of the Company and its shareholders to suspend exploration activities on the Banso and Muoso Projects at this time in order to preserve our working capital. This will give us an opportunity to evaluate our exploration results to date and plan our future programs. We have requested an extension of our option with Xtra-Gold Resources Corp. (TSX:XTG; OTCBB:XTGRF), who holds the mineral rights on these projects, and the independent members of the board of directors of Xtra-Gold has granted our Company a two year extension on completing our obligation to incur $4.5 million in exploration expenditures over a five year period commencing from February 2011. The Company will have completely ceased all exploration activities in Ghana on or before April 30, 2013.


Strategic Review

The Company is currently undertaking a strategic review of its business and operations, as well as its capital structure. The strategic review is considering a range of potential strategic alternatives including merger opportunities, asset acquisitions and a rationalization of its capital structure through a share consolidation. Further announcements will be made on the status of the strategic review when management deems that such disclosure is appropriate or required. Until such time as the outcome of the strategic review is determined, and until such time as any such steps are implemented, there can be no assurance that any particular plan will be adopted or that any particular steps will be taken. There is no defined timeline for completion of the strategic review.


About Buccaneer

Buccaneer is a mineral exploration company whose long-term objective is to build a diversified company focused on the acquisition, exploration and development of mineral properties. Additional information about the Company is available on SEDAR at www.sedar.com.

For further information, please contact Paul Zyla, President and Chief Executive Officer or Kevin Swanborough, Chief Financial Officer at 416 366-4227 or by e-mail at info@buccaneergold.com.



Cautionary Statement

This news release includes certain "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 include estimates and statements that describe the Company's future plans, objectives or goals, including 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 "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", or "plan". Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results relating to, among other things, results of exploration, project development, reclamation and capital costs of the Company's mineral properties, and the Company's financial condition and prospects, could differ materially from those currently anticipated in such statements for many reasons such as: 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; technological and operational difficulties encountered in connection with the activities of the Company; 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) has reviewed this news release and neither accepts responsibility for the adequacy or accuracy of this news release.