Surrey, British Columbia--(Newsfile Corp. - March 26, 2024) - Desert Gold Ventures Inc. (TSXV: DAU) (FSE: QXR2) (OTCQB: DAUGF) (the "Company") is pleased to announce that it has closed its non-brokered private placement and issued a total of 15,993,142 units at a price of CAD $0.07 per unit (each, a "Unit" and collectively the "Units") raising gross proceeds of CAD $1,119,520 (the "Financing"). The Financing is subject to final acceptance for filing by the TSX Venture Exchange. Securities issued pursuant to the Financing are subject to a statutory hold which expires on July 13, 2024 as to 8,847,142 Units and on July 21, 2024 as to 7,146,000 Units.

Each Unit consists of one common share in the equity of the Company and one share purchase warrant ("Warrant"). Each Warrant entitles the holder to purchase one additional common share of the Company at a price of CAD $0.08 per common share for a period of three (3) years from the closing of the Financing.

The proceeds of the Financing will be used to fund a Preliminary Economic Assessment ("PEA") that will focus on the heap leach extraction of gold from open pit constrained oxide and transition mineral resources at its Barani East and Gourbassi West gold deposits.

A director of the Company participated in the Financing and indirectly acquired 1,428,571 Units for a total investment of $100,000. The director's participation constitutes a related party transaction as defined under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The transaction is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of the Units issued to or the consideration paid by the director exceeds 25% of the Company's market capitalization. The Company did not file a material change report more than 21 days before the expected closing of the Financing as the date of closing was not previously known.

ON BEHALF OF THE BOARD

"Jared Scharf"
______________________
Jared Scharf
President & CEO

ABOUT DESERT GOLD

Desert Gold Ventures Inc. is a gold exploration and development company which holds 2 gold exploration permits in Western Mali (SMSZ Project and Djimbala) and its Rutare gold project in central Rwanda. For further information please visit under the Company's profile. Website:

CONTACT

Jared Scharf, President & CEO
Email: jared.scharf@desertgold.ca

The information in this news release may include certain information and statements about management's view of future events, expectations, plans and prospects that may constitute forward-looking statements. Forward-looking statements are based upon assumptions that are subject to significant risks and uncertainties. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, expectations, achievements or performance may differ materially from those anticipated and indicated by these forward-looking statements. Although the Company believes that the expectations reflected in forward-looking statements are reasonable, it can give no assurances that the expectations of any forward-looking statements will prove to be correct. 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 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.