Market Price: $0.07
| Gold


Market Price: $2,332.79

Surrey, British Columbia—December 5, 2022 - Desert Gold Ventures Inc. (TSXV: DAU) (Frankfurt: QXR2) (OTCQB: DAUGF) (the "Company") announces that the exchange has approved an extension up to February 4, 2022 for its previously announced non-brokered private placement (the “Financing”).  To date the Company has raised proceeds of $1,678,696 through the sale of 11,990,693 Units. Securities issued as a result of closing the First Tranche and securities issued thereafter will be subject to a statutory hold period. In connection with closing the First Tranche, the Company paid finders’ fees of $17,610 and issued 125,790 non-transferable brokers warrants.

Pursuant to the terms of the Financing, each Unit consists of one common share in the equity of the Company and one one-half share purchase warrant (a “Warrant”).  Each whole Warrant entitles the holder to purchase one additional common share of the Company at a price of CDN $0.25 per share for a period of three (3) years from the closing of the Financing.

Directors and officers of the Company will acquire Units under the Financing. Such participation is considered a related party transaction as defined under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The transaction will be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 if neither the fair market value of any securities issued to or the consideration paid by such persons will exceed 25% of the Company’s market capitalization.

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), its Anumso project in Ghana's Ashanti Belt and its Rutare gold project in central Rwanda. For further information please visit www.SEDAR.com under the company's profile. Website: www.desertgold.ca


Jared Scharf, CEO

For further information please visit our website www.desertgold.ca or information available on www.SEDAR.com under the company’s profile.

Certain statements contained in this release may constitute "forward–looking statements" or "forward-looking information" (collectively "forward-looking information") as those terms are used in the Private Securities Litigation Reform Act of 1995 and similar Canadian laws. These statements relate to future events or future performance. The use of any of the words “could”, “intend”, “expect”, “believe”, “will”, “projected”, “estimated”, “anticipates” and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company’s current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, this release contains forward-looking information relating to the business of the Company, the Property, financing and certain corporate changes. The forward-looking information contained in this release is made as of the date hereof and the Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.

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.