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Adventure Gold Inc.: Adventure Gold Discovers New Gold Structure on Senore, Closes Non-brokered Private Placement

MONTREAL, QUEBEC--(Marketwire - Feb. 26, 2009) - Adventure Gold Inc. (TSX VENTURE:AGE) (the "Company") is pleased to announce that recent drilling on the Senore and Beaufor North properties has identified a new gold structure grading 8.7 g/t Au over 1.2 metres located 550 metres north of the Resenor Zone and less than 20 metres from the surface. The 100%-owned Beaufor North and Senore contiguous properties are located in the eastern region of the Val-d'Or mining camp in Quebec and are adjacent to the producing Beaufor Gold Mine operated jointly by Richmont Mines and Louvem Mines. The Company is currently designing a drill campaign to evaluate the potential of this new discovery, which remains un-explored in all directions. The drill program is scheduled to begin in mid-March.

"The discovery of this new gold structure confirms the high surface exploration potential on this property, where the Company controls 2.5 km of favourable geology on the eastern border of the Bourlamaque pluton, host of numerous gold deposits. The gold veins intersected are typical of those exploited at the Beaufor Mine," stated Marco Gagnon, President and CEO of Adventure Gold.

The new discovery, intersected by drill hole SE-08-16, is associated to a quartz tourmaline vein of 0.6 metre in thickness with 2% pyrite, chalcopyrite and pyrrhotite. The gold vein is continuous within a deformation corridor with a thickness of over 4 metres, containing a sheared diorite dyke and a second quartz tourmaline vein of 0.8 metres thick. The angle at which the veins intersect the drill holes suggests that the direction and dip of the new Zone could be parallel to the Resenor Zone. The geological context is similar to that of the Beaufor Mine gold system, which has produced over 990,000 ounces of gold (including the production from the Perron and Pascalis mines; Richmont Mines, 2008). Three other drill holes were completed on the Resenor Zone and on the 104 Zone which intersected mineralized veins containing pyrite, chalcopyrite and pyrrhotite that returned gold values between 0.1 and 3.8 g/t Au. Table 1, located below, illustrates the technical parameters of drill holes SE-08-13 to SE-08-16 and their results. A figure identifying the drill hole locations and mineralization intersections can be found on the Company's website at [ www.adventure-gold.com ].

Table 1: Significant Drill Results on Resenor Gold System (fall 2008)

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Drill UTM UTM Length From Length Au
Hole East North Azimut Dip (m) (m) (m)(i) (g/t) Zone
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SE-08-13 309767 5338740 032 -52 554 118.3 0.6 0.1 104
 494.0 0.8 0.1 -

SE-08-14 309784 5338319 032 -55 455 190.6 0.8 0.6 URZ
 289.5 0.3 2.8 LRZ

SE-08-15 309907 5338512 032 -50 603 54.1 0.7 0.3 URZ
 57.3 0.7 0.3 LRZ
 585.3 0.8 3.8 -

SE-08-16 309733 5339164 02 -50 387 23.1 1.2 8.7 16
 128.5 0.7 1.2 North
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(i) The length of the aforementioned gold intervals refers to the core axis 
 length. Additional drilling is required to establish the actual 
 thickness. According to geological interpretation, the actual thickness 
 of the gold intervals is evaluated at approximately 90% of the length 
 within the core axis.

Quality control

Fieldwork on the Senore and Beaufor North properties was supervised by Jules Riopel, PGeo. and Vice-President Exploration and Acquisitions of Adventure Gold, who acts as the Company's Qualified Person, as defined by National Instrument 43-101. Assay samples are taken from the NQ core and sawed in half; with one-half sent to ALS Chemex of Val d'Or, QC, a commercial laboratory, for analysis and the other half retained for future reference. A strict QA/QC program is applied to all drill core samples; which includes mineralized standards and blank samples for each batch of 25 samples. Samples are fire-assayed with an atomic absorption finish. Repeats are carried out by fire-assay followed by gravimetry on each sample containing 3 g/t Au or more.

Adventure Gold Closes Non-Brokered Private Placement

The Company also announces the closing of a non-brokered private placement offering (the "Offering") of 1,704,546 units (the "Units") at a price of $0.11 each for gross proceeds of $187,500. Each Unit consists of one common share of the Company and half common share purchase warrant, which entitles the holder to acquire one additional common share of the Company at a price of $0.14 for the first year and $0.20 for the second year. The funds raised pursuant to the Offering will be used to fund the Company's general working capital. Directors and officers of the Company participated in the private placement for a total amount of $44,000. All securities issued in the Offering are subject to a four month hold period expiring on June 24th, 2009.

Adventure Gold at the PDAC

The management of Adventure Gold would like to extend an invitation our shareholders to visit us at booth # 2151 at the 2009 PDAC International Investors Exchange, Metro Toronto Convention Centre, from Sunday March 2nd to Wednesday, March 4th. For more information, please see our website at [ www.adventure-gold.com ].

Profile:

Adventure Gold Inc. is a mining exploration company focused on discovering high quality gold deposits in the Abitibi greenstone belt located in north-west Quebec and north-east Ontario - one of the richest gold deposit areas in the world. Adventure Gold holds quality assets in the Val-d'Or, Quebec and Timmins, Ontario areas and is led by a resolute management and technical teams with extensive exploration and mine production experience. The Company will be active in 2009 with $1,150,000 slated for exploration in the Val-d'Or and Timmins regions and will continue to aggressively seek new properties in compliance with the corporate strategy.

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.