New Found Gold Corp. ("New Found" or the "Company") (TSXV: NFG) (NYSE American: NFGC) is pleased to announce that it has arranged a non-brokered private placement with Mr. Eric Sprott of 5 million common shares of New Found (the "Common Shares"), at a price of C$9.60 per Common Share, for gross proceeds of C$48 million (the "Offering").

New Found holds a 100% interest in the Queensway Project, located 15 km west of Gander, Newfoundland, and just 18 km from Gander International Airport. The project is intersected by the Trans-Canada Highway and has logging roads crosscutting the project, high voltage electric power lines running through the project area, and easy access to a highly skilled workforce. The Company is currently undertaking a 200,000m drill program at Queensway.  With a current working capital balance of approximately $103 million, New Found is well funded for this program.
Please see the Company's website at www.newfoundgold.ca and the Company's SEDAR profile at www.sedar.com.

New Found Announces $48 Million Investment By Eric Sprott

New Found Announces $48 Million Investment By Eric Sprott

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