Toronto, Ontario
- January 14, 2016 - Roxgold Inc. ('Roxgold' or 'the Company') (TSX.V: ROG) is pleased to announce results from its latest drilling program from the QV1 and QV Prime (QV') structures at the Bagassi South regional exploration target 1.8 km south of the 55 Zone.

Highlights:

Drilling

• 52.3 grams per tonne ('gpt') gold over 6.1 metres ('m') including 137.0 gpt gold over 0.8 m and 199.0 gpt gold over 1.0 m in Diamond drill hole ('DDH') YRM-15-RD-BGS-099
• 21.0 gpt gold over 6.7 m including 46.3 gpt gold over 0.7 m and 183.0 gpt gold over 0.6 m in DDH YRM-15-RD-BGS-104A

Metallurgical test work observations include:

• High rates of total gold extraction between 96% and 99% (overall recovery)
• High rates of gravity recovery between 70% and 90%
• Excellent whole ore (no gravity) leach kinetics, with majority of gold leached in 12 hours
• Moderate hardness of ore
• Low reagent consumption (cyanide and lime)

Bagassi South Drilling

Drilling at QV1 focused on extending the mineralization encountered at this target in previous drilling (see Roxgold Press Release dated May 05, 2015, May 19, 2015 and Aug 11, 2015). Previous results from this target include:

• 23.6 gpt gold over 10.9 m and 8.2 gpt gold over 6.0 m in DDH YRM-15-DD-BGS-083
• 7.5 gpt gold over 10.6 m including 22.2 gpt gold over 3.2 m in DDH YRM-15-DD-BGS-084
• 10.4 gpt gold over 19.4 m including 25.1 gpt gold over 7.1 m in DDH YRM-15-DD-BGS-085
• 8.9 gpt gold over 9.4 m including 36.1 gpt over 1.2 m in DDH YRM-15-DD-BGS-087
• 11.0 gpt gold over 7.5 m including 33.7 gpt over 0.8 m and 19.4 gpt over 1.7 m in DDH YRM-15-DD-BGS-089
• 13.7 gpt gold over 7.2 m including 13.7 gpt over 1.5 m and 40.3 gpt over 1.5 m in DDH YRM-15-DD-BGS-090
• 14.5 gpt gold over 6.1 m in DDH YRM-15-DD-BGS-095.

This program, accounting for approximately 3,000 m of Reverse Circulation ('RC') and Diamond Drilling ('DD'), was successful in further extending the high grade QV1 mineralization along strike and down plunge from existing intercepts by approximately 100 metres in hole YRM-15-RD-BGS-104A (see Figures 1, 2 & 3).

'We are pleased with the results from this extension drilling program at QV1,' stated John Dorward, President and CEO of Roxgold. 'We recommenced drilling this week with the goal of delivering a maiden resource on the QV1 structure in the second quarter.'

TABLE 1: Summary of QV1 and QV Prime (QV') Results from Current Diamond Drilling Program

Hole ID	Azi	Dip	Depth From	Depth To	EOH	Value (g/t)	Over (m)
QV1
YRM-15-RD-BGS-096	205	-68	205.4	207.4	237.5	1.9	2.0
including			206.8	207.4		5.8	0.6
YRM-15-RD-BGS-098	212	-61	267.0	273.2	301.0	2.5	6.2
including			267.0	267.7		8.3	0.7
and			272.6	273.2		14.9	0.6
YRM-15-RD-BGS-099	214	-69	206.6	212.7	241.4	52.3	6.1
including			206.6	207.5		137.0	0.8
and			210.7	211.7		199.0	1.0
and			234.0	235.5		4.8	1.5
YRM-15-RD-BGS-102	211	-55	98.8	100.8	131.8	3.1	2.0
including			99.2	99.8		11.3	0.6
YRM-15-RD-BGS-104A	205	-61	320.2	326.9	339.8	21.0	6.7
including			321.0	321.7		46.3	0.7
including			326.3	326.9		183.0	0.6
YRM-15-RD-BGS-105	217	-54	225.5	227.5	261.5	3.8	2.0
and			242.6	243.5		5.5	1.0
QV'
YRM-15-RD-BGS-100A	219	-56	285.2	289.2	309.8	7.3	4.0
including			285.2	285.9		26.9	0.8

*True Widths for QV1 intersections are estimated to be between 85 and 90% of reported core intervals.

Click here for a full list of today's results.

The QV1 target at Bagassi South is located 1.8 kilometres to the south of the 55 Zone where Roxgold continues construction activities on the Yaramoko Gold Project.

No resources have yet been estimated for the QV1 target at this time.

Bagassi South Drill Program Results

The results announced today are from an 11 hole 3,000 m Diamond and RC drill program that was designed to test for mineralization to the south of the Bagassi dyke as well as evaluate the up-dip potential and infill gaps in the drilling to the north of the dyke. Holes were drilled with an RC pre-collar to approximately 10 m above their intended target depth and were subsequently competed with a Diamond tail. Of this program, approximately 640 m of Diamond and 1,730 m of RC were drilled at QV1. At QV', 155 m of Diamond and 470 m of RC were completed.

All holes targeting the QV1 structure intersected the structure where expected. Holes were targeted to explore the south easterly plunging QV1 structure and enlarge the mineral envelope; hole 104A is the most southern intersect to date where the hole swung to the south intersecting high grade mineralization 100 m further south than previously encountered. The QV1 structure remains open down plunge and along strike (see Figures 4 & 5).

At QV', 2 holes were drilled to test for the continuity of the structure to the south east (see Figure 3). QV' is located within the hanging wall of the QV1 structure. Both holes intersected anomalous mineralization and structure consistent with the intersection in YRM-14-DD-BGS-056 (39.6 gpt gold over 4.5 m including 136.0 gpt gold over 1.3 m; see Roxgold Press Release dated Sep 08, 2014) and this structure remains open along strike and plunge to the south east.

Follow up drilling at QV1 has commenced with the aim of drilling out the mineralized envelope as currently defined with sufficient drill spacing to enable the completion a resource estimate.

Metallurgical Test Work Program Results

A preliminary metallurgical test work program was conducted on approximately 30kg of sample material from the QV1 target at Bagassi South. Sample material was selected from drill core taken from previous drilling at QV1 and included 4 composite samples and 2 variability samples. These samples were selected from intervals along the strike length of the QV1 area and are representative of all mineralization types encountered at QV1 to date.

The metallurgical test work was completed in Perth, Western Australia by Ammtec ALS laboratories and at the program was designed to define the metallurgical characteristics of the high grade material from Bagassi South. Gravity response, leach kinetics, hardness, reagent consumption and overall potential recovery rates were assessed.

The metallurgical test results are consistent with the metallurgical response observed in ore from the Yaramoko 55 Zone deposit.

TABLE 2: Summary of QV1 Metallurgical Test Work Results

Sample ID	Test ID	Au Head Grade	Au Extraction (%)		Reagent (kg/t)
		(gpt Au)	Gravity Recovery	Total Recovery	NaCN	Lime
QV1	Grav/ Leach	26.25	90.5	98.9	0.30	0.38
	Leach Only	27.72	-	99.6	0.35	0.38
QV1 Ext	Grav / Leach	11.42	85.7	99.7	0.28	0.30
	Leach Only	18.13	-	99.6	0.30	0.26
QV South Ext	Grav / Leach	5.27	86.0	99.8	0.31	0.34
	Leach Only	5.17	-	99.8	0.28	0.26
Master Composite	Grav / Leach	12.67	87.4	98.2	0.31	0.36
	Leach Only	18.24	-	99.8	0.32	0.42
YRM-13KD-BGS-086	Grav / Leach	6.61	78.0	96.2	0.35	0.38
YRM-15-DD-BGS-86	Grav / Leach	3.16	72.1	98.7	0.31	0.28

Bond Ball Mill Work Index Tests, to assess the ore hardness, were completed on the QV1 Composite and QV1 Ext Composite, returning values of 17.4 kWh/t and 18.0 kWh/t, respectively. These values are comparable with the ore hardness results recorded at Yaramoko's 55 Zone.

Both the gravity-leach and whole ore leach recovery rates were comparable, with high recoveries being recognised whether inclusive of the gravity stage or not.

Paul Criddle, Roxgold's Chief Operating Officer commented, 'We are very pleased with the preliminary metallurgical test results. This initial stage program will provide the necessary foundation as we progress towards defining a maiden resource at this newly discovered mineralized area. The excellent recovery rates and the consistency of the results across a broad grade range are reminiscent of the results of the more extensive test work program previously undertaken for the high grade 55 Zone, located less than two kilometres to the north.'

Qualified Persons

Ben Pullinger, P.Geo, Vice President of Exploration for Roxgold Inc., and Paul Criddle, FAUSIMM, Chief Operating Officer for Roxgold Inc., are Qualified Persons within the meaning of National Instrument 43-101, having verified and approved the technical data disclosed this press release. This includes the sampling, analytical and test data underlying the information.

Quality Assurance/ Quality Control

The holes were RC pre-collars to approximately 10 metres above the target zone. From there, NQ2 Diamond drill bits were used for drill holes reported in this press release. Company personnel are located at the drill site. Contractors and employees of Roxgold conducted all logging and sampling. The core was logged, marked up for sampling using standard lengths of two metres outside of the 'zone' and adjusted to lithological contacts up to one metre within the 'zone'. Samples are then cut into equal halves using a Diamond saw. One half of the core was left in the original core box and stored in a secure location at the Roxgold camp within the Yaramoko area. The other half was sampled, catalogued and placed into sealed bags and securely stored at the site until it was shipped to Act Labs and SGS Laboratories (the 'Labs') in Ouagadougou. The core was dried and crushed by the Labs and a 150 gram pulp was prepared from the coarse crushed material. The Labs then conducted routine gold analysis using a 50 gram charge and fire assay with an atomic absorption finish. Samples returning over 5.0 gpt were also analysed by gravimetric analysis. Quality control procedures included the systematic insertion of blanks, duplicates and sample standards into the sample stream. In addition, the Lab inserted its own quality control samples.

About Roxgold

Roxgold is a gold exploration and development company with its key asset, the high grade Yaramoko Gold Project, located in the Houndé greenstone region of Burkina Faso, West Africa. The Company is currently in construction and expects to be producing gold by Q2, 2016. Roxgold trades on the TSX Venture Exchange under the symbol ROG and as part of the Nasdaq International Designation program with the symbol OTC: ROGFF.

FOR MORE INFORMATION
Ben Pullinger
Vice President, Exploration
416-203-6401
[email protected]

'Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.'

This news release contains forward-looking information. Forward looking information contained in this new release includes, but is not limited to, statements with respect to: (i) the estimation of measured, inferred and indicated mineral resources and probable mineral reserves including, without limitation, statements with respect to the potential establishment of new mineral resources and the expansion potential of existing mineral resources/reserves; (ii) the success of exploration and development activities; and (iii) the technical report entitled 'Technical Report for the Yaramoko Gold Project, Burkina Faso' dated June 4, 2014 (the 'Feasibility Study') including, without limitation, statements about projected future production, and production timelines for the 55 Zone on the Yaramoko permit.

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. In certain cases, forward-looking information may be identified by such terms as 'anticipates', 'believes', 'could', 'estimates', 'expects', 'may', 'shall', 'will', or 'would'. Forward-looking information contained in this news release is based on certain factors and assumptions regarding, among other things, the estimation of mineral resources and mineral reserves (and potential establishment and increases in respect thereof), the realization of resource estimates and reserve estimates, gold metal prices, the timing and amount of future exploration and development expenditures, the estimation of initial and sustaining capital requirements, the estimation of labour and operating costs, the availability of necessary financing (and satisfaction of all conditions precedent in connection with draw downs under available credit facilities) and materials to continue to explore and develop the Yaramoko project in the short and long-term, the progress of exploration and development activities, the receipt of necessary regulatory approvals, and assumptions with respect to currency fluctuations, environmental risks, title disputes or claims, and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.

Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks inherent in the exploration and development of mineral deposits, including risks relating to changes in project parameters as plans continue to be redefined including the possibility that mining operations may not commence at the Yaramoko project as currently scheduled or at all, risks relating to variations in mineral resources and mineral reserves, grade or recovery rates resulting from current exploration and development activities (including risks that new mineral resources may not be established, or the anticipated expansion potential of existing mineral resources/reserves may not be realized), risks relating to changes in gold prices and the worldwide demand for and supply of gold, risks related to increased competition in the mining industry generally, risks related to current global financial conditions, uncertainties inherent in the estimation of mineral resources and mineral reserves, access and supply risks, reliance on key personnel, operational risks inherent in the conduct of mining activities and the construction and proposed development of the Yaramoko project into an operating mine, including the risk of accidents, labour disputes, increases in capital and operating costs and the risk of delays or increased costs that might be encountered during the development process, regulatory risks, including risks relating to the acquisition of the necessary licenses and permits, financing (including the risk that conditions precedent to draw downs under available credit facilities may not be satisfied), capitalization and liquidity risks, including the risk that the financing necessary to fund the exploration and development activities at the Yaramoko project may not be available on satisfactory terms, or at all, risks related to disputes concerning property titles and interest, and environmental risks. Please refer to the Company's Annual Information Form dated April 10, 2015 filed on SEDAR at www.sedar.com for political, environmental or other risks that could materially affect the development of mineral resources and mineral reserves. This list is not exhaustive of the factors that may affect any of the Company's forward-looking information. These and other factors should be considered carefully and readers should not place undue reliance on the Company's forward-looking information. The Company does not undertake to update any forward-looking information that may be made from time to time by the Company or on its behalf, except in accordance with applicable securities laws.