MONTREAL, QUEBEC--(Marketwire - Sept. 20, 2012) - Adventure Gold Inc. (News - Market indicators) (the "Company") is pleased to report a second set of positive results from the Phase 3 drilling program on its 100%-owned Pascalis-Colombiere gold property (the "Property"), located in the eastern part of the Val-d'Or mining camp, Quebec. Results come from 12 holes totalling 3,491 metres drilled mainly in the Beliveau West Area. The best intercepts, in core length, are summarized as follows:

Beliveau West Area

• Hole PC-12-56: 2.3 g/t Au over 51.1 metres including 8.5 g/t Au over 3.1 metres, 7.1 g/t Au over 11.1 metres, and 2.5 g/t Au over 3.8 metres;

• Hole PC-12-57: 3.0 g/t Au over 33 metres including 3.7 g/t Au over 6.0 metres and 7.9 g/t Au over 8.0 metres;

• Hole PC-12-55: 1.2 g/t Au over 48.5 metres including 12.1 g/t Au over 3.7 metres;

• Hole PC-12-48: 1.0 g/t Au over 86.9 metres including 5.9 g/t Au over 3.9 metres and 7.5 g/t Au over 3.9 metres;

• Hole PC-12-49: 0.9 g/t Au over 101.1 metres including 5.2 g/t Au over 4.5 metres, 5.1 g/t Au over 4.0 metres and 4.3 g/t Au over 2.7 metres;

• Hole PC-12-51: 1.5 g/t Au over 41.4 metres including 6.4 g/t Au over 3.5 metres, 3.6 g/t Au over 3.5 metres, and 3.1 g/t Au over 2.9 metres.

Beliveau South Area

• Hole PC-12-59: 1.0 g/t Au over 130.8 metres including 7.6 g/t Au over 5.7 metres and 6.7 g/t Au over 7.3 metres.

"These are again really encouraging results with economic grades. We extended the Beliveau West gold zones with wide, high-grade intervals, while we also continued to intersect lower-grade intervals over larger widths. The gold system is still open to the west, the south and at depth. We are looking forward to the first NI 43-101 resources calculation, which the Company expects to release in October", stated Marco Gagnon, President and CEO of Adventure Gold Inc.

Table 1 shows all significant results from the 12 drill holes announced today. Surface map views (figures 1 and 2) show the location of drill holes on the Property and surrounding the former Beliveau mine. The drilling program was completed in mid-July, with 37 holes totalling 12,020 metres. Assay results are still pending for 10 holes totalling 3,673 metres (PC-12-58, PC-12-60 to 68). Final results will be released as soon as the complete set of results is received.

Val-d'Or East Project

The Val-d'Or East Project consists of the 100%-owned Pascalis-Colombiere, Pascalis Extension, Senore, Beaufor West and North properties which all together total 107 mining claims covering a surface area of 3,708 hectares (see figure 3). The properties, easily accessible by gravel roads, are located in the eastern portion of the Val-d'Or-Malartic gold district, which has produced more than 30 million ounces of gold to date (Geological Survey of Canada website-World Geoscience Database). The properties are also adjacent to the producing Beaufor Gold Mine held by Richmont Mines (over 1 million ounces of gold produced: Richmont Mines press release dated March 23, 2010). From 1989 to 1993, the Pascalis-Colombiere property was the site of gold production at the L.C. Beliveau Mine, where Cambior Inc. (now IAMGOLD) mined the New Pascalis gold deposit. A total of 1.8 Mt of ore was extracted at a grade of 3.2 g/t Au, from the surface to 300 metres depth (total of 167,000 ounces of gold, official production from Cambior postmortem report, Nov. 1996). The geological setting of the properties appears to be very favourable for the identification of new high-grade gold-bearing veins and structures or bulk-style ore shoots.

Figures 1, 2 and 3 are available at:

Jules Riopel, P.Geo., Vice-President Exploration and Acquisitions, acting as the Company's "Qualified Person" as defined by NI 43-101, has reviewed this press release and has supervised the drilling program. Assay samples were taken from NQ core sawed in half, with one half sent to Agat Laboratories, a commercial laboratory in Mississauga, Ontario, and the other half retained for future reference. A strict QA/QC program was applied to all samples, which includes mineralized standards and blank samples for each batch of 20 samples. The gold analyses were completed by fire assay with an atomic absorption finish on 50 grams of material. Repeats were carried out by fire assay followed by gravimetric testing on each sample containing 3.0 g/t gold or more. Total gold analyses (Metallic Sieve) were carried out on samples that showed a great variation in gold content.

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Adventure Gold Inc. is a mineral exploration company focused on discovering high-quality gold deposits in the Abitibi Greenstone Belt located in northwestern Quebec and northeastern Ontario - one of the richest gold deposit areas in the world. Adventure Gold holds quality assets in the Val-d'Or, Rouyn-Noranda, Detour, Casa-Berardi and Timmins areas and is led by determined management and technical teams with extensive exploration and mine production experience. Adventure Gold is proud to count on highly regarded partners such as Agnico-Eagle Mines Limited and Lake Shore Gold Corp. to explore its advanced-stage gold properties.

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The foregoing information may contain forward-looking statements and events relating to the future performance of the Company. Forward-looking statements, specifically those concerning future performance, are subject to certain risks and uncertainties, and actual results may differ materially. These risks and uncertainties are detailed from time to time in the Company's filings with the appropriate regulatory authorities. We seek safe harbour.