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Nevada Gold Enters Memorandum of Agreement with California Tribe

CALIFORNIA – (PRESS RELEASE) -- Nevada Gold & Casinos, Inc. (Amex: UWN) has announced that it has entered into a memorandum of agreement ("MOA") with the Timbisha Shoshone Tribe for the management of a proposed casino resort in the City of Hesperia, California. The MOA provides that Nevada Gold will receive a management fee of 23% of net revenues over a seven year period.

The Timbisha Shoshone MOA represents one of the Company's previously disclosed MOA's for tribal casino projects. The Company cannot predict when a final management agreement will be signed and approved by the Tribe.

"We are very excited about Nevada Gold managing this resort and we look forward to the economic benefits it will bring to our Tribe, the City of Hesperia, and the entire San Bernardino region," said Erick Mason, Chairman of the Timbisha Shoshone Gaming Commission.

"We look forward to working with the Timbisha Shoshone Tribe to manage their world class casino resort catering to the greater Southern California marketplace," said Chairman, President and CEO of Nevada Gold, H. Thomas Winn.

The Company has also been notified by a party who had signed a development agreement with the Tribe that it has commenced legal action against Nevada Gold, and certain other parties, related to the Company's relationship with the Timbisha Shoshone Tribe. The Company believes this legal action is without merit and it intends to vigorously defend itself.

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