Nayarit Gold Inc. Proposes Brokered Private Placement of $10 Million

Halifax, Nova Scotia CANADA, March 05, 2009 /FSC/ - Nayarit Gold Inc. (NYG - TSX Venture), are pleased to announce that Jennings Capital Inc. and BMO Capital Markets have been retained as lead agents to complete a best efforts private placement offering of up to $10 million comprising the sale of up to 20,000,000 Units at $0.50 per Unit, subject to regulatory approval and closing.

Each Unit will consist of one common share and one half of one common share purchase warrant. Each whole warrant will entitle the holder to acquire one common share for $0.65 for a period of two years after closing. All securities issued in conjunction with the offering will be subject to a hold period, which will expire four months after closing.

The gross proceeds from the Offering will be used for exploration and development expenditures for the Orion Project, in the State of Nayarit, Mexico and for general and working capital purposes.

The securities offered have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons except in certain transactions exempt from the registration requirements of the U.S. Securities Act and applicable state securities laws.

For further information on Nayarit Gold please visit the company's website at www.nayaritgold.com or contact:

Mr. Colin P. Sutherland
President & CEO
(902) 252-3833
[email protected]

CAUTIONARY STATEMENT

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This News Release includes certain "forward-looking statements". All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding potential mineralization and reserves, exploration results, and future plans and objectives of Nayarit, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Nayarit's expectations are exploration risks detailed herein and from time to time in the filings made by Nayarit with securities regulators.

Source: Nayarit Gold Inc. (NYG - TSX-V) http://www.nayaritgold.com
Maximum News Dissemination by Filing Services Canada Inc. *
www.usetdas.com