Newrange Gold Closes $897,110 First Tranche and Increases Previously Announced Private Placement

VANCOUVER, BC--(Marketwired - April 26, 2017) - Newrange Gold Corp. (TSX VENTURE: NRG)(OTC PINK: CMBPF)(FRANKFURT: X6C) ("Newrange" or the "Company") is pleased to announce the closing of the first tranche of the private placement previously announced on April 17, 2017 (the "Private Placement") by issuing 2,990,366 units (the "Units") at a price of CAD $0.30 per Unit, for gross proceeds of $897,110, subject to TSX Venture Exchange approval ("TSX-V").

Further to the April 17, 2017 news release, the Company also announces that the Private Placement has been increased up to 5,150,327 Units at the issue price of CAD $0.30 per Unit for gross proceeds of $1,545,098.

As announced earlier, each Unit consists of one common share and one share purchase warrant entitling the holder to purchase one additional common share for a two (2) year period at a price of $0.45 per share (the "Warrants"). The Warrants may be accelerated under certain terms if the closing price of the Company's common shares on the TSXV exceeds $0.75 for any 20 consecutive trading days.

The proceeds of this financing will be used principally to advance the Company's Pamlico gold project in Mineral County, Nevada. Work will include:

• Drilling in the Merritt decline area to expand recently discovered high-grade and disseminated gold mineralization in the Merritt decline as discussed in the Company's News Releases of March 2, and April 11, 2017.
• Drill testing of additional known targets as discussed in prior new releases.
• Expanding geological mapping.
• Expanding rock and soil geochemical sampling.
• Initiating a program of detailed underground surveying, mapping and sampling of accessible historic mine workings, estimated to exceed two miles in total length.
• Initiating property wide geophysical survey of the property.
• Conducting preliminary metallurgical test work.

About Pamlico

Located 12 miles southeast of Hawthorne, Nevada, along US Highway 95, the project has excellent access and infrastructure, a mild, year-round operating climate and strong political support from Mineral County, one of the most pro-mining counties in the pro-mining state of Nevada. The Pamlico project covers the historic Pamlico group of mines, as well as the nearby Good Hope, Central, Gold Bar and Sunset mines.