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Osprey Completes Expanded Drill Program at Goldenville Project, Nova Scotia

VANCOUVER, SEPTEMBER 21, 2017. OSPREY GOLD DEVELOPMENT LTD. (the “Company” or “Osprey”) (TSXV: OS) is pleased to announce that it has completed the latest drilling program at its Goldenville Gold Project (“Goldenville”) located near Sherbrooke, Nova Scotia. The program was expanded from 2,500 metres to 3,044 metres. The expanded drill program included an additional hole at the Mitchell Lake prospect area 4 kilometres to the east of the main Goldenville resource area, as well as additional holes at the Goldenville resource area.

“We are very happy with the progress of our exploration program on the Goldenville property. The drilling went very smoothly, and we were able to expand the program with additional metres near our current resource area at Goldenville, as well as the Mitchell Lake zone while remaining on budget.” Cooper Quinn, President of Osprey stated. “I’m looking forward to reporting the analytical results from the Company’s maiden drill program, and planning our next phases of exploration on all of our Nova Scotia projects.”

The Company has completed 18 HQ sized diamond drill holes on the Goldenville property, with 15 holes at the Goldenville zone, and three holes at the Mitchell Lake prospect on the eastern portion of the property as part of ongoing exploration work. To date a total of 1,470 core samples have been submitted for assay while logging and sampling of remaining drill core is ongoing.

Drilling at the Goldenville zone consisted of 2,609 metres in 15 holes and targeted the possible expansion of the existing inferred resource with both infill holes within the resource envelope and step out holes along strike to the east, where the structure remains open. During the course of the drill program, Osprey tested the structure further east than any previous drilling.

A total of 435 metres were drilled at the Mitchell Lake prospect in three holes, utilizing Osprey surface mapping as well as reprocessed historic geophysics data. The objective of the Mitchell Lake holes was to test targets generated by this surface work and confirm structural interpretations.

Analytical results from this drilling program will be reported as results become available.

About Goldenville and Osprey

Osprey is focused on exploring four historically producing gold properties in Nova Scotia, Canada. Osprey has the option to earn 100% (subject to certain royalties) in all four properties, including the Goldenville Gold Project, Nova Scotia’s largest historic gold producer. Goldenville hosts a current NI 43-101 Inferred Resource of 2,800,000 tonnes at 3.20 g/t gold for 288,000 ounces of gold (2,800,000 tonnes at 4.96 g/t gold for 447,000 ounces of gold uncapped) near the town of Sherbrooke, NS. All four properties in Osprey’s current portfolio have a history of high-grade gold production. A copy of the Company’s technical report titled “Technical Report on the Goldenville Property, Guysborough County, Nova Scotia Canada” prepared by Brandon Macdonald, P.Geo., dated effective February 15th, 2017 is available under the Company’s profile at www.SEDAR.com.

Samples for the 2017 exploration program are delivered from the drill hole site by Osprey personnel to Osprey’s secure office facility at Goldenville. Samples are cut in-half with a diamond saw, with one-half placed in sealed bags, kept secure, and inventoried prior to being shipped to Bureau Veritas Commodities Canada Ltd, in Timmins, ON for sample preparation, with pulps subsequently shipped to Vancouver, BC for gold and multi-element ICP analysis. A Quality Control/Quality Assurance program, including the insertion of Standards and Blanks, has been implemented. The 2017 exploration program on the Company’s properties is performed under the supervision of Perry MacKinnon, P.Geo, Vice-President of Exploration of Osprey Gold Development Ltd. and a ‘Qualified Person’ under NI 43-101. Mr. MacKinnon has reviewed and approved the technical content of this release.

Additional information regarding Osprey and the Goldenville property is available under the Company’s profile at www.sedar.com and at www.ospreygold.com.

For further information please contact:

ON BEHALF OF OSPREY GOLD DEVELOPMENT LTD.,

Cooper Quinn

Cooper Quinn, President and Director

For further information please contact Osprey at (236)521-0944 or cooper@ospreygold.com

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

All statements in this press release, other than statements of historical fact, are “forward-looking information” with respect to Osprey within the meaning of applicable securities laws. Osprey provides forward-looking statements for the purpose of conveying information about current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. By its nature, this information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. These risks and uncertainties include but are not limited to exploration findings, results and recommendations, as well as those risks and uncertainties identified and reported in Osprey’s public filings under Osprey’s SEDAR profile at www.sedar.com. Although Osprey has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Osprey disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise unless required by law.

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