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Osprey Files NI 43-101 Updated Mineral Resource Technical Report for the Goldenville Gold Project, Nova Scotia, Canada

VANCOUVER, April 28, 2017. OSPREY GOLD DEVELOPMENT LTD. (the “Company” or “Osprey”) (TSXV: OS) is pleased to report that, further to its news release dated March 16th, 2017, it has filed on SEDAR the National Instrument 43-101 “NI 43-101 Independent Technical Report, Goldenville Project, Guysborough County, Nova Scotia”, highlighting the Goldenville Project’s updated gold mineral resources.

As previously reported, the updated estimate yielded an increase of 60% in Inferred ounces (a 72% increase on an uncapped basis) over the previous estimate with an updated Inferred Resource of 2,800,000 tonnes at 3.20 grams per tonne (“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). The resource estimate was completed by David G. Thomas, M.Sc., P. Geo. and Neil Pettigrew, M.Sc., P. Geo. of Fladgate Exploration Consulting Corporation (“Fladgate”) based in Thunder Bay, Ontario.

The report titled “NI 43-101 Independent Technical Report, Goldenville Project, Guysborough County, Nova Scotia” is filed on SEDAR and can be viewed on the SEDAR website, www.sedar.com, and the Company’s website: www.ospreygold.com

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.

Neil Pettigrew, M.Sc. P.Geo, is a ‘Qualified Person’ for the purpose of National Instrument 43-101 Standards of Disclosure for Mineral Projects of the Canadian securities administrators (“NI 43-101”). He has approved the disclosure of, and is the ‘Qualified Person’ responsible for the scientific and technical information in this news release. He has verified the data disclosed.

ON BEHALF OF OSPREY GOLD DEVELOPMENT LTD.

Cooper Quinn
Cooper Quinn, President

For further information please contact Osprey at (236)521-0944 or info@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 those 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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