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Osprey Submits First Batch of Core for Analysis After Completing Geologic Logging of 24 Previously Drilled Holes From Goldenville Gold Project, Nova Scotia

VANCOUVER, MAY 5, 2017. OSPREY GOLD DEVELOPMENT LTD. (the “Company” or “Osprey”) (TSXV: OS) is pleased to announce it has completed detailed geologic logging of 24 previously unassayed diamond drillholes from an exploration program conducted in 2014 by a former operator of the Goldenville Property (“Goldenville”) located in Guysborough County, Nova Scotia, Canada. The current work is being as completed on behalf of the Company by Mercator Geological Services (“Mercator”), based in Dartmouth, Nova Scotia.

“I’m looking forward to the results of this program“, Company President Cooper Quinn said. “Detailed logging of this core is giving us an excellent time-saving and cost-saving advantage in increasing our understanding of the near surface mineralization and structure at Goldenville at a fraction of the cost of an equivalent drilling program by Osprey.”

The holes were drilled in 2014 on an approximate 25 by 25 metre grid centered around hole GV-06-04 drilled by Acadian Mining in 2006 which returned high grade gold assays in the top 20 meters; 3.0 meters of 20.41 g/t Au starting at 7.0 metres, and 3.0 metres of 25.05 g/t Au starting at 17.0 metres. The holes were originally drilled to test for near surface mineralization and average approximately 30 metres in length. A total of 741 metres of HQ core has been logged by Mercator geologists and is being split for assay. Samples are being shipped in batches for assay, with the first batch now submitted and subsequent batches to be submitted as prepared and ready. Analytical results will be reported as they 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.

Samples for this program were collected by experienced geologists and technicians, placed in sealed bags and shipped to Bureau Veritas for sample preparation, followed by gold and multi-element analysis. A Quality Control/Quality Assurance program including the insertion of Standards and Blanks has been implemented. The logging and sampling program is performed under the supervision of Peter Webster, P.Geo, President of Mercator Geological Services and a ‘Qualified Person’ under NI 43-10.

The technical information in this release has been reviewed and approved by Peter Webster, P.Geo, a ‘Qualified Person’ under NI 43-101. 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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