Drilling Underway At Bolo Gold Project With Two Priority-1 Holes Complete

VANCOUVER, BC – Allegiant Gold Ltd. has commenced drilling program at its Bolo Gold Project, located in Nye County, Nevada. The drilling is being carried-out by Barrian Mining Corp. which can earn an initial 50.01% interest in Bolo over the next 3 years, by incurring exploration expenditures of US$4 million and making staged option payments in shares to ALLEGIANT, totaling US$1 million. Barrian can then earn an additional 25% (total 75%) by completing an additional US$4 million in expenditures over an additional 2 years.

The drilling program will be comprised of approximately 6,000 feet (~1,800 metres) of reverse circulation (RC) drilling primarily targeting additional mineralization at the South Mine Fault Zone (SMFZ). Drill holes are also planned for Uncle Sam and for untested geophysical anomalies between the SMFZ and Northern Extension Zone.

The recently completed Induced Polarization (IP) and Resistivity geophysical survey at Bolo defined a significant linear conductivity high anomaly coincident with the Mine Fault Trend and with known Carlin-type gold (+ silver) mineralization at the SMFZ. The geophysical inversions indicate good vertical continuity of conductive anomalies ranging between 250 and 400 meters depth, below the limit of previous drilling. The planned drill holes at the SMFZ primarily target the down-dip extension of previously defined mineralization, coincident with the conductive anomaly. Step-down drill holes are planned to increase the vertical extent of drilling at the SMFZ by up to 100 metres down-dip.

Additional drill holes are planned along strike between the SMFZ and Northern Extension Zone, where limited historical drilling often failed to adequately test the newly defined Mine Fault conductive anomaly. At Uncle Sam, the drill plan is designed to extend the footprint of gold and silver mineralization north along strike and down-dip of historical high-grade surface channel samples.

The plan map shows an overview of the planned 1,800 meters of Priority-1 drill hole locations. Priority 2 drill holes represent planned future drilling and are contingent on results from Priority-1 holes. Two Priority-1 drill holes have been completed.

The company’s address is 1090 Hamilton Street, Vancouver, BC V6B 2R9, (604) 634-0970, www.allegiantgold.com.