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True Gold Mining Reports Year-End Financial Results

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VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 04/30/13 -- True Gold Mining Inc. (TSX VENTURE: TGM) ("True Gold" or the "Company") is pleased to announce financial results and business highlights for the 14-month period ending December 31, 2012, including advancements at the Company's Karma Gold Project ("Karma Project") in Burkina Faso, West Africa and the creation of an integrated team of experts in exploration, mine construction and operations.

Burkina Faso has proven gold production, favourable geology and a government that supports mining. We are focused on exploration at and advancing our flagship Karma Project, which includes five closely spaced and well-defined deposits, as well as exploration at our Liguidi Project ("Liguidi").

2012 highlights and significant events subsequent to year-end include:

-- Through the combination with Blue Gold Mining Inc. ("Blue Gold"), we strengthened our treasury and team, which now possesses the strategy, finance, exploration, operations and mine production expertise required to advance the Karma Project, and oversee exploration at the Karma property and Liguidi.(1)-- Completed an independent Preliminary Economic Assessment ("PEA") for the Karma Project.(2)-- Completed more than 60,000 metres of drilling at the 856 km2 Karma property and Liguidi, helping to add resources within the Karma Project footprint(3) and identifying near-surface gold mineralization at the Karma and Liguidi properties.(4)-- Engaged SENET (Pty) Ltd. and other leading global technical advisors to prepare an independent feasibility study ("FS") for the Karma Project(5). When complete, the FS is expected to enable True Gold to make a production decision on the Karma Project and include a fully engineered construction and operating plan.



True Gold has launched a 2013 exploration program that includes 7,500 metres of drilling, geological mapping, and rock and soil sampling within the Karma property. The program aims to identify additional near-surface oxide gold mineralization and demonstrate the potential for resource growth at the Karma Project. We are also conducting drilling and other exploration work at Liguidi.

Cumulative drilling, rock and soil sampling to date indicate a widespread, in-situ, near-surface gold system at Liguidi. A 2013 exploration program that includes 3,500 metres of drilling, geological mapping, and rock and soil sampling has commenced at Liguidi.

(1) See True Gold news release dated Feb. 25, 2013 titled, "True Gold Owner's Team built to drive mine development and resource expansion at Karma and Liguidi."

(2) See True Gold news release dated August 20, 2012 and October 3, 2012 together with the company's clarifying news release of March 20, 2013 and independent NI 43-101 compliant technical report titled, titled "Technical Report and Updated Resource Estimate on the Karma Project, Burkina Faso, West Africa," dated effective October 1, 2012, filed on SEDAR (www.sedar.com) November 7, 2012, which incorporates the PEA report on the Karma Project. The PEA is considered preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. Mineral resources that are not mineral reserves have not yet demonstrated economic viability. Due to the uncertainty that may be attached to inferred mineral resources, it cannot be assumed that all or any part of an inferred mineral resource will be upgraded to an indicated or measured mineral resource as a result of continued exploration or mineral reserves once economic considerations are applied. Therefore there is no certainty that the production profile concluded in the PEA will be realized.

(3) See True Gold news release dated October 3, 2012 titled, "True Gold Announces Update of Gold Mineralization at Karma Project" together with the company's clarifying news release of March 20, 2013 and independent NI 43-101 compliant technical report titled, titled "Technical Report and Updated Resource Estimate on the Karma Project, Burkina Faso, West Africa," dated effective October 1, 2012, filed on SEDAR (www.sedar.com) November 7, 2012.

(4) See True Gold news release dated February 12, 2013 titled, "Widely Spaced RC Drilling at Liguidi Hits Near-Surface Gold Mineralization Throughout 13-km Strike Length" and September 19, 2012 news release titled, "True Gold Announces Liguidi RAB Drilling Results - Confirmation of 13-km Long Gold-Soil Anomaly."

(5) The Company has not made a production decision and the Company's strategic plan to develop a stand-alone heap leach operation is subject to the results of its feasibility study, which is currently underway. Further, if and when the Company makes any production decision, it will disclose the basis of such decision in accordance with the requirements of NI 43-101.

Selected Financial Data

The following selected financial data is derived from our financial statements for the 14 months ended December 31, 2012 and the 12 months ended October 31, 2011, as prepared in accordance with International Financial Reporting Standards ("IFRS").

--------------------------------------------------------------------------- 14 months 12 months ended December ended October 31, 2012 31, 2011---------------------------------------------------------------------------Net income (loss) for the period ($14,992,459) $22,613,710Income (loss) and comprehensive income (loss) for the period ($15,022,730) $23,226,710Income (loss) per share - basic ($0.12) $0.23Income (loss) per share - diluted ($0.12) $0.22--------------------------------------------------------------------------- As at December 31 October 31 2012 2011---------------------------------------------------------------------------Cash and short term investments $18,889,633 $14,874,572Working capital $16,710,450 $33,312,769Total assets $87,597,097 $58,216,446Current liabilities $2,584,366 $1,827,382Non-current liabilities $4,849,000 $5,163,000Shareholders' equity $80,163,731 $50,937,306---------------------------------------------------------------------------



For the 14 month period ended December 31, 2012, we reported a net loss of $15.0 million. The most significant contributions to the loss for the 14 month period were the write-down on the acquisition of Blue Gold of $7.9 million, the $2.8 million loss on the disposition of Roxgold Inc. securities, the cost of salaries and benefits of $2.6 million, stock-based compensation of $1.7 million, interest and related charges of $1.1 million, and travel and accommodation of $0.8 million. These expenses were offset by a $3.9 million recovery of exploration costs.

Total assets as at December 31, 2012 have increased since the prior year by $29.4 million to $87.6 million, reflecting (i) an increase to capitalized exploration and development costs due to the on-going investment in the Company's exploration and evaluation assets; (ii) the assets acquired as part of the acquisition of Blue Gold, including but not limited to cash and short term investments, the Ball Creek Project and the Paget Minerals Corporation common shares and warrants; and (iii) equipment additions in the year. This increase was partially offset by cash outflows from operations.

This press release should be read in conjunction with True Gold's audited consolidated financial statements and Management's Discussion and Analysis for the 14 month period ended December 31, 2012. These documents can be found on the Company's website (www.truegoldmining.com) or under the Company's profile on SEDAR at www.sedar.com. Shareholders may receive a printed copy of the audited consolidated financial statements, free of charge, upon request. All amounts are presented in Canadian dollars unless otherwise stated.

Ian Cunningham-Dunlop, P. Eng., is the Company's Senior Vice President Exploration and designated Qualified Person for this news release within the meaning of NI 43-101 and has reviewed and verified that the scientific and technical information contained in this release is accurate and approves of the written disclosure of same.

About True Gold

True Gold Mining Inc. is where gold comes to life. We are committed to growing a successful gold exploration, development and production company, by focusing on projects with low costs, low technical risks and solid economics. The Company's board, management and technical teams have proven track records in gold exploration, development, operations and production worldwide.

Additional information about the Company and its activities may be found on the Company's website at www.truegoldmining.com and under the Company's profile at www.sedar.com.

ON BEHALF OF THE BOARD

Dwayne Melrose, President & CEO

Certain statements made and information contained in this news release and elsewhere constitutes "forward-looking information" within the meaning of Canadian securities legislation. Such forward-looking statements are based on certain assumptions and are subject to risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation, with respect to statements regarding the potential increase to mineral resources, the assumptions set forth in this news release and in the Company's news release of August 20, 2012; September 19, 2012; October 3, 2012; February 12, 2013; February 25, 2013; and March 30, 2013 and risks and uncertainties relating to the interpretation of drill results and the estimation of mineral resources, the geology, grade and continuity of mineral deposits, the possibility that future exploration and development results or the results of the Feasibility Study on the Karma Project will not be consistent with the Company's expectations, accidents, equipment breakdowns, risk of undiscovered, title defects and surface access, labour disputes, the potential for delays in exploration and permitting activities, the potential for unexpected costs and expenses, commodity price fluctuations, currency fluctuations, political risk and other risks and uncertainties, including those described under Risk Factors in each management discussion and analysis and in the Company's annual information form which are available under the Company's profile at www.sedar.com. Forward-looking information is based on various assumptions including, without limitation, the expectations and beliefs of management, the assumed long term price of gold, that the Company will receive required permits and access to surface rights, that the Company can access financing, appropriate equipment and sufficient labour and that the political environment within Burkina Faso will continue to support the development of environmentally safe mining projects. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Accordingly, readers are advised not to place undue reliance on forward-looking statements.

This news release may use the terms "measured", "indicated" and "inferred" as these terms are defined under Canada's National Instrument 43-101. U.S. Investors are advised that, while such terms are recognized and required by Canadian regulations, they are not recognized by the United States Securities and Exchange Commission ("SEC") and may not be comparable to similar information for United States mining or exploration companies. As such, certain information contained on this news release concerning descriptions of mineralization and resources under Canadian standards is not comparable to similar information made public by United States companies subject to the reporting and disclosure requirements of the SEC. U.S. investors are cautioned not to assume that any part or all of the mineral deposits described in these categories will ever be converted into proven or probable reserves, as defined in the SEC's Industry Guide No. 7.

Neither 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.



Contacts:
True Gold Mining Inc.
Vancouver Office:
604-801-5020
info@truegoldmining.com

True Gold Mining Inc. - Investor inquiries:
Alex Holmes
604-632-4677
aholmes@truegoldmining.com

True Gold Mining Inc. - Media inquiries:
Ian Noble
604-809-8750
inoble@truegoldmining.com
www.truegoldmining.com



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