SG

NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE
SERVICES 


SG Spirit Gold Inc. (TSX VENTURE:SG) ("Spirit Gold") is pleased to announce that
it has closed its previously announced non-brokered private placement offering
(the "Offering") of units ("Units") of Spirit Gold. Spirit Gold raised aggregate
gross proceeds of $1,131,779.82, through the issuance of 18,862,997 Units at a
price of $0.06 per Unit. Each Unit consists of one common share and one common
share purchase warrant (a "Warrant"). Each Warrant is exercisable to acquire one
common share at an exercise price equal to $0.10 per common share at any time
until September 20, 2013. 


Spirit Gold intends to use the net proceeds of the Offering to fund accounts
payable and to further Spirit Gold's exploration, development and acquisition
programs.


In connection with the completion of the Offering, Spirit Gold paid aggregate
cash finder's fees in the amount of $64,034.59 and issued an aggregate of
1,067,243 non-transferrable warrants ("Finder's Warrants") to eligible finders
who introduced subscribers to the Offering. Each Finder's Warrant is exercisable
to acquire one common share of Spirit Gold at an exercise price of $0.10 per
common share at any time until September 20, 2013.


All securities issued in the Offering are subject to a statutory four month hold
period expiring on January 21, 2012.


Spirit Gold also wishes to announce Ms. Laura H. Forsythe resigned as Chief
Financial Officer of the company on September 20, 2011. The directors and
management of Spirit Gold thank Laura for her excellent service to the company.


Spirit Gold is pleased to announce the appointment of Yvette Harrison, CGA, as
Chief Financial Officer of Spirit Gold, effective immediately. Ms. Harrison is a
Certified General Accountant and has over 20 years of accounting experience. She
has worked as Chief Financial Officer, VP Finance, Director Finance, Controller
and Consultant with numerous public and private companies. Ms. Harrison received
her CGA designation from the Certified General Accountants Association of
British Columbia in 2002.


Reader Advisory

Information set forth in this news release may involve forward-looking
statements under applicable securities laws. Forward-looking statements are
statements that relate to future, not past, events. In this context,
forward-looking statements often address expected future business and financial
performance, and often contain words such as "anticipate", "believe", "plan",
"estimate", "expect", and "intend", statements that an action or event "may",
"might", "could", "should", or "will" be taken or occur, or other similar
expressions. All statements, other than statements of historical fact, included
herein including, without limitation; statements about the use of proceeds from
the Offering are forward-looking statements. By their nature, forward-looking
statements involve known and unknown risks, uncertainties and other factors
which may cause our actual results, performance or achievements, or other future
events, to be materially different from any future results, performance or
achievements expressed or implied by such forward-looking statements. Such
factors include, among others, the following risks: the need for additional
financing; operational risks associated with mineral exploration; fluctuations
in commodity prices; title matters; environmental liability claims and
insurance; reliance on key personnel; the potential for conflicts of interest
among certain officers, directors or promoters with certain other projects; the
absence of dividends; competition; dilution; the volatility of our common share
price and volume and the additional risks identified the management discussion
and analysis section of our interim and most recent annual financial statement
or other reports and filings with the TSX Venture Exchange and applicable
Canadian securities regulations. Forward-looking statements are made based on
management's beliefs, estimates and opinions on the date that statements are
made and Spirit Gold undertakes no obligation to update forward-looking
statements if these beliefs, estimates and opinions or other circumstances
should change, except as required by applicable securities laws. Investors are
cautioned against attributing undue certainty to forward-looking statements.


The securities being offered hereby have not been, nor will they be, registered
under the United States Securities Act of 1933, as amended, and may not be
offered or sold in the United States or to, or for the account or benefit of,
U.S. persons absent registration or an applicable exemption from the
registration requirements. This press release shall not constitute an offer to
sell or the solicitation of an offer to buy nor shall there be any sale of the
securities in any state or province in which such offer, solicitation or sale
would be unlawful.

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