TORONTO, ONTARIO -- (MARKET WIRE) -- 05/15/07 -- NFX Gold Inc. ("NFX" or the "Company") (TSX VENTURE: NFX) is pleased to announce that it has been granted an option (the "Option Agreement"), subject to Board approval and TSXV acceptance, to earn up to a 70% interest in 101 mining claims in Holloway and Marriot Townships in northeastern Ontario (the "PG 101 Property"). The PG 101 Property is located in the prolific Harker-Holloway gold camp and proximal to St. Andrew Goldfield's Holloway and Holt Mines. The optionor of the PG 101 Property is The Perron Gold Corporation and Tiger Gold Exploration Corporation. Pursuant to the Option Agreement the Company has also been granted exclusive negotiating rights and a right of first refusal to option into or acquire all of the interests of each member of the Perron Group's other mineral properties, namely the Kerr Mine, Chesterville Mine, Keneccott, Rouyn-Noranda, Clenor Gold Mine, Bradette and other properties in the Harker-Holloway gold camp (the "Other Properties"), but excluding the Kerr Mine tailings.

The Company can earn an initial 50% interest (the "Initial Option") in the PG 101 Property by: a) the payment to Tiger Gold Exploration Corporation (the "Optionor") of CDN$60,000, which has already been made, b) funding not less than CDN $3,000,000 in aggregate exploration expenditures by December 31, 2010: i) at least $600,000 by December 31, 2007, ii) at least $1,200,000 (inclusive of year one amounts) by December 31, 2008, iii) at least $2,000,000 (inclusive of year one and two amounts) by December 31, 2009, and iv) at least $3,000,000 (inclusive of year one, two and three amounts) by December 31, 2010, and c) issuing 600,000 common shares of the Company (the "Shares") to the Optionor as follows: i) 150,000 Shares after receipt of all necessary regulatory approvals, ii) 150,000 Shares on or before December 31, 2007, iii) 150,000 Shares on or before December 31, 2008, and iv) 150,000 Shares on or before December 31, 2009. Pursuant to the Option Agreement, the Company has been granted the right to increase its interest in the PG 101 Property to 70% by satisfying all of the requirements of the Initial Option and by completing a bankable feasibility study on the PG 101 Property for placing the property into commercial production at a rate of not less than 250 tons per day. The PG 101 Property is currently encumbered with a 3% Net Smelter Returns royalty of which one-half may be purchased at any time for $2,000,000.

Pursuant to the Option Agreement, each member of the Perron Group has granted to NFX the exclusive right to negotiate, for a period expiring November 15, 2007, an option to acquire or earn a 50% interest in any and all of the Other Properties (as defined above) or an agreement for a business transaction involving all or substantially all of the Other Properties to consolidate them into one entity owned, operated and managed by NFX. From and after the date of expiry of the exclusivity period and continuing until May 31, 2008, each member of the Perron Group has granted NFX a right of first refusal on its respective interest in each of the Other Properties.

The PG 101 Property is adjacent to the eastern boundary of St. Andrew Goldfield's producing Holt Mine Property and only a few kilometres east of their Holloway Mine property. Historic production (1988-2004) from the Holt (McDermott) Mine totals 8.18 million tons at a grade of 0.162 opt Au(1) (7.42 million tonnes @ 5.6 gpt Au). Measured and indicated resources reported in 2006 for the Holt Mine are 2.99 million tonnes at a grade of 7.3 gpt Au(2). Production at the Holloway Mine to 2004 is reported as 4.73 million tons at a grade of 0.166 opt Au(1) (4.29 million tonnes @ 5.7 gpt Au). Measured and indicated resources reported in 2006 for the Holloway Mine are 1.04 million tonnes at a grade of 7.8 gpt Au(2). Several other smaller deposits in the Harker-Holloway gold camp and in the vicinity of the PG 101 Property include the Buffonta, Mattawasaga and East zone deposits.

The PG 101 Property is underlain by the same succession of mafic volcanic flows, breccias, and tuffs that host the known gold deposits of the area. These volcanic rocks are cut by ENE trending faults that splay from the Destor-Porcupine fault ("DPF"). The DPF is a major deformation zone that crosses along the north boundary of the PG 101 claims in Marriott Township. Proximity to the DPF, Kirkland-Larder and other similar regional faults are characteristic of significant gold deposits of the Eastern Abitibi greenstone belt.

An historic work report indicates that an Induced Polarization (IP) geophysical survey completed in 1988 on the PG 101 Property detected 11 anomalies. One of the anomalies was large and occurred at the western boundary extending and expanding eastward onto the claims. Historic reports also suggest the possibility that this anomaly was a possible extension of the Holt McDermott orebody onto the PG 101 property.

NFX plans to complete due diligence, compilation of historic work, geological modeling, identification of high priority targets and commence drilling on the PG 101 Property in 2007.

"The option of the PG 101 Property and Right of First Refusal to option other Perron Holdings properties is a major accomplishment. NFX has a strong cash position and is well positioned as a Tier 1 TSX Venture Exchange company to finance the acquisition, exploration and development of projects that offer the highest opportunity for success", states NFX president and CEO, Mr. Thomas Larsen.

Since 2006, NFX has acquired or optioned several key properties in the Larder Lake and Harker-Holloway gold camps and is in a position to acquire several other key properties within the next 6 months. The Company's principal assets prior to these acquistions were the Larder-Lake Properties (see About NFX below).

"Our new property holdings in the Larder Lake and Harker-Holloway gold camps have significantly improved NFX's opportunity to make an important discovery in the near future. Our priorities will focus on the recently optioned PG 101 Property where we believe there are high priority targets ready for drill testing", added Mr. Larsen."

About NFX

NFX is involved in the acquisition, exploration and development of gold properties in Northern Ontario. NFX's primary holdings include the Larder Lake Properties which comprise the Cheminis, Bear Lake, Fernland properties (collectively 100% owned) and the Barber Larder property (75% owned), that extend 8kms along the prolific Cadillac Larder Break. The Larder Lake Properties are currently being explored pursuant to an option and joint venture agreement with Maximus Ventures Ltd. ("Maximus"), whereby Maximus acquired the right to earn a 60% interest in NFX's interest at the Larder Lake Properties by expending $6 million on exploration thereon by December 31, 2008. Drilling is ongoing at the Larder Lake Properties.

(1) Historic production figures were obtained from the Ontario MNDM website (www.mndm.gov.on.ca). The original imperial tons and ounce per ton (opt) grades are quoted and the equivalent metric tonnes and grams per tonne (gpt) grades indicated in parentheses.

(2) Resources for St. Andrew Goldfield's Holt and Holloway Mines are quoted from St. Andrew Goldfield's website (www.standrewgoldfields.com) and the company's NI 43-101 Compliant Technical Report dated October 2, 2006. Only Measured and Indicated Resources are quoted. Inferred Resources have not been quoted.

This release contains certain "forward-looking statements". All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future, are forward-looking statements. Forward-looking statements reflect the current internal projections, expectations or beliefs of the Company based on information currently available to the Company. Forward-looking statements are subject to a number of risks and uncertainties, including those detailed from time to time in filings made by the Company with securities regulatory authorities, that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, the Company.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this news release.

Contacts:
NFX Gold Inc.
Thomas G. Larsen
President and CEO
(416) 360-8006 or Toll Free: 1-800-360-8006
(416) 361-1333 (FAX)
Website: www.nfxgold.com