Feb 12, 2013

Masuparia Defines New Low Grade, Bulk Tonnage Potential at North Lake, SK

NR: 13-03

Masuparia Gold Corporation (TSX.V: MAS) ("Masuparia" or "the Company") is pleased to advise that based on the continuing compilation and technical review of North Lake data it has become increasingly evident that the North Lake deposit is a low grade bulk tonnage target, defined by historic drilling as being traced over 800m along strike, 50 to 100m+ width potential and to a maximum depth of 200 m, that remains open in all directions. The majority of the drilling tests the target to less than 100 metres depth. The mineralization strikes approximately N30 degrees E and dips approximately 60 degrees to the west. A total of 41 diamond drill holes were completed on the target and selectively assayed during 1987 and 1988.

Ron Netolitzky, CEO states that, "Based on our ongoing data review, we believe we have now defined an excellent potential for a large, open pittable gold deposit at North Lake, within the La Ronge Gold Belt and we will focus our work on establishing a definitive size and grade for this system." Interpretation of the remote sensing data by our consultants suggests that the host unit extends well beyond the tested area and is traceable for at least 6 km.

A tabulation of the drill hole assay results, including intervals, is presented below with all information converted to the metric system. In this tabulation some of the broader intervals include low grade and waste to assist in defining the larger target. The information is also presented with uncut assays and with an upper cut at 10 g/t Au. At this time the upper cut is arbitrary to reduce the influence of a few high grade intervals.

Hole IDGrid LineSampling FromSampling ToIntervalGrade g/t AuGrade g/t Au (Cut at 10 g/t)

The mineralization is within a unit initially logged as meta-arkose. Subsequent workers have considered the unit to represent a meta-rhyolite, a felsic tuff or a felsite intrusive. Further research is called for. There is very limited sampling of core of other lithologies present. Systematic sampling of these units is warranted due to the poor understanding of mineralization controls. Recent re-logging of drill core has confirmed the presence of visible gold (VG) and actually identified a greater frequency of VG as compared to historical work. This examination also confirmed the presence of VG within intervals that returned very low assay values in the earlier work. The total sulphide content is generally very low. VG is present in narrow quartz stringers and as disseminated flecks in the host unit, with or without associated pyrite.

Ongoing activity includes the integration of the drill hole mineralization with trench and channel sample results. The historic resource estimate which was completed pre-Ni 43-101 standards is presented for historical information purposes only. The following historical resource information is quoted below from a report prepared in July 2003 by Dr. D J Patrick of ACA Howe International Ltd. prepared under Certificate of qualification National Instrument 43-101. The complete ACA Howe report will be posted on our web site.

Click here to view ACA Howe Report

"A resource estimate was conducted in 1988 on behalf of Radcliffe Resources Ltd. by J. Reedman. It was based on a sectional interpretation of drill holes and trenches. Intersections were extrapolated half-way to adjacent sections. The drill sections were 25 metres apart in the wider south-central and northern parts of the deposit and 50 metres at the ends of the zone and in the centre of the deposit between the wider zones. Several assay and width cut-offs were utilised; if necessary, to achieve the minimum width, the intersections were extended assuming zero grade in the extensions. The results are shown below:

Cut-offsTonnesTonsAverageAu OuncesGrade (oz/ton)Width (m)Grade (oz/ton)Width (m)

Cut-OffsTonnesTonsAverageAu OuncesGrade (oz/ton)Width (s)Grade (oz/ton)Width (m)

Because of the wide extrapolations in some areas and uncertainties in some areas, the figures were considered to represent a mineral inventory and would be categorised as inferred resources under current CIM guidelines.

Preliminary 'geological reserves' using a 0.04 oz/ton Au over 3 m cut-off were subsequently estimated by Radcliffe to be 2.6 million tons at 0.069 oz/ton Au for a total of 180,000 contained ounces of gold (Stockwatch March 9, 1989). The estimation methodology is unknown and cannot be substantiated so the statement cannot be considered to meet the requirements of NI 43-101 for reserves and resources."

The ongoing exploration is focused upon mineralization controls, bench scale metallurgical testing either utilizing historical holes drilled for that purpose or from completing large diameter core holes. Sufficient holes will also be drilled with large diameter holes that in conjunction with further sampling of existing core will obtain sufficient information to consider an updated resource estimate. During MAS activity, one abandoned drill hole N-87-2 was located on site which had not been split and sampled due to its location near a twin hole N-88-2A(probably within 5 metres).

The historic drilling was completed during 1987 and 1988 with a focus on higher grade lode occurrences and not on the low grade bulk tonnage targets that industry now considers economically important. Additional check assays over time have tended to confirm the reported gold levels, but would benefit from the confirmation by drilling and assaying some large diameter core holes. This could also address any nugget gold issues.

Aeromagnetic coverage of the property was completed this summer. These results are being incorporated into the compilation of the historic geological data base. This work is intended to assist in the identification of the regional aspect of the possible bulk gold targets on the property.

Posted on the web site will be the aeromagnetic map(s) and the reinterpreted drill sections.

Mike Jamieson, P.Geol., of Taiga Consultants Ltd., has acted as the Qualified Person as defined in National Instrument 43-101 for this disclosure and has approved the technical information contained in this release.

About Masuparia Gold
Masuparia Gold Corporation is a Canadian mineral exploration company focused on grassroots exploration projects with world class potential. Masuparia currently is the Operator of a joint venture (LRSG JV) in the La Ronge Gold Belt of Saskatchewan with Golden Band Resources on three properties: Greywacke Lake, Preview Lake and North Lake. The Company believes the Greywacke Lake gold project to be an excellent regional exploration opportunity within the large 5,786 hectare project area. The Greywacke North deposit is at an advanced stage with several known high-grade gold-bearing zones and a NI 43-101 compliant resource of 184,000 tonnes at 8.4 g/t Au plus an Inferred Resource of 58,000 tonnes at 7.29 g/t Au (at a cut-off of 5 g/t Au) (NI 43-101, Wardrop 2008).

On Behalf of the Board of Directors
Masuparia Gold Corporation

Ron Netolitzky, President & CEO