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VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 3, 2011) -


NOT FOR DISSEMINATION IN THE USA



Harvest Gold Corporation (TSX VENTURE:HVG) (the "Company") is pleased to announce that, further to its December 23, 2010 news release, it has closed a non-brokered private placement and received gross proceeds of $1,004,500 for a total of 10,045,000 units at a price of $0.10 per unit.


Each unit is comprised of one common share in the capital of the Company and one-half of one share purchase warrant (a "Warrant"). Each whole Warrant is exercisable to purchase one additional common share of the Company at a price of $0.15 per share until February 3, 2012.


The Company will now proceed to engage a Nevada based drilling company to execute the phase two drill program at its Rosebud Mine property in northwest Nevada. Permits have been obtained for the drill site locations.


Finders' fees are payable in connection with the private placement in accordance with the policies of the TSX Venture Exchange. Proceeds of the private placement will be used to execute the phase two drill program at the Rosebud Mine property in Nevada, USA, commission a 43-101 resource estimate for Rosebud, expand the Company's property portfolio, and for general working capital.


All securities issued in connection with the private placement will be subject to a minimum four month hold period expiring June 4, 2011. The financing remains subject to the approval of the TSX Venture Exchange.


Harvest Gold Corporation is a mineral exploration company working in Nevada, USA and Manitoba, Canada. In Nevada, the Company controls 100% interests in the advanced-stage Rosebud Gold Mine property, and generative gold properties at Garcia Flats in the South Carlin Trend and the RW property in the southern Battle Mountain - Eureka Trend. In Manitoba, Harvest is engaged in early-stage exploration of three groups of 100% owned claims in the Rice Lake Gold Belt and holds a 40% interest in the more advanced-stage, Assean Lake project.


On behalf of the Board of Directors,


John Roozendaal

President

Harvest Gold Corporation




FOR FURTHER INFORMATION PLEASE CONTACT: Keith Patey
Harvest Gold Corporation
Director of Communications
(604) 986-2020 or Toll Free: 1-866-816-0118
(604) 986-2021 (FAX)
http://www.harvestgoldcorp.com/">www.harvestgoldcorp.com
ORAndrew Mugridge or Benjamin Curry
Progressive Investor Relations
(604) 689-2881