Nexus Gold Corp. announced that it has entered into a binding letter of intent (the "Letter") with Leocor Ventures Inc. ("Leocor"), dated March 27, 2020, pursuant to which the parties intend to cooperate in the development of the recently acquired Dorset Gold Project (the "Project"), located in the Province of Newfoundland, south of the Pine Cove Gold Mine. The Letter contemplates a transaction in which Leocor is granted the right to acquire up to a 100% interest in the Project in consideration for completing a series of cash payments totaling $1,250,000 over a four year term, with a cash payment of $100,000 upon the execution of definitive documentation, and incurring expenditures on the Project of at least $1,500,000 over a five year term. Completion of the transaction contemplated by the Letter remains subject to the negotiation of definitive documentation, approval of the independent directors of each of the Company and Leocor, and the receipt of any required regulatory approvals.