Damara Extinguishes Debt by Issuance of Shares and Warrants

March 8, 2016                                                                                                                    TSX-V: DMR

DAMARA GOLD CORP. (TSX-V:DMR) (“Damara” or the “Company”), reports that as announced on February 26, 2016, the Company has issued a total of 9,611,770 common shares at a price of $0.05 per common share and 4,482,351 share purchase warrants at an exercise price of $0.15 for a period of five years to extinguish debt in the aggregate of $480,588 effective March 2, 2016.  The common shares and warrants are subject to a four month and in some cases four months plus one day hold period that will expire on July 2, 2016 and July 3, 2016 respectively.

About Damara
Damara Gold Corp. is a TSX Venture listed Canadian public company with a Board of Directors seasoned in the mineral exploration industry with extensive and successful international experience with a focus on identifying and acquiring prospective and under-explored gold properties worldwide. Damara’s current focus is the exploration potential at the DGP project in Namibia where it holds a 22% interest (see news release of February 18, 2016).

“Larry Nagy”
Larry Nagy, Chief Executive Officer

For additional information visit Damara’s website at www.damaragoldcorp.com or contact:
Damara Gold Corp.
Larry Nagy
Chief Executive Officer or
Terese Gieselman
Chief Financial Officer
Ph: (250-768-1168)
NR: 16-06

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Statements Regarding Forward-Looking Information
Certain statements contained in this news release may contain forward-looking information within the meaning of Canadian securities laws. Such forward-looking information is identified by words such as “estimates”, “intends”, “expects”, “believes”, “may”, “will” and include, without limitation, statements regarding the company’s plan of business operations (including plans for progressing assets), estimates regarding mineral resources, projections regarding mineralization and projected expenditures. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from such statements. Factors that could cause actual results to differ materially include, among others, metal prices, risks inherent in the mining industry, financing risks, labour risks, uncertainty of mineral resource estimates, equipment and supply risks, title disputes, regulatory risks and environmental concerns. Most of these factors are outside the control of the company. Investors are cautioned not to put undue reliance on forward-looking information. Except as otherwise required by applicable securities statutes or regulation, the company expressly disclaims any intent or obligation to update publicly forward-looking information, whether as a result of new information, future events or otherwise.