Damara Announces Non-Brokered Private Placement

August 3, 2017                                                                                                                  TSX-V: DMR

DAMARA GOLD CORP. (TSX-V:DMR) (“Damara” or the “Company”), reports that it intends to complete a non-brokered private placement (the “Placement”) of up to 5,000,000 units (the “Unit”) at a price of $0.05 per Unit.  Each Unit will consist of one common share and one common share purchase warrant (the “Warrant”).  Each Warrant will entitle the holder to purchase an additional common share of the Company at a price of $0.10 for a period of 36 months following the closing of the Placement (the “Closing Date”).  Proceeds from this financing shall be used for investigating project acquisitions and general corporate purposes.

It is anticipated that insiders will participate in the private placement on the same terms and conditions as arm’s length subscribers.

Completion of the Placement is subject to TSX Venture Exchange approval.  All securities issued in connection with the Placement will be subject to a hold period of four months plus a day from the Closing Date.

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.

ON BEHALF OF THE BOARD OF DIRECTORS OF DAMARA
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: (250-768-0009)
NR: 17-3

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.