Nevada Gold & Casinos, American Heritage settle lawsuit

HOUSTON, Texas -- (PRESS RELEASE) -- Nevada Gold & Casinos, Inc. (AMEX:UWN) today announced it has entered into a settlement agreement totaling $4.6 million with American Heritage, Inc. (d/b/a/ The Gillmann Group), Nevada Gold's former joint venture partner in Route 66 Casinos, LLC, and Frederick C. Gillmann.

Under the terms of the settlement and release, Nevada Gold will receive $1.0 million by May 1, 2008 and $1.3 million by May 31, 2008. The remaining $2.3 million is to be received no later than April 15, 2010.

Robert Sturges, Chief Executive Officer of Nevada Gold & Casinos, Inc., commented, ``We are pleased to have reached this settlement agreement with American Heritage and Frederick Gillmann. With our lawsuit against these parties behind us, we look forward to focusing on the growth initiatives that we have been implementing to position Nevada Gold for the future.'