Nevada Gold receives $4.7 million from transaction

HOUSTON, Texas -- (PRESS RELEASE) -- Nevada Gold & Casinos, Inc. (AMEX:UWN) today announced that Restaurant Connections International, Inc. (``RCI') has sold Internacional Restaurantes do Brasil Ltda (``IRB'), a majority-owned subsidiary, to Pogo Participacoes Ltda for $5.5 million. The transaction closed on August 12, 2008.

Nevada Gold is a founding shareholder of RCI, and currently owns a 56% interest in RCI. IRB owns 16 Pizza Hut restaurants in Sao Paulo. From the proceeds of the sale, RCI will immediately repay the promissory note and accrued interest due to Nevada Gold in the approximate amount of $4.7 million. The RCI note to Nevada Gold replaced the notes and accrued interest previously due from Clay County Holdings (``CCH') and Service Interactive, Inc. (``SI').

Mr. Robert B. Sturges, Chief Executive Officer of Nevada Gold, commented, ``We are very happy to have successfully disposed of another non-core asset. This transaction leaves us well positioned to focus on reinvesting our financial and operational resources into acquisition opportunities and management contracts.'

As previously announced, on May 12, 2008 the Company entered into a settlement agreement with CCH, SI and RCI. The settlement agreement terminated CCH and SI's respective debts to the Company, which combined totaled approximately $4.6 million, and dismissed Nevada Gold's collection lawsuits against CCH and SI in the District Courts of Harris County, Texas. In exchange, the Company appointed a majority of the Board of Directors of RCI and was issued a promissory note from RCI in an amount equal to the combined principal and interest owed to the Company by CCH and SI. In addition, Nevada Gold increased its ownership in RCI from 34% to 56%.