Toronto, Ontario--(Newsfile Corp. - March 22, 2012) - BUCCANEER GOLD CORP. (TSX-V: BGG) (“Buccaneer” or the “Company”) is pleased to announce the first drill core assay results from its ongoing drilling program on the Muoso Concession, located within the Kibi Gold Belt, of the Eastern Region, Ghana, West Africa.

The 5,000 meters (“m”) core drilling program, initiated on January 3, 2012, is designed to test several drill targets identified on the Muoso and Banso Concessions which are under option from Xtra-Gold Resources Corp. (TSX:XTG and OTCBB:XTGR).

On the Muoso Concession, the initial drill target is a mineralized shear zone identified in trenches, over strong soil geochemical anomalies combined with geophysical interpretations.

To date, 16 drill holes totaling 2,587 m of drilling have been completed in the Ankaase area, in the eastern portion of the Muoso Concession.

Assay results received from Intertek Lab, in Tarkwa, Ghana, are indicating the following gold mineralized intersections:

Assay results for holes AN12-05 and AN12-07 to AN12-16 are still pending.

The gold mineralization encountered in Ankaase is typical for the Kibi Gold Belt and exhibits many similar features to Ghana’s main gold belt, the Ashanti Belt. It consists of lode gold deposit, with structurally controlled mineralization.

Typical mineralization occurs in dioritic sills and in meta-volcanic host units, and is characterized by the presence of quartz-carbonate veining and sulphide mineralization.

Guy Della Valle, Ph.D., P.Geo (Temp.), Vice President, Exploration for Buccaneer Gold Corp. is acting as the Qualified Person in compliance with National Instrument 43-101 (“NI 43-101”) with respect to this announcement. He has prepared and/or supervised the preparation of the technical data mentioned in this news release and confirms compliance with NI 43-101. Dr. Della Valle is a member in good standing of the Association of Professional Geoscientist of Ontario (APGO).

10% Rolling Stock Option Plan

Buccaneer’s 10% rolling stock option plan, which was approved by its shareholders at the annual and special meeting on March 15, 2012, has been accepted for filing by the TSX Venture Exchange.

About Buccaneer

Buccaneer Gold Corp. is a mineral exploration company whose long-term objective is to build a diversified company focused on the acquisition, exploration and development of mineral properties highly prospective for gold. Additional information about the Company is available on SEDAR at www.sedar.com or on the Company’s website at www.buccaneergold.com.

Cautionary Statement

This news release includes certain "forward-looking statements". These statements are based on information currently available to the Company and the Company provides no assurance that actual results will meet management's expectations Forward-looking statements include estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", or "plan". Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results relating to, among other things, results of exploration, project development, reclamation and capital costs of the Company's mineral properties, and the Company's financial condition and prospects, could differ materially from those currently anticipated in such statements for many reasons such as: changes in general economic conditions and conditions in the financial markets; changes in demand and prices for minerals; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological and operational difficulties encountered in connection with the activities of the Company; and other matters discussed in this news release. This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements. These and other factors should be considered carefully and readers should not place undue reliance on the Company's forward-looking statements. The Company does not undertake to update any forward-looking statement that may be made from time to time by the Company or on its behalf, except in accordance with applicable securities laws.

For further information, please contact Paul Zyla, President and Chief Executive Officer at 416 366-4227 or by e-mail at info@buccaneergold.com.

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

Source: Strategic Minerals Europe Corp.