Osprey Appoints Perry Mackinnion Vice President of Exploration

Vancouver, British Columbia--(Newsfile Corp. - May 16, 2017) - OSPREY GOLD DEVELOPMENT LTD. (TSXV: OS) (the "Company" or "Osprey") is pleased to announce the appointment of Perry MacKinnon, P.Geo, to the position of Vice President of Exploration.

Mr. MacKinnon, P.Geo., is a graduate of Acadia University in Wolfville, Nova Scotia (BSc, Geology) in 1982 and is an accredited Professional Geologist with the respective Professional Associations in Nova Scotia and New Brunswick. He has over 30 years' experience in the mining industry, having worked continent wide on a variety of projects from the Alaskan Cordillera, the Greenstone Belts of Northern Manitoba and Quebec, and an array of mineralizing environments in Atlantic Canada as well as porphyry style projects in Mexico. He has worked as an independent consultant since 2005, with a significant focus on Canada's East Coast.

"As Osprey continues to advance our portfolio of projects in Nova Scotia, Mr. MacKinnon brings extensive first hand geological knowledge of mineralized deposits in Atlantic Canada", Company President Cooper Quinn said. "We're happy to have Mr. MacKinnon on the Osprey team, and to lever his long history in the region. He'll be an essential element to our exploration and advancement of the Company."

About Goldenville and Osprey

Osprey is focused on exploring four historically producing gold properties in Nova Scotia, Canada. Osprey has the option to earn 100% (subject to certain royalties) in all four properties, including the Goldenville Gold Project, Nova Scotia's largest historic gold producer.

Additional information regarding Osprey and the Goldenville property is available under the Company's profile at www.sedar.com and at www.ospreygold.com.

For further information please contact:

ON BEHALF OF OSPREY GOLD DEVELOPMENT LTD.,

"Cooper Quinn"

Cooper Quinn, President and Director

For further information please contact Osprey at (236)521-0944 or cooper@ospreygold.com

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.

All statements in this press release, other than statements of historical fact, are "forward-looking information" with respect to Osprey within the meaning of applicable securities laws. Osprey provides forward-looking statements for the purpose of conveying information about current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. By its nature, this information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. These risks and uncertainties include but are not limited to exploration findings, results and recommendations, as well as those risks and uncertainties identified and reported in Osprey's public filings under Osprey's SEDAR profile at www.sedar.com.  Although osprey has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Osprey disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise unless required by law.