Osprey Stakes Additional Claims at Gold Lake and Miller Lake Properties, Nova Scotia, Canada

Vancouver, British Columbia--(Newsfile Corp. - May 1, 2018) - OSPREY GOLD DEVELOPMENT LTD. (the "Company" or "Osprey") (TSXV: OS) is pleased to announce it has staked additional contiguous claims at its Gold Lake Property, and Miller Lake Property ("Gold Lake" and "Miller Lake") in Nova Scotia Canada. The properties have been expanded through staking to cover additional area prospective for both vein hosted and disseminated style gold mineralization on the basis of geophysical and geochemical surveys. Both projects have historic gold production, and are part of an option agreement where Osprey can earn 100% (subject to certain royalties) in four properties.

Key Points

• Miller Lake expanded by 60%, following geophysics and structural trends along strike from a sample of mineralized argillite host rock taken by Osprey in 2017
• Gold Lake expanded by 57%, following structural trends and promising areas of past exploration

"As we'll soon be starting Osprey's 2018 exploration on the ground in Nova Scotia, we wanted to ensure our land holdings covered additional prospective areas contiguous to our current holdings. Although Miller Lake was acquired by the Company for its known high-grade vein hosted gold, a grab sample taken by the Company last year shows the potential for a significant disseminated style of mineralization target to exist at the project," said Company President Cooper Quinn. "I'm looking forward to continuing to explore the Mitchell Lake area in 2018, and am excited by the possibility of near-surface mineralization disseminated within the argillites here, as this style of mineralization is one of our primary exploration targets."

Miller Lake

Contiguous to Osprey's Miller Lake 356 hectare project, the Company has staked 534 additional hectares, expanding the project area by 60%. This was done to follow known structural trends, analysis of geophysics, and surface rock sampling by Osprey geologists in 2017. A grab sample of sulphide bearing argillite returned 0.25 grams per tonne ("g/t") gold from a horizon on the north limb of the anticline structure at Miller Lake, this sedimentary layer was traced using available magnetic geophysics data, and staked along strike to the east and west. There is evidence of historic production from this rock unit approximately 1,800 meters (m) to the west, as well as a bedrock sample 800 m east from DDV Gold in 2007 which returned 0.16 g/t gold.

Gold Lake

Additional staking at Gold Lake consisted of 97 hectares along the Gold Lake — Goldenville anticline to the east of the Company's current 129 hectares, increasing the property by 57%. The Gold Lake property lies just 6 km south of Atlantic Gold's currently producing Moose River mine and mill, and 13 kilometres west of NSGold's Mooseland gold deposit.

About Goldenville and Osprey

Osprey is focused on exploring historically producing gold properties in Nova Scotia, Canada. Osprey has the option to earn 100% (subject to certain royalties) in five properties, including the Goldenville Gold Project, Nova Scotia's largest historic gold producer. Goldenville hosts a current Inferred Resource of 2,800,000 tonnes at 3.20 grams per tonne ("g/t") gold for 288,000 ounces of gold (2,800,000 tonnes at 4.96 g/t gold for 447,000 ounces of gold uncapped) near the town of Sherbrooke, NS. All five properties in Osprey's current portfolio have a history of high-grade gold production. A copy of the Company's technical report titled "Technical Report on the Goldenville Property, Guysborough County, Nova Scotia Canada" prepared by Brandon Macdonald, P.Geo., dated effective February 15^th, 2017 is available under the Company's profile at www.SEDAR.com.

The technical information in this release has been reviewed and approved by the Company's Vice President of Exploration Perry MacKinnon, P.Geo, a 'Qualified Person' under NI 43-101.

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.