Toronto, Ontario, May 11, 2011 – Ryan Gold Corp. (RYG-TSXV, “Ryan Gold” or the “Company”) is pleased to announce that the Company has received final approval from the TSX Venture Exchange with respect to the purchase, royalty and employment agreements (the “Agreements”) signed with Shawn Ryan. As detailed in the Company’s press release dated April 26, 2011, Ryan Gold will purchase 50 properties, comprising 6,558 Quartz Claims (the “Properties”) located in the Yukon Territory, through the acquisition of Mr. Ryan’s 70% interest in the Properties and the acquisition of all of the issued shares of 45127 Yukon Inc. (“Claims Co”), which owns the remaining 30% interest in the Properties. Mr. Ryan owns all of the shares of Claims Co. The Company has issued 7.5 million shares of Ryan Gold and made the first cash payment of $2.5 million to Mr. Ryan.

Mr. Ryan has also entered into an employment agreement with Ryan Gold having a term of five (5) years pursuant to which Mr. Ryan has been appointed President of Ryan Gold. David Schmidt has resigned as President, but continues as VP Corporate Development and remains a director of the Company. As part of his employment agreement, Ryan Gold has granted Mr. Ryan options to purchase 500,000 common shares at $1.80, expiring May 10, 2016, with one third of the options vesting after the first year, one third after the second year and one third after the third year.

The 7,500,000 common shares issued to Mr. Ryan from treasury pursuant to the purchase agreement, together with the 500,000 options, represent approximately 8.8% of the Company’s outstanding common shares as of May 11, 2011 (after taking such issuance and option grant into account). As a result of such issuance and option grant, Mr. Ryan beneficially owns and controls an aggregate of 9,878,000 common shares, representing approximately 10.6% of the Company’s outstanding common shares as of May 11, 2011.

Mr. Ryan continually reviews his investment alternatives and may, directly or through related entities, purchase additional Common Shares or securities or sell Common Shares or securities of the Corporation from time to time in accordance with applicable laws.

Murray John, Chairman of Ryan Gold, commented, “We are extremely excited to move on to the next stage of the Company’s development. While Shawn joins us with the title of President, he will continue in his real role as “Chief Prospecting Officer”. As the Company makes its latest transition, the Board would also like to recognise the essential role that David Schmidt played in founding the old Ryan Gold Inc. and helping us build the current dynamic Company that now bears Shawn’s name”.

About Ryan Gold Corp.

Ryan Gold Corp. is an exploration company focussed on gold exploration primarily in the Yukon Territory, Canada. The Company is well funded and has a large land package of approximately 2,428 km2 comprised of 50 different properties. The company’s flagship property is Ida Oro. During the summer of 2010 a soil sampling programme completed on Ida Oro revealed a significant, > 100 ppb Au, gold-in-soil anomaly over an area of 4 km by 1.2 km. The company plans to drill the anomaly during the 2011 field season after initially completing detailed mapping. In addition to Ida Oro the Company plans to embark on an aggressive and systematic exploration program on its other properties that will include approximately 24,500 line kilometres of airborne magnetic and radiometric surveys, collection of 85,000 soil samples and geological mapping of targets borne out of this campaign. Through this aggressive exploration program the company objective is to have at least three other projects drill ready for the 2012 exploration season.

This press release contains forward-looking statements within the meaning of applicable securities legislation. Such statements include, without limitation, statements regarding the future results of operations, performance and achievements of the Company, including potential property acquisitions, the timing, content, cost and results of proposed work programs, the discovery and delineation of mineral deposits/resources/reserves, geological interpretations, proposed production rates, potential mineral recovery processes and rates, business and financing plans and business trends. Although the Company believes that such statements are reasonable, it can give no assurances that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that forward-looking statements by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward-looking statements as a result of various factors, including, but not limited to, variations in the nature, quality and quantity of any mineral deposits that may be located, significant downward variations in the market price of any mineral that may be produced, the Company’s inability to obtain any necessary permits, consents or authorizations required for its activities, to produce minerals from its properties successfully or profitability, to continue its projected growth, to raise the necessary capital or to be fully able to implement its business strategies. All of the Company’s public disclosure filings may be accessed via www.sedar.com and readers are urged to review these materials, including any technical reports filed with respect to the Company’s mineral properties. This press release is not, and is not to be construed as an offer to buy or sell securities in the United States.

For additional information, or for a copy of the early warning report filed in respect of the above transaction, please contact:

Ryan Gold Corp.
Michael Skead, CEO
Tel: (416) 482-9038