NFX GOLD INC.

PRESS RELEASE

Toronto, Canada: January 10, 2008 - NFX GOLD INC. (NFX: TSX Venture Exchange) ("NFX") and Maximus Ventures Ltd. ("Maximus") are pleased to announce that a planned $3.75 million, 43,000 metre follow-up diamond drilling program has commenced at NFX's Larder Lake Gold Property in Ontario.

The 2008 drilling program will systematically test the Bear Lake high-grade gold zones intersected in hole #11: 10.4 g/t Au over 5.2 m, including 20.8 g/t Au over 1.5 m and 8.0 g/t Au over 10.2 m, including 18.6 g/t over 4.2 m as reported on August 16, 2007.The program will investigate the zone along strike and down-plunge to a vertical depth of 1000 m.� Results from the five holes completed to date on the Bear Lake Gold Zone confirmed the presence of an extensive very continuous gold mineralization system encompassing both high-grade and low-grade lenses.�� Furthermore, the style ("carbonate"-type and "flow"-type) and grade (ranging from 9 to 11 g/t Au) of the mineralization are typical of the world class Kerr-Addison deposits located only 5km to the east, along the same geological structure.� An aggressive drilling program consisting of a minimum of 39 holes totalling 34,000 m, spaced 125 to 150 m apart, is underway at Bear Lake in order to delineate the higher-grade lenses occurring within the gold zone.� Since part of the drilling has to be completed from the ice surface on Bear Lake, two to three drill rigs will be used to complete the drilling before break-up.�

In addition, 5,000 metres of drilling will test the down-plunge extension of the Fernland high-grade zone intersected in hole #13, grading 6.9 g/t Au over 13.5 m, and including 13.1 g/t Au over 6.0 m as reported in the November 1 and 6, 2007 press releases.� This new high-grade intersection, located 2.5 km west of Bear Lake, occurs at a relatively shallow depth (less than 200 m below surface) and indicates that there is excellent potential for the discovery of additional high-grade gold mineralization on the Larder Lake Property, along geologic units very similar to those hosting the historic Kerr-Addison mine.� Drilling at Fernland will start after the completion of the program at Bear Lake.� By then, all assay results from the late-2007 drilling program should have been received and compiled and the location of the new proposed holes will be adjusted based on the results.

Approximately 4,000 metres of additional drilling is planned to test newly interpreted targets on the Larder Lake Property along relatively unexplored parallel structures characterized by altered iron-rich rock units similar to those that controlled the high grade gold mineralization at the Kerr Addison mine. In addition, the 2007 and historic shallow drilling results from the Barber Larder portion of the Larder Lake property are currently being evaluated. Similar lower grade gold intersections to those that lead to the discoveries of the high grade gold zones at Bear Lake and Fernland are being identified on the Barber Larder portion of the property for follow-up drilling in 2008.

Tom Larsen, President and CEO of NFX, stated, "NFX is pleased with the aggressive exploration drilling program Maximus has planned for 2008 on the Larder Lake Property. The high quality targets indicated by the first few holes in each of the gold zones at Bear Lake and Fernland merit the proposed program budgets and highlight the need to further explore the entire Larder Lake Property."

NFX will be required to fund approximately $600,000 of the estimated $3.75M budget for 2008 after Maximus spends the initial $2.25M to complete exploration expenditures totaling $6M required to vest their interest in the Larder Lake Property. Tom Larsen further stated, "NFX will be pleased to fund its equity share of exploration expenditures after Maximus completes their earn-in and the project proceeds to the joint venture phase. We look forward to advancing the Larder Lake project to development with our partners."

Larder Lake Property

Maximus is conducting the drilling program pursuant to the Option and Joint Venture Agreement between Maximus and NFX, whereby Maximus has the right to earn a 60% interest in NFX's 100% interest in the Cheminis, Fernland and Bear Lake claims and 45% interest in NFX's 100% owned Barber Larder claims, by expending $6 million on exploration by December 31, 2008.

As part of its QA/QC program, Maximus carries out check assays on the high-grade intersections with no discrepancies found in the assay results. The turnaround time for the reception of assay results from the lab has been very slow since September, due to the very large amount of samples received with the end of the field season..� The situation is gradually returning to normal.

The technical content of the information, related to Larder Lake, was reviewed by Mr. Bernard Boily, P. Geo., responsible for supervising the drilling program and qualified person for Maximus under the guidelines of National Instrument 43-101. The analytical method for gold is one (1) assay-ton fire assay, AA determination with gravimetric finish on all samples reporting over 2 grams per tonne (g/t) gold. Assaying is done at Laboratoire Expert Inc. in Rouyn-Noranda, Quebec. The quality control process includes inserting blank samples and certified standards within each batch sent to the laboratory.

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The TSX Venture Exchange Inc. has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Forward-looking Statements

This release contains certain "forward-looking statements". All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future, are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "expect", and "intend" and statements that an event or result "may", "will", "can", "should", "could" or "might" occur or be achieved and other similar expressions. These forward-looking statements reflect the current internal projections, expectations or beliefs of the Company based on information currently available to the Company. Forward-looking statements are subject to a number of risks and uncertainties, including those detailed from time to time in filings made by the Company with securities regulatory authorities, that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, the Company.