Richmond, B.C. - July 9, 2007 - Tagish Lake Gold Corp. (TSX-V: TLG) announces that the initial private placement of C$2,000,000 by Wega Mining ASA, previously announced in the Company's news release of June 26, 2007, has been completed. The initial investment consisted of 10,000,000 common share units. Each unit consists of one common share in the capital of the Company and one common share purchase warrant, each warrant entitling the holder to acquire one additional common share at a price of C$0.30 per share for twenty-four (24) months from the date of issuance. All securities issued are subject to a hold period expiring on November 5, 2007 in accordance with the rules and policies of the TSX Venture Exchange and applicable Canadian securities laws.
The proceeds will be used to finance work on moving the Company's Skukum Creek gold-silver deposit to production, and for general corporate purposes.
Tagish and Wega Mining ASA will now pursue satisfaction of the conditions precedent to the second proposed investment of C$8,000,000.00 or 40,000,000 Units.
About Tagish Lake Gold Corp.
Tagish Lake Gold Corp. explores for and develops high grade gold-silver mineral deposits in the Yukon Territory of Canada. The Company is currently focused on its wholly owned, 178 km2 Skukum Mineral District located 80 km by road south of Whitehorse. The Skukum Mineral District hosts the Skukum Creek gold-silver deposit and the Goddell Gully gold deposit and the Mt. Skukum gold deposit.
FOR FURTHER INFORMATION, visit the Company's website at www.tagishgold.com, or contact:
Tagish Lake Gold Corp.
Robert Rodger, P.Eng.
Tel: 604-273-6477
Fax: 604-273-6488
www.tagishgold.com
Renmark Financial Communications Inc.
Barbara Komorowski : bkomorowski@renmarkfinancial.com
John Boidman : jboidman@renmarkfinancial.com
Tel. : (514) 939-3989
Fax : (514) 939-3717
www.renmarkfinancial.com
THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY
FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities of the Company have not been registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
Certain statements contained in this news release using the terms "may", "expects to", "projects", "estimates", "plans", and other terms denoting future possibilities, are forward-looking statements in respect to various issues including upcoming events based upon current expectations which involve risks and uncertainties that could cause actual outcomes and results to differ materially. The future conduct of the Company's business and the feasibility of its mineral exploration properties are dependent upon a number of factors and there can be no assurance that the Company will be able to conduct its operations as contemplate and the accuracy of these statements cannot be guaranteed as they are subject to a variety of risks that are beyond our ability to predict or control and which may cause actual results to differ materially from the projections or estimates contained herein. The risks include, but are not limited to, the risks described in the above press release; those risks set out in the company's disclosure documents and its annual, quarterly and current reports; the fact that exploration activities seldom result in the discovery of a commercially viable mineral resource and are also significant amounts of capital to undertake and the other risks associated with start-up mineral exploration operations with insufficient liquidity, and no historical profitability. The Company disclaims any obligation to revise any forward looking statements as a result of information received after the fact or regarding future events.
