Tagish Lake Gold Corp.

Tagish Lake Gold Corp.

November 27, 2008 11:06 ET

Tagish Negotiates a Merger With Yukon Shaanxi Mining Company Inc.

RICHMOND, BRITISH COLUMBIA--(Marketwire - Nov. 27, 2008) - Tagish Lake Gold Corp. (TSX VENTURE:TLG) announces that the Company is negotiating an offer to merge with "Yukon-Shaanxi Mining Company Inc." ("Yukon-Shaanxi", "YSM"), a private company, whereby YSM will assume all of the assets and liabilities of both YSM and TLG. The transaction will result in the formation, under the laws of British Columbia, of one corporate entity, proposed to be named "Yukon-Shaanxi Mining Company Inc." which will have its shares listed on the TSX Venture Exchange. The transaction will involve an exchange of shares of both companies into the newly named entity. The details of such an exchange will be announced as soon as the appropriate ratios have been achieved.

TLG and YSM have thirty days to complete their due diligence.

The transaction will require TSX Venture Exchange approval, as well as shareholder approval at a Special Meeting, followed by Court approval under the Business Corporation Act of British Columbia.

Given the current market conditions, the Company believes that the merger will provide the best opportunity to promote exploration and development of the Skukum property for the shareholders, while assuring that creditors will be treated fairly.

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.

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.

Tagish Lake Gold Corp.

Robert Bryce, Chairman

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

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