Emgold Mining Corporation
TSX VENTURE : EMR
OTC Bulletin Board : EGMCF
FRANKFURT : EML

Emgold Mining Corporation

November 21, 2011 09:00 ET

Emgold Closes First Tranche of Private Placement Financing

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 21, 2011) -

THIS NEWS RELEASE IS INTENDED FOR DITRIBUTION IN CANADA ONLY AND IS NOT AUTHORIZED FOR DISTRIBUTION TO THE UNITED STATES NEWSWIRE SERVICES OR FOR DISSMINATION IN THE UNITED STATES

Emgold Mining Corporation (the "Company" or "Emgold") (TSX VENTURE:EMR)(OTCBB:EGMCF)(FRANKFURT:EML) is pleased to announce that it has closed a first tranche of its previously announced non-brokered private placement. A total of 11,620,000 units (the "Units") were issued at the price of CDN$0.10 per Unit to raise CDN$1,162,000. Each Unit consists of one common share of the Company and one non-transferable share purchase warrant (a "Warrant"). Each Warrant entitles the holder to purchase, for a period of 24 months, one additional common share of the Company at a price of CDN$0.15 per share. The shares and warrants issued in connection with this non-brokered private placement are subject to a minimum hold period of four months.

Finder's Fees of CDN$53,600 and 536,000 Finder's Warrants were awarded in relation to the first tranche of the financing. Each Finder's Warrant entitles the holder to purchase, for a period of 24 months, one common share of the Company at a price of CDN$0.15. The Finder's Warrants are subject to a minimum hold period of four months.

The proceeds from the sale of the Units will be used for exploration of the Buckskin Rawhide Project, exploration of the Stewart Project, property acquisition in Nevada, and general working capital.

Information Regarding Emgold

Emgold is currently in the advanced stage of permitting the Idaho-Maryland Project, located in Grass Valley, CA. The Idaho-Maryland Mine was once the second largest underground gold mine in California and is reported to have produced 2.4 million ounces of gold at an average recovered grade of 0.43 ounce per ton. Emgold has a number of earlier stage exploration properties including the Buckskin Rawhide Property in Nevada, and the Stewart Property and the Rozan Property in British Columbia. The Rozan Property is currently optioned to Valterra Resource Corporation. For more information about Emgold, the Idaho-Maryland Gold Project and the Buckskin Rawhide, Stewart, and Rozan Properties, please visit www.emgold.com. Company filings are available at www.sedar.com.

The scientific or technical information contained in this news release has been reviewed and approved by Mr. Robert Pease, P.Geo., Chief Geologist of the Company, a Qualified Person as defined in National Instrument 43-101.

On behalf of the Board of Directors

David G. Watkinson, P.Eng., President & CEO

This release was prepared by the Company's management.

This news release includes certain statements that are "forward-looking information" within the meaning of applicable securities laws including statements regarding the proposed private placement and the use of proceeds thereof. Forward-looking information is based on certain assumptions of the Company, including that results of exploration on the Buckskin Rawhide Property are consistent with management's expectations. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include exploration results that are different than those anticipated, inability to raise or otherwise secure capital, changes to metal prices and the price of the Company's shares. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. The Company does not intend to update or revise any forward-looking information whether as to a result of new information, future events or otherwise, except as required by law. For more information on the Company, investors should review the Company's filings that are available at www.sedar.com or the Company's website at www.emgold.com.

U.S. 20-F Registration: 000-51411

Neither TSX Venture Exchange nor its Regulation Services Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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