Energold Mining Ltd.

Energold Mining Ltd.

March 03, 2005 16:23 ET

Energold Mining Ltd. Announces Completion of Private Placement


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: ENERGOLD MINING LTD.

TSX VENTURE SYMBOL: EGD

MARCH 3, 2005 - 16:23 ET

Energold Mining Ltd. Announces Completion of Private
Placement

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 3, 2005) - Energold
Mining Ltd. (TSX VENTURE:EGD) (the "Company") is pleased to announce
today the successful completion, subject to final regulatory approvals,
of a previously announced $3,000,000 private placement financing.

The Company engaged Acumen Capital Finance Partners Limited to complete
the private placement of 2,400,000 Units of the Company to qualified
investors at a price of $1.25 per Unit. Each Unit is comprised of one
common share and one half of one common share purchase warrant. Each
whole common share purchase warrant entitles the purchase of one common
share of the Company at a price of $1.50 per share until December 31,
2005. The Company paid a cash commission to the agent and issued
Broker's Options entitling the purchase of up to 180,000 Units of the
Company at a price of $1.40 per Unit until December 31, 2005. The
securities issued under the private placement will be subject to a hold
period from the date of issuance in accordance with applicable
securities laws and TSX Venture Exchange policies.

Proceeds from the private placement will be used for general working
capital purposes.

Vancouver-based Energold Mining Ltd. is a profitable exploration company
that holds a 50% interest in contract diamond driller Kluane
International Drilling, a controlling interest in silver explorer IMPACT
Minerals International Inc. (TSX VENTURE:IPT), as well as a portfolio of
projects in the Dominican Republic.

On behalf of the Directors of Energold Mining Ltd.

Frederick W. Davidson, President

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Energold Mining Ltd.
    Fred Davidson
    President
    (604) 681-9501
    or
    Energold Mining Ltd.
    Darrell Rader
    Corporate Development
    (604) 681-9501
    (604) 681-6813 (FAX)
    info@energold.com
    www.energold.com
    The TSX Venture Exchange has neither approved nor disapproved this news
    release.