Golden Tag Resources Ltd.

Golden Tag Resources Ltd.

July 18, 2007 20:05 ET

Golden Tag Closes $1,895,000 Private Placement

MONTREAL, QUEBEC--(Marketwire - July 18, 2007) - Golden Tag Resources Ltd. (TSX VENTURE:GOG) (the "Company") announces the closing of the unit portion of its non-brokered private placement (the "Placement"), resulting in gross proceeds to the Company of $1,895,000, being $895,000 higher than the $1,000,000 initially contemplated by the Company for this portion of the Placement and announced in its press release dated June 21, 2007. These proceeds will be used to fund exploration on the Company's projects and to provide working capital. Pursuant to the closing of the Placement, the Company issued an aggregate of 3,790,000 units at a price of $0.50 per unit. Each unit is comprised of one common share and one common share purchase warrant entitling its holder to acquire one common share during a two-year period ending July 18, 2009, at a price of $0.60 during the first year and $0.65 during the second year. The units are subject to a four month hold period during which no transactions are permitted. Such hold period will expire on November 19, 2007. The Company will not proceed with the previously announced $600,000 "flow-through" portion of the Placement.

A total of $77,750 was paid in finder's fees in respect of the Placement, which is equivalent to 4.1% of the total gross proceeds realized.

Golden Tag Resources Ltd. is a junior exploration company exploring for high grade gold and silver deposits at the San Diego silver project in Durango State, Mexico; the Aquilon gold projects in James Bay, Quebec; and the McCuaig gold project in Red Lake, Ontario.

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

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