Tagish Lake Gold Corp.

Tagish Lake Gold Corp.

January 16, 2006 18:44 ET

Tagish Announces Proposed Private Placement Offering

RICHMOND, BRITISH COLUMBIA--(CCNMatthews - Jan. 16, 2006) - Tagish Lake Gold Corp. (TSX VENTURE:TLG) ("Tagish" or "the Company") announces a proposed non-brokered private placement of 12,000,000 common share units (the "Units") at a subscription price of (Cdn)$0.10 per Unit for gross proceeds of (Cdn)$1,200,000.00. Each Unit consists of one common share in the capital of the Company and one-half of one non-transferable common share purchase warrant, each whole warrant entitling the holder to acquire one additional common share at a price of (Cdn)$0.15 per share for eighteen (18) months from the date of issuance.

The private placement is subject to the requisite filings with the TSX Venture Exchange and applicable securities laws.

The proceeds of the offering will be used for advancing work on the Skukum Creek gold-silver deposit through feasibility to production, and for general corporate purposes.

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, with a currently defined measured plus indicated resource of 1,120,000 tonnes grading 8.0 g/t Au and 153.1 g/t Ag (MineTech International Ltd., 2003), and the Mt. Skukum gold deposit. The Company is listed for trading under the symbol "TLG" on the TSX Venture Exchange.

Should you wish to receive Company news via email, please email alison@chfir.com and specify "TLG News" in the subject line.

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

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