Tagish Lake Gold Corp.
TSX VENTURE : TLG

Tagish Lake Gold Corp.

June 28, 2005 12:07 ET

Tagish Lake Gold Corp.: Financial Statements for the Period Ending April 30, 2005

RICHMOND, BRITISH COLUMBIA--(CCNMatthews - June 28, 2005) - Tagish Lake Gold Corp. (TSX VENTURE:TLG) (the "Company") has issued the un-audited financial statements of the Company for the three month period ending April 30, 2005. The statements and BC Form 51-102F1 Management Discussion and Analysis are available on the Internet on the Canadian System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com.



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For the quarter ending: April 30, 2005 April 30, 2004
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(Amounts in Canadian Dollars)
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Revenue $ 0 $ 0
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Exploration expenses $ 233,729 $ 157,666
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General and administrative expenses $ 119,900 $ 200,895
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Net income (loss) $ (215,047) $ (200,895)
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Working capital $ 17,065 $ 520,255
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Deferred acquisition and exploration $15,129,348 $14,729,951
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Other capital assets $ 66,416 $ 84,335
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Shareholders' equity $14,913,829 $15,349,541
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Number of shares 34,521,673 31,297,673
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The Company expended a total of $233,729 during the quarter ending April 30, 2005 on exploration on its mineral properties. The expenditures were for underground diamond drilling at Skukum Creek. The objective remains unchanged to increase the resource on the Skukum Creek deposit to a level required for a production decision. In order to achieve this increase, deposit definition was undertaken on the Rainbow Two zone. The diamond drilling during the quarter indicates that the Rainbow Two zone has the potential to add the required resources.

During the period ending April 30, 2005, the amount due from a Director/Shareholder was written down by $90,000 to reflect the market value of the security. There were no write-offs during the period ending April 30, 2004.

The Company did not raise any funds during the quarter. On May 27, 2005, the Company announced an Offering Memorandum private placement of up to 4,800,000 units at C$0.10 per unit. This financing is expected to close by the end of June 2005. Also, the Company is actively pursuing sources of financing that would not be dilutive to existing shareholders.

The Company had working capital of $17,065 at April 30, 2005, compared to $520,255 at April 30, 2004.

Financing is necessary to allow the Company to pursue the corporate objective of production from the Company's exceptional gold-silver properties. The extent of the program undertaken during the year remains dependent on the success of the financing campaign.

The financial statements and BC Form 51-102F are available upon request directed to the Company at the address below.

About Tagish Lake Gold Corp.

Tagish Lake Gold Corp. is focused on exploration and development of high grade gold-silver mineral deposits in the Yukon territory of Canada, in particular the Skukum Mineral District (covering 178 km2) that is owned by Tagish. The Skukum Mineral District, located 80 km by road south of Whitehorse, hosts the Skukum Creek gold -silver deposit, and the Goddell Gully and Mt. Skukum gold deposits.

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

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